The Autumn Budget 2024 introduces significant changes across multiple areas, impacting individuals, businesses, landlords, and savers. Our expert accounting partners at Braceys have compiled an in-depth guide to help you navigate these changes and understand how they may affect your financial planning.
Key Highlights:
- For Individuals:
Income tax and National Insurance rates remain steady, with adjustments to National Minimum Wage from April 2025. Explore the implications for working professionals, including those balancing employment and business ownership. - For Landlords:
While rental income tax rates stay unchanged, landlords face higher Stamp Duty Land Tax on additional properties and the removal of tax advantages for Furnished Holiday Lets from April 2025. - For Business Owners:
Increased National Insurance contributions for employers and changes to capital gains tax rates affect future business planning. Learn about updates to inheritance tax reliefs and Making Tax Digital requirements for 2025 onwards. - For Savers and Pensioners:
ISA allowances remain intact, but pension fund inheritance tax inclusion will apply from 2027. Understand how these measures impact your savings strategy.
Other Changes to Note:
- Corporate tax thresholds and reliefs remain stable, but capital gains tax rates rise for certain assets.
- Updates to business rates relief for retail, hospitality, and leisure sectors.
With a focus on restoring economic stability and encouraging investment, this budget introduces £40 billion in tax increases alongside revised borrowing rules.
Read the Full Budget Report Here
At M A S O N S, we’re committed to keeping you informed. Whether you’re renting out, selling a property, dealing with property in a divorce, or facing potential inheritance tax (IHT) liabilities, the Bracey’s team is ready to assist with expert guidance tailored to your situation.
Book a free 30 minute consultation now to understand their full suite of accountancy services https://www.braceys-accountants.co.uk/contact-us/
