The Autumn 2024 UK Budget introduces significant changes that will impact businesses across various sectors. Understanding these developments is crucial for maintaining compliance and optimising your financial strategy. At SA Lee Accountancy Ltd, we are committed to guiding you through these changes, ensuring your business remains resilient and well-prepared for the future.
Key Budget Changes Affecting Businesses
Employer’s National Insurance Contributions (NICs)
Effective from April 2025, the government will increase the rate of employer NICs by 1.2 percentage points to 15%. Additionally, the per-employee threshold at which employers start to pay National Insurance will be reduced from £9,100 per year to £5,000 per year.
Corporation Tax
The corporation tax rate remains at 25% for companies with profits over £250,000, while those with profits under £50,000 continue to be taxed at 19%. A tapered rate applies to businesses with profits between these thresholds. This structure necessitates careful tax planning to manage liabilities effectively.
Inheritance Tax (IHT)
The IHT nil-rate bands are set to remain at current levels until 5 April 2028. Additionally, from April 2027, pensions will be counted as part of the assets subject to IHT, potentially affecting estate planning strategies.
Support for Green Initiatives
The budget reinforces commitments to sustainability, offering incentives for businesses investing in renewable energy and energy-efficient technologies. Grants and tax breaks are available to encourage environmentally friendly practices.
Investment in Skills and Training
Addressing skills shortages, the budget introduces support for workforce training and development. Businesses can access funding schemes to upskill employees, enhancing competitiveness and productivity.
How SA Lee Accountancy Ltd Can Support Your Business
Navigating these changes requires strategic planning and expert guidance. SA Lee Accountancy Ltd offers comprehensive services to help your business adapt and thrive.
The Autumn 2024 UK Budget presents both challenges and opportunities. With SA Lee Accountancy Ltd by your side, you can confidently navigate these changes and position your business for sustained success. Contact us today to discuss how we can tailor our services to meet your specific needs and help you make the most of the new fiscal landscape.
