The Autumn Budget, delivered last week by Chancellor Rachel Reeves included several significant changes, highlights are:

National Insurance: Employer rate up to 15% for salaries over £5,000 from April 2025; Employment Allowance rises to £10,500, reducing NI for small businesses.

Minimum Wage: Increases to £12.21/hr for ages 21+, and significant raises for younger workers.

Capital Gains Tax: Rates now 18% (lower) and 24% (higher).

Inheritance Tax: Threshold freezes extended until 2030, with reforms for farms and businesses.

Fuel Duty: Frozen with 5p cut extension.

Public Services: Major NHS, education, and employment support funding boosts.

Income Tax Thresholds: Freeze ends in 2028, returning to inflation-linked adjustments.

Non-Dom Tax Abolished: Non-dom tax status will be removed starting April 2025.

Vaping Tax: New flat-rate duty on vaping liquids from October 2026.

Air Passenger Duty: Small increase on flights; higher rate on private jets.

State Pensions & Benefits: Benefits increase by 1.7%, and pensions rise 4.1% in line with earnings growth.

We appreciate these are uncertain times and if you want to understand more about how it may affect you, your business or your 2024/25 budget, please get in touch with us.