Ad Valorem Group

📢 Major Changes to UK Capital Gains Tax (CGT) The October 2024 budget introduced significant CGT changes affecting taxpayers, business owners, and investors: 🔹 Rate Increases: Basic rate now 18%, higher rate 24% on disposals. 🔹 Business Asset Disposal Relief (BADR): Tax rate rising from 10% to 14% on gains up to £1M, effective April 2025. 🔹 Investor’s Relief: Lifetime limit cut from £10M to £1M, aligning rates with BADR. Early tax planning could help reduce your CGT bill. Thinking of selling? Consider acting before April 2025. 👉 Read more here: https://lnkd.in/eEZEdNiH #UKBudget #CapitalGainsTax #TaxPlanning #CGT

🚗🚜 Important Update for Double Cab Pickup Owners 🚜🚗 Big changes are coming for double cab pickups! 🚨 Starting April 2025, Labour’s Autumn Statement reveals that these vehicles will be reclassified as cars (not vans) for tax purposes, impacting Capital Allowances and Benefits in Kind. This could mean significant cost increases for businesses relying on double cabs, with higher taxes on company and personal use. Good news: there’s still time to plan! If you purchase, lease, or order a double cab pickup before April 5, 2025, you can lock in the current tax benefits until April 2029. ⏳ Read more and remember every business is unique—discuss the best options with your accountant to make the right choice! https://lnkd.in/dPNWkG3F #companycar #tax #smallbiz

SIP - Speciality Oils and Fluids appoint new Board Member We are delighted to announce that Nigel Adams will be joining the Board at SIP Ltd as a Non-Executive Director.   Nigel is an entrepreneurial leader within the accountancy profession and is MD of Ad Valorem Group, a multi award winning company which he founded in 2001 and a recent winner of the Accounting Excellence Practice Pioneer of the Year.    Nigel brings with him a wealth of experience in not only accountancy, but strategy, governance, risk management and high-level decision making. He will provide innovative, independent thinking and sound judgement taking SIP to new levels. We are all very excited on having him on board and look forward to working together.

📈 Budget Changes: Rising Costs for Employers 📈 Running a small business? Recent Budget updates mean higher employment costs that may strain your cash flow and cut into profits. 🔹 Higher Wages National Living Wage is increasing—16% for 18-20-year-olds and to £12.21/hour for over 21s. For full-time employees, this adds £1,400/year to wages, an unplanned expense for many. 🔹 Rising Employers National Insurance From April 2025: NI rate increase from 13.8% to 15%. Threshold drop from £9,100 to £5,000—meaning more of each salary will be taxed. 📉 These changes could mean tighter budgets, cash flow challenges, and difficult hiring decisions. 💬 Need Support? If you’re concerned about the impact on your business, our team is here to help you navigate these changes. Reach out for guidance on managing costs and protecting your bottom line. #AdValorem #Budget2024 #SmallBusiness #EmployerCosts #TaxSupport

🚜 𝗜𝗻𝗵𝗲𝗿𝗶𝘁𝗮𝗻𝗰𝗲 𝗧𝗮𝘅 𝗖𝗵𝗮𝗻𝗴𝗲𝘀: What Family Farms Need to Know 🚜 Alex Black FCCA, our Client Services and Innovation Director, explains how recent Budget updates could impact your family farm and estate planning. Many farms are "asset rich" but not "cash rich," which can create challenges with Inheritance Tax (IHT). 💡 𝗞𝗲𝘆 𝗖𝗼𝗻𝘀𝗶𝗱𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀: 🔸 𝗜𝗛𝗧 𝗟𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗼𝗻 𝗣𝗮𝘀𝘀𝗶𝗻𝗴: Without enough cash reserves, families may need to sell land to cover IHT, which can be delayed due to slow land sales. 🔸 𝗟𝗮𝘁𝗲 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗣𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀: HMRC could charge interest up to 9% on overdue tax payments, adding pressure. 🔸 𝗘𝘀𝘁𝗮𝘁𝗲 𝗩𝗮𝗹𝘂𝗲 𝗧𝗵𝗿𝗲𝘀𝗵𝗼𝗹𝗱: Farms valued under £1.5 million (or £2 million if married) are typically unaffected. 🌱 𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀 𝗔𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲 If you’re concerned about protecting your family farm, reach out. We’re here to help you navigate these changes and safeguard your legacy. #AdValorem #FamilyFarms #InheritanceTax #EstatePlanning #FarmSuccession

