Everything you need to know in a nutshell
After much anticipation and speculation, our country heard the first budget delivered by the Labour Government today, since coming into office.
It can be very easy to slip over on the tremendous amount of information we have received, therefore, it is only our job to ensure you understand what has been said and how this may affect you.
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. Inherited pensions will fall within the Inheritance Tax net from April 2027 while reliefs will be reformed on the passing down of agricultural and business assets. The Chancellor also confirmed the introduction of VAT on private school fees and the abolishment of the tax regime for non-UK domiciled individuals.
Insight to the upcoming changes
Gain access to our exclusive Autumn Budget Summary by clicking on the link below
~Autumn Budget Summary 2024~
If you have concerns about your personal or business finance and how these changes will affect you, do not hesitate to call 01202 857 080 or email us tax@enhance-professional.co.uk and we can help you understand better if any of the changes will affect you.
As your accountants, we aim to deliver our expert knowledge, following the budget release.
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