UK Autumn Budget 2024: Key Highlights for Businesses and Individuals

On 30 October 2024, Chancellor Rachel Reeves presented the Autumn Budget, emphasising economic growth and stability with a focus on investments. Morrissey Chartered Accountants  outline the significant measures that may impact individuals and businesses alike.

Personal Tax

Income tax bands remain largely unchanged, with the basic rate set at 20% on income up to £37,700. Higher rate taxpayers start at £50,270, while the additional 45% rate applies from £125,140. The personal allowance remains frozen at £12,570 until 2028, and high earners will still see a taper from £100,000 upwards. Savings tax reliefs are steady, with a savings allowance of £1,000 for basic rate taxpayers, reduced to £500 for higher-rate taxpayers, and a dividend allowance of £500.

Pensions and ISAs

Annual pension contributions are capped at £60,000, with a taper applied for those earning above £260,000. Individual Savings Account (ISA) limits remain at £20,000 for adults and £9,000 for Junior ISAs, supporting tax-free growth for long-term savers.

Business Taxation

Corporation tax rates remain steady at 25% for profits over £250,000, with small profit companies paying 19%. Businesses can still benefit from the £1 million Annual Investment Allowance, and full expensing is available on qualifying new plant and machinery. For those investing in zero-emission cars or electric vehicle charge points, the government has extended the 100% First-Year Allowances until 2026.

Employment Taxes

Employer NICs will rise from 13.8% to 15% starting in April 2025. The threshold for paying NICs is lowered to £5,000, which will stay in effect until 2028. Additionally, the Employment Allowance has been raised to £10,500, expanding eligibility to more businesses, regardless of their employer NIC bill.

Capital Gains and Inheritance Tax

Capital Gains Tax rates for non-residential property disposals increase from 10% to 18% at the basic rate and 20% to 24% at the higher rate, with exemptions for residential property. For individuals, trustees, and personal representatives, a 24% rate now applies. Inheritance Tax bands remain frozen, with the nil-rate band fixed at £325,000 and the residence nil-rate band at £175,000 until 2030.

Stamp Duty and VAT

For individuals purchasing additional residential properties, Stamp Duty Land Tax (SDLT) has risen to 5% over standard rates. The VAT registration threshold is unchanged at £90,000, continuing to support smaller businesses in maintaining VAT compliance.

Additional Changes

The government remains committed to the rollout of Making Tax Digital by 2026, targeting businesses and individuals with income over £20,000. HMRC also plans to enhance its compliance efforts, with increased staffing and system upgrades to improve tax management and debt collection.

If you need assistance with accountancy, tax compliance, or business advisory, please feel free to contact Morrissey Chartered Accountants. You can also sign up for our newsletter to receive the latest updates on topical issues. https://www.morrisseyca.co.uk/registration/

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Tuesday 21st January 2025; Newry Leisure Centre

AND/OR

Wednesday 5th February 2025; Down Leisure Centre

Email your expression of interest to business@nmandd.org

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Survey ends this Sunday, October 20th

This is your final opportunity to make sure your voice is heard. Your insights will play a key role in shaping strategies and support programs tailored to the unique needs of micro and small businesses across Northern Ireland.

Complete before Sunday https://lnkd.in/dkG_mWRE

The NI Enterprise Barometer 2024 is brought to you by Enterprise NI and supported by British Business Bank.

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Whether you’re a budding entrepreneur just starting out; are looking to grow your business; or are planning to scale up; we will provide tailored support and guidance to help you achieve your business goals.

Our aim is to build a vibrant and active business community in the area so get in touch with us about your business needs.

There are 2 elements of the programme that we deliver: Start and Grow 

Start: if you have got a great idea but unsure how to turn it into a business? Or need guidance on your next steps? We can help you on the start of your journey

Grow: if your business is established, you’re ready to expand, but growth is slow. We can offer tailored support to accelerate your growth.

Get in touch with us for a chat at business@downbc.co.uk or call 028 44616416

Or you can simply sign up online Sign Up Today | Go Succeed (go-succeed.com)

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Sign up to the new Go Succeed Growth Programme and take your business to the next level.

Go Succeed is the new go-to source for expert business led by Northern Ireland’s eleven local councils. It provides tailored advice and guidance for business owners to help shorten the journey to business growth.

Go Succeed Grow is for established business owners who require assistance and guidance on the best ways to expand and innovate. This could be employing more people, developing new products, streamlining your marketing approach or adopting new technologies within your business.

