Autumn Budget 2024
Our panel of leading tax experts will explain the impact of the changes in their wider context. Likely implementation timings will be covered with a focus on providing practical, useable guidance. They will also help you understand what this means for you, your business and your clients.
Join our webinar, Thursday 31st October at 2pm. You'll also get acecss to:
- On-demand webinar
- Autumn Budget Report
- Bitesize sections of the webinar, so you can skip to what you need to know
We already have over 5,700 registrants. Secure your spot now to stay ahead of the upcoming changes
Some of the points that will be covered on the webinar:
- In terms of headlines National Insurance and fiscal drag are the big tax raisers, with a 1.2% increase for employers NI contributions and the entry threshold reducing to £5,000. This will have a huge impact on businesses, and the cost will need to be found elsewhere – will it lead to price increases and reduced investment to fund the additional cost? We shall have to wait and see what the real cost will be.
- Employment Allowance relief for small businesses paying employers national insurance of less than £100,000 per annum is increased to £10,500. While this will offset the NI increase for some, there will be some calculations required. Small businesses also have to deal with the increased minimum wage and the new employment rights bill, so there will be some very challenging times ahead.“Tax thresholds, that have already been frozen for years, remain in place until April 2028. This is of course compounded by increasing wages over the last 12 months and the minimum wage increasing 7% to £12.21.
- VAT on school fees was expected, and inheritance tax remains largely unchanged but with expected changes to business and agricultural relief and pensions will now be included in estates to raise some additional income. A marginal increase in air passenger duty was also announced.
- While pension relief was an area rumoured for review ahead of the Budget, they remain unchanged. But if the Chancellor’s focus is on growth, then we need to remember that pension funds are big investors.
- There was also plenty of commitment on investment including ports, aerospace, automotive, visual effects, research, roads, and rail but, as always, the proof will be in the delivery.
- For most individuals there is not much change. Tax rates overall remain pretty much as they are, high and increasing through fiscal drag. For employers, however, it is a different story. Many will feel that rather than being a budget that encourages growth it is, instead, one that stifles business investment and innovation.
