01/11/2024
🍁 Autumn Budget 2024 🍁:
Let’s look at the key announcements:
🍂 EMPLOYERS' NIC: From April 2025, employer national insurance contributions will increase from 13.8% to 15%, and the secondary threshold (the earnings level at which employers' NICs kick in) will be reduced from £9,100 to £5,000.
Employment allowance for eligible employers will rise from £5,000 to £10,500 per year.
🍂 INHERITANCE TAX: Pensions will now form part of your estate for inheritance tax calculations
🍂 MINIMUM WAGE: Hourly minimum wage increases from April 2025.
21 and over - £12.21,
18-20s - £10.00,
16-17s & apprentices - £7.55
🍂STAMP DUTY: stamp duty surcharge for purchasing second homes will increase to 5% from 3%
🍂 CAPITAL GAIN TAX:
The lower rate of Capital Gains Tax will rise from 10% to 18%, and the higher rate from 20% to 24%.
The rates on residential property will remain at 18% and 24%.
🍂 BIK: Taxable benefits for company cars
The charge for zero emission cars rises from 2% to 3%
The charge for other cars increases by 1%.
Contact us today if you want to find out more and how this impact your individual circumstance
