BDO Northern Ireland

🎃 Rachel Reeves’ Budget: The Halloween Edition! 🎃   Rt Hon Rachel Reeves unveiled her budget earlier today, and it’s full of tricks, treats, and maybe a few fiscal frights!   👻 From tax “tweaks” creeping up in the dark to economic “boosts” rising from the grave, this year’s budget is like a haunted house—you’re never quite sure what’s lurking around the corner. So grab your flashlight, hold on to your candy, and let’s see which policies will come back to haunt us… or maybe surprise us with a treat! 🍬💰   Our Partner and Head of Tax, Lorraine Nelson has distilled the detail on how this historic Budget, being the first by a female Chancellor, could impact you and your business. https://lnkd.in/eFqbrQjJ #SupportingNIBusinesses #Budget2024 #RachelReeves #HalloweenBudget #TrickOrTreat

📊 Key Non-Dom Changes from Today’s Budget 📊   Today’s Budget has introduced the expected changes to the non-domiciled (non-dom) tax regime: 🔹 Key Change: The non-domicile regime is being replaced by a new residency-based system from the 6 April 2025. 🔹 Transitional Provisions: The Temporary Repatriation Facility will be introduced meaning that new arrivals to the UK will still have a four-year window on their arrival where they will not be subject to tax in the UK on their foreign income and gains. For individuals who have previously claimed the remittance basis, the Facility will charge a reduced rate of tax for a period of three years. 🔹 Changes to Capital Gains Tax: Current and past users of the remittance basis will also be able to rebase any foreign assets held to their value at 5 April 2017.   If you think these changes may impact you, please contact our team who can help you navigate the new non-dom world: https://lnkd.in/eGB2YvFy #SupportingNIBusinesses #AutumnBudget2024 #UKBudget #NomDomTax

📢 Capital Gains Tax Changes Effective Today: Key Updates 📢 As anticipated, significant changes to the Capital Gains Tax (CGT) regime take effect today, October 30th. Here's what you need to know: 🔹 Uniform CGT Rates: The CGT rates on shares and non-residential property assets are now aligned with residential property, setting the new rates at 18% and 24% for all asset disposals. 🔹 Reliefs Remain in Place: Incorporation relief and gift hold-over relief remain unaffected. Notably, Entrepreneurs' Relief (officially, Business Asset Disposal Relief) holds steady at 10% until April 5, 2024. Starting in April 2026, this rate will gradually align with the lower CGT rate of 18%, increasing incrementally to 14% by April 205. The £1 million lifetime allowance for qualifying gains is also unchanged. As CGT is largely a seller-driven, transactional tax, it will be interesting to see if these new rates spur market activity before the tax year ends – or if they lead to a more cautious outlook from sellers. For further insight into how our team can support you through these developments, contact us: https://lnkd.in/eAAR2iWd Christopher Hodgett #SupportingNIBusinesses #CapitalGainsTax #CGT #TaxUpdate #AssetDisposals #EntrepreneursRelief

📢 Autumn Budget 2024: Key Indirect Tax Changes 📢 The Autumn Budget 2024 has introduced some notable updates to indirect taxes, impacting sectors from education to property. Here’s what you need to know: 🌍 VAT Thresholds and Rates: VAT thresholds remain unchanged, providing consistency for small businesses. 🔸 VAT on Private Schools: In a significant change, VAT will now apply to fees for private schools. This measure is expected to bring additional revenue and level the playing field across the education sector. For parents and schools, this adjustment will be important to factor into future financial planning. 🏠 Stamp Duty Land Tax (SDLT) on Additional Properties: There’s an increase in SDLT rates on additional property purchases, affecting buy-to-let investors, non-resident and second-home buyers, with the surcharge of 3% increasing to 5%. Get in touch with our tax experts for more information or advice: https://lnkd.in/eGB2YvFy Rebekah Townsend #SupportingNIBusinesses #AutumnBudget2024 #IndirectTax #VAT #UKBudget

