The 2024 Budget from a Self-Employed Perspective

Highlights of The 2024 Budget from a Self-Employed Perspective:

1. No change if you’re self-employed, with no staff, and pay your taxes on time.
2. Staff costs to increase with a rise to all the minimum wages, and to employers’ NI.  They are also reducing the NI threshold from £9K to £5K but increasing the employment allowance.   (ask your accountant)
3. Business rates are changing, but you might end up paying the same!
4. Ltd company corporate tax rates are going up to a graduated maximum of 25%.
5. Capital gain tax and Stamp Duty are both rising significantly.

 

There was a lot of talk about investment – in future industries, transport, schools and the NHS.  We’ll have to see if that comes off.

What interested me is that they are now going to start calculating Government assets instead of just liabilities.  This could have a lasting positive impact.