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Autumn Budget 2024: Key points for businesses and contractors
The Autumn Budget 2024 introduces increased employer NICs, CGT rate hikes, and Stamp Duty surcharges, impacting small businesses, contractors, and property investors. With expanded Employment Allowance and a commitment to digital tax compliance, these changes aim to boost public funding while posing new financial considerations for UK businesses and investors.
Predictions for the October Budget 2024
The October 2024 Budget, Labour’s first, may include significant changes such as raising Capital Gains Tax, adjusting Business Asset Disposal Relief, increasing Inheritance Tax rates, and altering pension tax relief. These measures aim to address the budget deficit while avoiding increases in working taxes, reflecting Labour’s fiscal priorities.
Implications of VAT on private school fees
The upcoming VAT on private school fees, set to start in January 2025, will increase costs for families and could lead to shifts in school enrollment. This change is part of a broader effort to raise revenue and promote educational equality. The impact on private schools, state education, and financial aid remains a key point of discussion as the details of the legislation continue to unfold.
Make the most of ISA tax savings
ISAs (Individual Savings Accounts) in the UK offer tax-free savings and investment opportunities, with annual limits of £20,000 in the 2024/25 tax year. Options include Cash ISAs, Stocks and Shares ISAs, and Lifetime ISAs, each catering to different savings goals and risk preferences.