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𝗙𝗿𝗲𝗾𝘂𝗲𝗻𝘁𝗹𝘆 𝗮𝘀𝗸𝗲𝗱 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀 𝗮𝗯𝗼𝘂𝘁 𝗜𝗻𝗵𝗲𝗿𝗶𝘁𝗮𝗻𝗰𝗲 𝗧𝗮𝘅 (𝗜𝗛𝗧) Autumn Budget 2024 IHT update 👇 The Autumn Budget 2024 was heard on 30 October and proposed a number of significant changes to Inheritance Tax (IHT) over the following three years. Our updated IHT guide will help you understand the complex world of Inheritance Tax and avoid the common pitfalls: https://lnkd.in/e5ZvEfPU #Inheritance Tax #Autumnbudget #Budget24

𝙒𝙖𝙣𝙩 𝙩𝙤 𝙠𝙣𝙤𝙬 𝙬𝙝𝙖𝙩 𝙩𝙮𝙥𝙚 𝙤𝙛 𝙖𝙘𝙘𝙤𝙪𝙣𝙩𝙖𝙣𝙘𝙮 𝙛𝙞𝙧𝙢 𝙮𝙤𝙪'𝙧𝙚 𝙧𝙚𝙖𝙡𝙡𝙮 𝙨𝙞𝙜𝙣𝙚𝙙 𝙪𝙥 𝙩𝙤?🤔   Check out the firm’s public posts on the Budget and see if they had the confidence to give opinions. 📲   Did they just repeat the tax rates like a news bulletin? Or perhaps they even just remained silent? 💬   Advisors have the confidence to share opinions.    𝙋𝙧𝙞𝙘𝙚 𝘽𝙖𝙞𝙡𝙚𝙮 𝙞𝙨 𝙖 𝙛𝙞𝙧𝙢 𝙛𝙪𝙡𝙡 𝙤𝙛 𝙖𝙙𝙫𝙞𝙨𝙤𝙧𝙨.   #Autumnbudget #Budget24 #TeamPB

𝐍𝐨𝐧-𝐝𝐨𝐦 𝐫𝐞𝐠𝐢𝐦𝐞 𝐬𝐞𝐭 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐩𝐥𝐚𝐜𝐞𝐝 𝐛𝐲 𝐭𝐡𝐞 𝐅𝐈𝐆 𝐫𝐞𝐠𝐢𝐦𝐞 - 𝐟𝐢𝐠𝐮𝐫𝐢𝐧𝐠 𝐢𝐭 𝐨𝐮𝐭 During the Autumn Budget, Chancellor Rachel Reeves announced she would abolish the non-domicile regime, aiming to raise £12.7b ($16.47 b) over the next five years. Following the announced abolishment of the non-dom regime, this comprehensive article outlines the FIG regime and what all non-domiciled individuals should be aware of at this current time: https://lnkd.in/e6-3paip #Nondom #Autumnbudget #Budget24

📈 We have noticed that demand for experienced agricultural accountants and tax advisors has surged since the recent Budget announcement! 🌾   Whether you need support or know someone who does, our team at Price Bailey is ready to help! Get in touch today!   https://lnkd.in/ehx6NFeD   #Agriculture #TaxAdvisors #Budget2024 Gary Frear Richard Grimster

𝐍𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 (𝐍𝐈) 𝐜𝐡𝐚𝐧𝐠𝐞𝐬 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐭𝐡𝐞 𝐀𝐮𝐭𝐮𝐦𝐧 𝐁𝐮𝐝𝐠𝐞𝐭 2024 During the Autumn Budget, The Chancellor announced the rate of employers’ national insurance contributions (NIC) that businesses pay will increase by 1.2%, from 13.8% to 15%, from April 2025. The earnings threshold when employers start paying NIC will also be lowered from £9,100 per year to £5,000 (fixed until April 2028). The Chancellor stated during the Autumn Budget that these changes should raise £25 billion per year. Find out more in our article: https://lnkd.in/dDFJs3wf #NationalInsurance #Autumnbudget #Budget24

Steven Butcher, a Director in our Tax team shares his thoughts on the changes in headline CGT rates announced in yesterday’s Budget. "With changes in headline CGT rates announced in yesterday's Budget having immediate effect, and initial changes in Business Asset Disposal Relief (“BADR”) not coming into effect until 6 April 2025, there is a temporary increase in the value of BADR from up to £100,000 to up to £140,000 per individual for relevant disposals from 30 October 2024 until 5 April 2025. Business owners looking to exit may, therefore, seek to transact in that timeframe to maximise savings from any BADR available to them. With the announced increase in employers' National Insurance not coming into effect until 5 April 2025, this might also influence the timing of business owners' exit plans should they perceive the value of their interests would be impacted. From 6 April 2025, the potential value of BADR for an individual returns to £100,000, before decreasing to £60,000 from 6 April 2026." #Autumnbudget #Budget24

Andrew Park, Tax Partner at Price Bailey, has raised concerns over the increase in interest on late tax payments announced in yesterday's Budget. HMRC will rake in an additional £200 million per year by hiking interest payments on late tax. The amount of interest charged on unpaid tax liabilities will increase by 1.5 percentage points to Bank Rate plus 4 percentage points. You can read the full article in the IFA Magazine. #Tax #HMRC #Budget

𝐕𝐀𝐓 𝐟𝐨𝐫 𝐈𝐧𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐭 𝐒𝐜𝐡𝐨𝐨𝐥𝐬 🏫 What we learned from the Autumn Budget 2024 👇 Chancellor Rachel Reeves delivered the highly anticipated Autumn Budget, outlining a series of sweeping measures aimed at addressing the UK’s £22bn deficit. One of the most significant—and controversial—announcements concerned the introduction of VAT on independent school fees. Read our article detailing the introduction of VAT on independent school fees: https://lnkd.in/ddg7a4J3 #Autumnbudget #Budget24 #VAT #IndependentSchools

Gemma Thake, a Partner in our Tax team comments on the certainty confirmed in respect of R&D tax relief rates from yesterday's Autumn Budget.   "The certainty confirmed in respect of R&D tax relief rates will be welcome news to companies today after significant change in the last few years. Labour will maintain the generosity of rates in both the merged R&D Expenditure Credit (RDEC) scheme and the Enhanced Support for R&D Intensive SMEs. The increase to employers' national insurance from 6 April 2025 will increase qualifying expenditure, to the extent staff costs relate to R&D activities, allowing eligible companies to recover at least 15% of the increase in their R&D claim. Levels of error and fraud remain unacceptably high and the Budget confirmed that HMRC will proceed with establishing an R&D expert advisory panel, as well as continuing to improve signposting and guidance on the reliefs. It will also launch an R&D disclosure facility by the end of 2024."     #Autumnbudget #Budget24

Sarah Howarth, a Director in our Tax team, shares her thoughts on the chancellor’s commitment to capping the 25% rate of corporation tax.   "The chancellor’s commitment to capping the 25% rate of corporation tax for the remainder of this Parliament is welcomed in terms of the certainty it provides. However, whilst this is currently the lowest rate in the G7, it still does not compare favourably to many countries. Coupled with other changes announced, which will increase the cost of employing people in the UK (the increase in the employer’s national insurance rate combined with a lowering of the threshold, as well as the national living wage changes), means businesses already contemplating moving certain functions overseas may begin to consider this more seriously."   Let us know your thoughts below. 👇   #Autumnbudget #Budget24