🚗 Important Updates for Businesses with Company Cars 🚗 Regan Saffhill ATT CTA breaks down key updates from the Autumn Budget 2024 that could impact your business if you have company vehicles. 🔹 Benefit in Kind Rates Published Until 2030 You can now plan ahead, knowing the tax implications for company vehicles over the next few years. Purely electric vehicles come with significant tax benefits, making them an appealing option for future fleet choices. 🔹 Changes for Double Cab Pickup Trucks From April 2025, double cab pickups will be treated as company cars for capital allowances and Benefit in Kind. However, vehicles purchased, leased, or ordered before 6 April 2025 will still benefit from the existing tax treatment, with transitional arrangements until 2029. These changes provide a clearer path for businesses to strategise their vehicle choices, balancing costs, taxes, and sustainability. 💡 Have Questions? If you're uncertain how these updates might affect your company cars, reach out for guidance to make the best choice for your business and employees. #AdValorem #AutumnBudget2024 #CompanyCars #BenefitInKind #ElectricVehicles

🚀 Supporting R&D and Innovation: Autumn Budget Highlights 🚀 Alex Black FCCA, our Client Services and Innovation Director, takes a closer look at what the Autumn Budget means for businesses focused on R&D and growth. 🔹 R&D Stability While the R&D scheme wasn’t heavily featured this year, that’s actually a positive for businesses. With recent changes now settled, you can plan your R&D investments with confidence, knowing the framework remains consistent. 🔹 £20.4 Billion Investment in UK R&D The government’s commitment to invest £20.4 billion across sectors and regions brings more opportunities for innovation. This funding opens doors for grants, collaboration, and resources to turn ideas into reality. 🔹 Regional Boosts for Innovation Key projects like East West Rail and the new East Midlands Investment Zone are enhancing connectivity and infrastructure, making it easier for businesses to access talent, resources, and growth opportunities right here in our region. With Ad Valorem’s offices in Milton Keynes and Cambridgeshire, we’re ideally positioned to help you make the most of these developments. If you're looking to leverage these opportunities or understand how the Budget supports your growth goals, we're here to guide you every step of the way. #AdValorem #AutumnBudget2024 #Innovation #R&D #BusinessGrowth #EastWestRail #InvestmentZone

⚠️ HMRC Updates: Key Changes for Small Businesses and Individuals ⚠️ Regan Saffhill ATT CTA explores the recent HMRC updates announced in the Autumn Budget, which could have a significant impact on small businesses and individuals. 🔹 Increased Interest on Late Tax Payments HMRC is raising interest rates on late payments from 3.5% to 5%. Missed deadlines will now cost more, so it’s crucial to stay on top of your tax schedule. 🔹 Making Tax Digital (MTD) Expansion By 2026, MTD will apply to any sole trader or property investor with an income over £50,000, with plans to lower the threshold to £20,000. This could affect more small business owners in the near future. 🔹 Boosted Compliance and Debt Management Staff HMRC is adding 5,000 compliance officers and 1,800 debt management staff, intensifying tax enforcement. Now more than ever, accurate and timely records are essential. 💬 Need Guidance? If you’re unsure how these changes might impact your business, consult your accountant to stay compliant and avoid costly penalties. #AdValorem #HMRCUpdates #AutumnBudget #TaxCompliance #MakingTaxDigital

💼 Autumn Budget 2024: Key Updates for Investors 💼 Regan Saffhill ATT CTA shares some crucial updates from the Autumn Budget for investors: 🔹 Enterprise Investment Scheme (EIS) Extension Great news for early-stage investors! The EIS has been extended for another 10 years, providing ongoing tax relief opportunities and support for new businesses. 🔹 Investors’ Relief Limit Reduction The lifetime limit for Investors’ Relief has been reduced from £10 million to £1 million, effective from 30 October 2024. This could impact high-net-worth investors nearing or above this new threshold. 🔹 Inheritance Tax on Pensions Starting April 2027, pension funds will be subject to Inheritance Tax, a change that could significantly influence retirement and estate planning. 📈 Review Your Strategies These updates may affect your investment and tax strategies. Now’s the time to review your options with an adviser to optimise your plans. #AdValorem #AutumnBudget2024 #InvestorsUpdate #EIS #InheritanceTax

💼 Attention Small Business Owners: Changes to National Insurance 💼 If you’re a company director, the recent Budget update on Employer’s National Insurance (NI) could impact how you pay yourself. With the NI threshold dropping from £9,100 to £5,000, your director’s salary may now incur higher contributions. 📉 What This Means for You: This change might increase the NI you pay, impacting your overall take-home pay. 💬 Check In with Your Accountant: Now is a good time to connect with your accountant to see how these adjustments may affect you in real terms and discuss any strategies to manage this impact. #AdValorem #Budget2024 #SmallBusiness #DirectorsSalary #TaxPlanning