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The leaves are falling, the nights are getting longer and yes, it’s budget season again! With the 2024 Autumn Budget now revealed, we’re seeing some changes that could affect anyone with a salary, side hustle or property investments. 👀
This year’s Budget was all about boosting the economy, with changes spanning from National Insurance to Capital Gains Tax. Whether you’re saving, spending or investing, these changes will likely impact your financial planning for the coming year and we’re here to break it down. 💪
The Autumn Budget is an annual announcement by the UK’s Chancellor of the Exchequer that lays out the government’s financial game plan for the year ahead.
It’s a chance to see how they intend to rake in revenue and where they plan to spend it, giving us a peek into the financial crystal ball. 🔮
This announcement is always packed with potential changes that could affect everything from personal taxes to business reliefs, making it a hot topic for anyone looking to stay on top of their financial strategy.
Listen up, workers! Starting from April 2025, the national minimum wage will rise from £11.44 to £12.21 per hour as we inch closer to a single national rate. Finally, some good news during this cost of living crisis! 😅
The Autumn Budget announced that employer National Insurance contributions will go up by 1.2% to 15% from April 2025 and the threshold for when these contributions kick in will drop from £9,100 to £5,000.
But don’t worry, there’s a silver lining to all this! The Employment Allowance is also set to rise from £5,000 to £10,100 giving small businesses a much-needed boost and a bit of breathing room! ⭐
Attention, investors! The Autumn Budget has revealed an increase in Capital Gains Tax (CGT). The lower rate is jumping from 10% to 18%, while the higher rate will rise from 20% to 24% and CGT on residential property will stay the same! 🏡
Plus, the £1 million Business Asset Disposal Relief is sticking around, although the rate will eventually be increasing, so keep an eye on that. 👀
The Autumn Budget has frozen the inheritance tax (IHT) threshold at £325,000 until 2030 and from April 2027, inherited pensions will count towards IHT.
While the Business Property Relief and Agricultural Business Relief are here to stay, they’ll be less generous from April 2026, applying IHT to assets over £1M with a 50% relief. Perhaps, it’s time to rethink your estate plans.
Of course, there were many, many other changes the government made. Here are some other confirmed changes from the Autumn Budget:
And that’s a wrap on the Autumn Budget! As you eagerly await the true impact of these changes, rest assured, we’ll keep you posted with any updates. 🤝
And if you need assistance filing your tax return correctly this year, you’re in the right place!
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