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OUT NOW: Autumn Budget 2024 Breakdown booklet
Chancellor Rachel Reeves presented her inaugural Labour Budget on 30 October 2024, outlining a comprehensive plan to tackle a £22 billion fiscal deficit while enhancing public services. Key measures include raising the National Living Wage to £12.21 per hour from April 2025 and increasing National Insurance contributions, which are expected to create financial pressure on businesses, especially small and medium-sized enterprises (SMEs). The Budget also introduces significant revisions to Capital Gains Tax rates and a new surcharge on Stamp Duty for second homes.Concerns have been raised among high-net-worth individuals regarding increased scrutiny and compliance requirements. Businesses face challenges due to rising employment costs stemming from these changes, which could hinder growth and investment. Overall, the Budget reflects a cautious approach to fiscal management amid rising living costs and stagnant public services. As stakeholders navigate these changes, Ward Williams is poised to provide expert guidance to help individuals and businesses adapt their financial strategies effectively in this evolving landscape.
AUTUMN BUDGET 2024: Did Halloween come early?
In her first Labour Budget in 14 years, Chancellor Rachel Reeves addressed significant tax increases aimed at raising an additional £40 billion in revenue. Key changes include hikes in Capital Gains Tax, employers’ National Insurance contributions, and adjustments to Inheritance Tax relief. While these measures are expected to generate substantial funds for public services such as housing, education, and healthcare, concerns remain about their impact on individuals and businesses. The budget also introduces VAT on school fees and abolishes the non-domicile tax regime. As the government seeks to improve public services amidst rising taxes, questions linger about the effectiveness of these measures and their implications for the UK economy. Ward Williams Chartered accountants are on hand to help navigate the challenges.
AUTUMN BUDGET 2024: BUDGET AT A GLANCE
On 30 October 2024, Chancellor Rachel Reeves presented her inaugural Budget, targeting a £22 billion gap in public finances while striving to enhance stability and public services. The Budget maintains current Income Tax rates and thresholds but increases the Lower Earnings Limit and Small Profits Threshold for National Insurance contributions. Notably, Capital Gains Tax rates will rise significantly for non-residential assets, while Inheritance Tax thresholds will remain frozen until April 2030. Additionally, employers' National Insurance contributions will increase, impacting business operations. As the government implements these changes, Ward Williams is poised to provide expert guidance to help individuals and businesses navigate the evolving tax landscape.