Budget 2024 is a defining moment for both the UK Government and the country as a whole. It's a massive shift in economic management and public policy and the new Labour government is putting a stamp on its economic vision ...
The announcement of a record £40 billion tax rise hits businesses the hardest with changes to employers' National Insurance Contributions, an increase in the National Minimum Wage and tweaks to both Capital Gains Tax and Inheritance Tax.
"There is significant pain for anyone not classed as 'working people' which now includes many hard-working small business owners!"
Policymakers are acutely aware that increased spending requires careful management of public funds and an adaptation of fiscal rules to accommodate higher levels of borrowing. This balancing act will be crucial in ensuring that the ambitions set forth in the Budget are not only met, but sustainable in the long run.
Written in plain English, we have broken our PDF summary down into the main areas of taxation, including business and corporate, employment, personal and capital. We have also included comments on the more important changes, together with any planning points that may arise.
Our summary provides an invaluable update for you and will help you get to grips with the announcements. It will remain on our blog for you to refer to as and when you need it, but if you have any questions, don't forget we are here to help you navigate and plan your way through the tax maze, so please do get in touch.
Ultimately, Budget 2024 serves as both a reflection of current economic realities and a pivotal step towards shaping the future of the UK economy.
These decisions will have far-reaching implications.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about Budget 2024 and how it may affect you and your business, it could be a great idea to call me on 01908 774320 and let's see how I can help.
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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