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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Firstly, I have had the opportunity to see the ongoing good work and potential Down Business Centre has for the future. Down Business Centre has the opportunity to be a significant player in terms of representing the interests of the local business community in the East Down region. The Department of the Economy recently has released its new strategy for promoting and developing businesses and in particular the small business sector. Economy Minister Conor Murphy has committed to a plan where everyone shares the benefits of prosperity and that economic development starts with local communities. As a long established and successful local enterprise agency Down Business Centre can play a vital role in building and strengthening local strategic partnerships, working closely in collaboration with Newry, Mourne and Down District Council, the business community, education institutions and other stakeholders all in a collective effort to bring greater prosperity to our towns and rural villages.

Secondly, I want to ensure that more local entrepreneurs and businesses are fully aware of what we do and what we have to offer. It is important that businesses know that Down Business Centre is here to support all businesses in their journey whether they are starting out, currently trading or looking to grow and possibly export.  There is a general view that we are just for start ups and we need to work on getting the message out that we are here for ALL types of businesses not just sole traders but limited companies, social enterprises and the voluntary and community sector too.

We have Enterprise Week coming up and will have a number of exciting local events running from 18th to 22nd November which will inspire and encourage businesses in the area. We have many of our own successes locally within our business community and this will help promote the message that the East Down region makes a valuable contribution to the economy and the creation of local employment.

I welcome discussions with any persons, groups or businesses to examine how our business community can thrive in the future.”

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Eligibility criteria:

To be eligible to apply, individuals need to:

• be between the ages of 18-30
• live in Northern Ireland
• be running their own business that has been trading for no more than two years or planning to start their own business imminently
• be from a low-income household or facing other financial challenges preventing them from developing their business

They must be able to demonstrate that they have already taken steps to get their business off the ground, even if this is at a very early stage. Examples may include but are not limited to, evidence of making their first sales, free/pro bono work delivered in order to develop examples of their work, market research to identify market potential, and business plans.

SWEF Enterprise Fund | nibusinessinfo.co.uk

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This webinar will help small and micro businesses across Northern Ireland understand how AI and Machine Learning can be applied to enhance business operations and drive growth.

As part of an eight-webinar series designed to support the ambitions of the Digital Transformation Flexible Fund, this session offers practical insights into how AI and ML can deliver real improvements for your business.

Register here

https://www.eventbrite.co.uk/…/how-to-drive-business…

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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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Our CEO was invited as a panel member for a discussion on the challenges businesses are facing when it comes to recruitment. Emma pointed out that businesses are faced with the challenge of both “quantity of people and quality of people. The pool of people that once was available to businesses is no longer available. Brexit, COVID and political instability in Northern Ireland has reduced the number of people that are available to work. Businesses are having to think of alternative ways to recruit, who they recruit and what they offer in terms of a job”.

There was also representation from local businesses Finnebrouge, Head of Talent, Melissa Mackey and Stephen Magorian from Horatio Group. Both shared their industry challenges around the number of jobs vacant versus the number of people to fill the vacancies with the right skills.

This conference was one of 2 major conferences being held to have these important discussions. The next will be in the Slieve Donard Hotel, Newcastle on 8^th October 2025. This is one for your diary.

Thanks to Michael Savage at Newry Chamber for having Down Business Centre involved.

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Down Business Centre had the privilege to the be involved in the Go SucceedNI Ultimate Pitch panel for the  Newry Mourne and Down District local competition on the 17th October at the Canal Court Hotel. 12 up and coming entrepreneurs pitched to a panel of judges one of which was our CEO Emma Bohill. Emma was joined on the judging panel with Deborah Loughran, from King Communication and Stephen Mc Clelland from Newry Enterprise Agency. A great initiative to show case local talent in the district. The finalists will go head to head at the regional final on the 21st November 2024 against other council area winners. The winner will be provided with £5,000 to help progress there business idea forward. Good luck to all. It is great that local people from this area got involved as we have real talent and its good to have our area represented at these types of events.

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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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