A far-reaching and detailed Budget today.

Please watch the news and read the updates from your accountant/business association when they’re released.

Even I’m struggling to calculate the effect in my life, of all the many changes!
 
I like to immediately bring you the highlights in a non-political way.
 

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.

 

FInally, I have to take my hat off to the first female Chancellor of the Exchequer in its 800 year history.  She has 2 A levels in Maths, a Masters from the London School of Economics, and has lived in the real world.

We are forever adaptable.

All the best, Jenny

 

UK Business Coach
https://jennybracelin.co.uk/

 

 

I’m Jenny Bracelin, a Shropshire-based business coach who provides heartfelt and practical business coaching to individual business owners. I’ve worked with hundreds of clients, and I can help you.

Fall in love with your business again, giving your more time, money and freedom.

Please feel free to book a free discovery call to find out how.