Go Succeed Grow’s dedicated business experts will work with you to create a tailored service that best suits your business needs. Rest assured, the experts assigned to you will have a deep understanding of your business sector and area and you will have the opportunity to seek their advice and learn from them throughout your journey. A host of learning materials will be made available and you will be invited to attend business webinars and events. Go Succeed Grow can also help with applications for funding support if it is needed to help your business progress.

In short Go Succeed Growth offers –

• Free mentoring support to help you to address barriers to business growth
• Skills Development Workshops, Events, and access to Peer Support Networks
• The opportunity to apply for a grant of up to £4,000 to help you to realise your growth ambitions

To register to be part of Go Succeed Growth please click here.

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Whether you’re just starting out on your entrepreneurship journey or you’ve been running your own business for years, there is a host of FREE Go Succeed Events open to everyone.

Just some of the topics being covered through a varied programme of on-line and in-person events this month include –

• Social Media for Beginners
• Business Planning on a Page
• Financial Planning and Forecasting
• Marketing Planning for Online Success
• Commercialising Your Social Enterprise
• Employing your First Employee – Legal Considerations
• Mastering Pricing for Profit

To find out more and to register to attend a Go Succeed Event please visit www.go-succeed.com/events/

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‘Your Planet Needs You!’

When?

Friday 17^th November   10am – 11am

Where?

Down Business Centre

Why Attend?

SMALL STEPS  by SME’s can have a BIG IMPACT on the planet and our communities.  Climate Change is probably the greatest challenge we face in our lifetime.  Learn about the science, the impact and what you can do to help.

The Agenda

• What is Sustainability and ESG and why they matters?
• What are the Sustainability-related business risks?
• The Opportunities and Savings for SME’s
• How to Get Started – 10 step guide
• Getting help
• Questions and answers

The Speaker

Michael Morrissey FCA, Partner Morrissey Chartered Accountants, Downpatrick.

Michael has a passion for all things ‘Sustainability’ and has completed Chartered Accountants Ireland’s Certificate in Sustainability: Strategy, Risk & Reporting and is also a member of CHAPTER ZERO The Directors’ Climate Forum.

Book Your Ticket Now On Eventbrite

https://www.eventbrite.co.uk/e/sustainability-tickets-743481261467

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‘Unleash The Power of Innovation and Technology in Your Business’

When

Wednesday 15^th November  10am – 11am

Where

Down Business Centre

Why Attend?

In a world rapidly transformed by digital technology, innovation isn’t a luxury; it’s a necessity. The businesses that thrive are the ones that adapt, evolve, and leverage new technologies to outpace the competition. But where do you start? How do you turn abstract concepts like ‘innovation’ and ‘digital transformation’ into actionable strategies?

What You’ll Gain

Join Brendan Lowry, a Senior Innovation Partner at Digital Catapult, the UK Authority on advanced digital technology. Brendan will be delivering a workshop on leading-edge technologies and business transformation, that demystifies innovation and technology. You’ll leave armed with practical tools and actionable insights that will help you:

• Identify the untapped opportunities for innovation in your sector
• Understand how emerging technologies like AI, IoT, and 5G can revolutionise your business
• Discover proven strategies for fostering a culture of innovation
• Transform your vision into a real-world execution plan

Don’t Miss Out!

Whether you’re an entrepreneur just starting out, a business leader looking to scale, or an innovator seeking to disrupt, this is one workshop you can’t miss. Come be part of the future, today.

Book Your Ticket On Eventbrite

https://www.eventbrite.co.uk/e/unleash-the-power-of-innovation-and-technology-in-your-business-tickets-743472595547

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‘One-To-One Business Advice Clinic’

When?

Monday 13^th November  8. 30am – 1pm

Where?

Down Business Centre and, by arrangement, via Zoom.

Agenda

Whatever you want it to be.  This is an opportunity for you to pick the brains of Michael Morrissey.  Whether you’re a start-up or a long-established business, if you have an operational issue, a financial problem, or are looking for business support – if Michael doesn’t know the answer he will certainly signpost you to someone who will.

Business Clinic Consultant

Michael Morrissey FCA, Partner in Morrissey Chartered Accountants, Downpatrick. Michael has extensive business experience having run and sold a significant Food Service SME before joining the Practice.

Book Your Appointment Now (they will fill up fast)

To book your 30 minute session with Michael please email:

business@downbc.co.uk

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