01/11/2024
As we are all digesting the budget from Wednesday, we thought it would be helpful to highlight the main points from the budget that we believe will affect the majority of our clients that are not classified as working people:
💰 Minimum wage increases across the board from apprentices to over 21s
⬆ Employer NI to increase from 13.8% to 15% and the employment allowance to increase to £10,500 from £5,000
⬇ Threshold for paying employer NI will drop from £9,100 to £5,000
🏡 CGT increased from 10% to 18% and 20% to 24% as well as changes to Business Asset Disposal Relief (the old Entrepeneurs' Relief)
🚗 Double cab pick-ups to be taxed in the same way as cars
🤧 SSP will be an employment right from the first day of sickness
Please get in touch if anyone would like further information on how these or other changes may affect them.
