Autumn Budget 2024: Introduction

Chancellor Rachel Reeves delivered her Budget on Wednesday 30 October 2024. She pledged to ‘invest, invest, invest’ to drive growth and ‘restore economic stability’. Billions in tax rises Ms Reeves said the Budget will raise £40 billion in taxes. Employers’ National Insurance contributions (NICs) will be increased from next April while Capital Gains Tax rates will also rise.… Continue Reading

Autumn Budget 2024: Personal Tax

Tax bands and rates The basic rate of tax is 20%. For 2025/26 the band of income taxable at this rate is £37,700 so that the threshold at which the 40% rate applies is £50,270 for those who are entitled to the full personal allowance. The basic rate band is frozen at £37,700 until April 2028. The NICs Upper Earnings Limit and Upper Profits Limit will remain aligned to the higher rate thres… Continue Reading

Autumn Budget 2024: Employment

Employees and NICs From 6 April 2024 the main rate of Class 1 employee NICs is 8%. The employer rate is 13.8%. The government announced that it will increase the employer rate from 13.8% to 15% from 6 April 2025. The Secondary Threshold is the point at which employers become liable to pay NICs on an individual employee’s earnings, and is currently set at £9,100 a year. The government wi… Continue Reading

Autumn Budget 2024: Business

Corporation Tax rates The government has confirmed that the rates of Corporation Tax will remain unchanged, which means that, from April 2025, the rate will stay at 25% for companies with profits over £250,000. The 19% small profits rate will be payable by companies with profits of £50,000 or less. Companies with profits between £50,001 and £250,000 will pay tax at the main rate re… Continue Reading

Autumn Budget 2024: Capital Taxes

Capital Gains Tax rates The Capital Gains Tax rates will increase for disposals, other than of residential property and carried interest, made on or after 30 October 2024. The basic rate of 10% will increase to 18% and the 20% rate will increase to 24%. No changes will be made to the rates applying to the disposal of residential properties of 18% and 24%. The rate applying to trustees a… Continue Reading

Autumn Budget 2024: Other Matters

The VAT registration threshold From 1 April 2025 the VAT registration threshold remains at £90,000 and the deregistration threshold at £88,000. Removal of VAT exemption for private school fees Private school fees for education and vocational training will no longer benefit from VAT exemption and will be subject to VAT at the standard rate (20%). The change will apply to terms be… Continue Reading

The Autumn Statement 2022: Energy

The Autumn Statement sets out reforms to ensure businesses in the energy sector who are making extraordinary profits contribute more. From 1 January 2023, the Energy Profits Levy will be increased to 35% and extended to the end of March 2028 and a new, temporary 45% Electricity Generator Levy will be applied on the extraordinary returns being made by electricity generators. The E… Continue Reading

The Autumn Statement 2022: Welfare, work and pensions

Cost of living payments

The government will provide households on means-tested benefits with an additional £900 cost of living payment in 2023/24. Pensioner households will receive an additional £300 and individuals on disability benefits will receive an additional £150.

Uprating of benefits

The government will increase benefits in line with inflation, including the stat… Continue Reading

The Autumn Statement 2022: Vehicles

The government will set the rates for the taxation of company car benefits until April 2028 to provide long term certainty for taxpayers and industry. Rates will continue to incentivise the take up of electric vehicles. In addition, from 6 April 2023 car and van fuel benefits and the van benefit charge will increase in line with inflation. … Continue Reading

The Autumn Statement 2022: VAT

The VAT registration and deregistration thresholds will not change for a further period of two years from 1 April 2024, staying at £85,000 and £83,000 respectively. … Continue Reading