📢 Autumn Budget 2024: Corporation Tax – Stability Amidst Change 📢 In this year’s Autumn Budget, the Chancellor has opted for no major changes to Corporation Tax rates:   📈 Main Corporation Tax Rate Unchanged: The main rate remains at 25% and small profits rate continues at 19%, allowing businesses to plan with confidence and focus on growth without facing new tax rate increases.   🌱 Continued Incentives: Existing reliefs, such as R&D tax credits and capital allowances, are still in place, encouraging investment in innovation and sustainable practices without additional tax burdens.   Contact our tax team for assistance in this area: https://lnkd.in/eGB2YvFy Tim Scott #SupportingNIBusinesses #AutumnBudget2024 #CorporationTax #UKBudget

🔔 Budget 2024: Key Changes to Inheritance Tax (IHT) 🔔 As expected, the Chancellor has announced significant updates to Inheritance Tax, which will bring more families and estates into the charge on death. 💼 Tax-Free Thresholds Frozen: The nil-rate band and residence nil-rate bands will remain frozen until April 2027. 📈 Tax Rate Adjustments: The standard IHT rate of 40% remains unchanged, but there are now effective rates of 20% for specific assets, such as family-owned businesses and agricultural property. 📜 Relief restrictions: New restrictions on Agricultural and Business Property Reliefs were introduced, with a combined £1 million allowance allowed before IHT is calculated. With these changes, now more than ever, it’s critical to review your estate, what your potential inheritance bill could be and how your descendants can finance this. Please get in touch with our expert team, to discuss how these IHT changes may impact your planning, or if you have any questions! https://lnkd.in/eAAR2iWd Ashleigh Boyd #SupportingNIBusinesses #AutumnBudget2024 #InheritanceTax #EstatePlanning

⏰ Autumn Budget 2024 ⏰ Geraldine Browne, Tax Director, sheds light on the developments of National Minimum Wage and Employer National Insurance Contributions that were announced during this afternoon's UK Budget. #TeamBDO can assist you and your business to navigate these tax developments, get in touch with us for more information: https://lnkd.in/eAAR2iWd #SupportingNIBusinesses #UKBudget #AutumnBudget2024

There were no shocks or horrors during this afternoon’s Budget – most things had been leaked over the last few days! The Chancellor and her team got a telling off for such leaks before the start of the Autumn Budget.   Our team have outlined the key highlights below and will be pouring over the details just released, to provide you with an analysis on how this Budget will impact you. More to come this afternoon! Lorraine Nelson | Jane Lee | Geraldine Browne | Rebekah Townsend | Christopher Hodgett | Ashleigh Boyd | Tim Scott #AutumnBudget2024 #SupportingNIBusinesses #UKBudget

⏰ It's Budget Day ⏰ - one of the most exciting times of the year for our tax team! 👀 Look out for our team analysis videos later this afternoon, they are set and ready to hear the Chancellor's #UKBudget announcement in style, fueled by pizza and treats. Lorraine Nelson | Jane Lee | Geraldine Browne | Rebekah Townsend | Christopher Hodgett | Ashleigh Boyd | Tim Scott #SupportingNIBusinesses #AutumnBudget2024

💭 Thoughts on Non-Domiciled (Non-Dom) Status and the UK Economy 💭 The UK’s non-dom tax status was designed to attract wealthy individuals, allowing them to avoid UK tax on overseas income. While this draws investment and supports jobs, it has always raised questions about fairness and revenue. 📉 Lost Revenue: Critics argue that non-dom privileges cost the UK essential tax revenue, which could fund public services. 📈 Economic Contributions: Supporters believe that non-doms fuel investment in sectors like real estate and finance, boosting GDP.   Thoughts? 👇 Article by Jane Lee, Tax Director Our Tax team will be delivering their thoughts on the budget announcements this afternoon. In addition, Partner & Head of Tax, Lorraine Nelson, will be discussing the impact of the budget for employers and employees alike on BBC News and BBC Radio Ulster this evening. You can also catch her on Bauer Media Audio – Northern Ireland Downtown Radio this morning! #SupportingNIBusinesses #LeadingtheConversation #Economy #TaxPolicy #NonDom #AutumnBudget2024