PASC UK’s Post

https://lnkd.in/e3XAJ49n Last week in Worcester, I had the pleasure of meeting Alistair from PASC UK. His boundless energy and passion for protecting and driving positive change within our industry are truly inspiring. We are incredibly fortunate to have someone like him, along with the unwavering support of his team, advocating for our industry's success. He also shared some very wise words to navigate these "bumpy" (his word) times for our industry. I am sure he won't mind me paraphrasing here.. 1. Invest in your business- repaint, refresh, see it from a guest's perspective 2. Get the best photos & make the best looking website 3.Always improve the guest experience- wow them so they return 4. Pricing should be reviewed and tweaked often, it is will make the most immediate change to your booking and enquiry situation. Wise words from the oracle! 😊

With the general election a few days away, and with all parties needing to raise funds to pay for their promises is it worth taking preemptive action before any emergency budgets announcements? There are rumours of Labour making it more difficult to gift assets for example, if this is something you were looking to do maybe bring it forward. https://lnkd.in/eS25mP5W Capital gains tax is also mentioned as another source of income, including primary residences, but any changes to rates and thresholds can potentially apply in the current year.

A Budget full of many announcements Some key points ·       Higher rate of Capital Gains Tax to be reduced from 28% to 24% for residential property ·       SDLT Multiple Dwellings relief to be abolished. ·       Furnished Holiday Lets abolished. ·       Non-Dom rules as we know it to be abolished and new rules to be introduced from April 2025. ·       High Income Child Benefit Charge to be based on household income in the long term but in the short term the threshold whereby the charge kicks in to increase from £50,000 to £60,000 and the threshold where 100% of child benefit is paid back to increase to £80,000 ·       The VAT threshold to increase from £85,000 to £90,000 ·       National Insurance to be cut by another 2p in the pound The Chancellor has certainly looked at a wide range of taxes to reach as many people as possible, as always, the devil will be in the detail. Crowe UK #croweUK #budget2024

The budget announcement is always an interesting moment, not least when it is labour’s first in over a decade. It also often has quite significant ramification for lawyers especially, property, employment and private client lawyers.  Things that peaked my interest off the bat from a legal perspective are: -         Stamp Duty Land Tax increase for second homes from 3% to 5% from tomorrow. -         Capital gains tax increasing from 20% to 24% but not in respect of additional property sales. -         Freeze on inheritance tax thresholds beyond 2028 to 2030 (I can hear our private client department sighing with relief, no new set of figures to memorise!). -         Appointment of a Covid Corruption Commissioner. -         A funding pledge of £11.8bn for victims of the infected blood scandal and £1.8bn to compensate victims of the Post Office scandal. -         Changing of business rates, the current 75% discount to business rates will be replaced by a discount of 40%, up to a maximum discount of £110k. -         A 2% cut across all government departments, sadly seems that the Courts' backlogs will not be cleared anytime soon. -         A reduction in the Right to Buy Discounts -         Legal minimum wage for over 21s to rise from £11.44 to £12.21 per hour from April -         The pledge of £1bn to accelerate the removal of dangerous cladding on homes. This will hopefully help those having issues with mortgaging and/or selling their property that have cladding issues. What peaked your interest? Feel free to comment.

Some of the Spring Budget 2024 highlights: ⭐NIC rate reduced to 8% for employees and 6% for self-employed from 6 April 2024 ⭐Higher Rate of CGT for residential property down to 24% from 28% from 6 April 2024 ⭐VAT registration threshold up to £90k from 1 April 2024 ⭐Furnished Holiday Lets abolished from 6 April 2025 ⭐From 1 June 2024 Multiple Dwellings Relief for SDLT will be abolished ⭐High Income Child Benefit charge to be reformed from April 2026 to look at family income but from 6 April 2024 the threshold will change from £50,000 to £60,000 ⭐From 6 April 2025 the existing regime for non-domiciled individuals will be replaced with a new relief on foreign income and gains for the first four years of UK tax-residency Get in touch if you would like to discuss further. #tax #springbudget2024

Headlines from today's Autumn Budget CAPITAL GAINS TAX The lower and higher main rates of Capital Gains Tax will increase to 18% and 24% respectively for disposals made on or after 30 October 2024. The rate for Business Asset Disposal Relief and Investors’ Relief will increase to 14% from 6 April 2025, and will increase again to match the lower main rate at 18% from 6 April 2026. The lifetime limit for Investors’ Relief will be reduced to £1 million for all qualifying disposals made on or after 30 October 2024, matching the lifetime limit for Business Asset Disposal Relief. https://lnkd.in/djYkhWBt

📢 Key Highlights from Chancellor Rachel Reeves' 2024 Budget: 💼 Tax Increase: Taxes to raise by £40bn, with a 1.2% increase in Employer National Insurance (to 15%) from April 2025, projected to generate £25bn annually. 📈 Income & NI Thresholds: Freeze on income tax and NI thresholds to end by 2028. 🏫 New Tax Measures: Capital Gains Tax to rise, VAT to apply to private school fees starting January, while fuel duty remains frozen for another year. 💷 Wage & Duty Changes: Minimum wages to rise in April, with reduced duty on draught alcohol. 🏥 Health & Infrastructure Investment: Additional £22.6bn allocated for health, £5bn for housing, and funding secured for HS2’s extension to London Euston. #TaxPlanning #SmartInvesting #AccountancyTips #HJS #HJSAccountants #Accountancy #Tax #Experts #TaxExperts #Budget2024 #RachelReeves #UKEconomy #TaxChanges #Healthcare #NationalInsurance

💥There were too many announcements made in yesterdays spring budget for one video, so here are several of the main changes to be implemented next tax year:💥 💰 National insurance reduction for the employed from 10% to 8% - As expected! 💰 National insurance reduction from 8% to 6% for the self employed. 💰 A reduction in the capital gains tax payable on additional properties for higher and additional rate taxpayers - 28% down to 24% 💰 The threshold in which child benefit becomes taxable has been increased from £50,000 to £60,000. 💰 The introduction of a British ISA, allowing you to invest an additional £5,000 on top of your £20,000 ISA allowance, as long as these funds are invested in UK Listed Companies- full details are yet to be confirmed.

Wondering what the 2024 Autumn Budget means for you and your finances? Here’s a quick breakdown of the key highlights announced by chancellor Rachel Reeves 👇 👉 Extra investment in infrastructure 👉 A rise in employer National Insurance contributions 👉 An end to the freeze on Income Tax thresholds from 2028 👉 Capital Gains Tax reforms 👉 Changes to some Inheritance Tax reliefs 👉 ISA subscription limits frozen until 2030 👉 A change to business rates relief 👉 Corporation Tax capped at 25% 👉 A rise in the national living wage 👉 A freeze in fuel duty 👉 Second home Stamp Duty surcharge increasing 👉 Reforms to the non-dom regime 👉 VAT on private school fees from January 2025 👉 An end to the £2 bus fare cap 👉 Changes to duties for alcohol, tobacco, and vaping 👉 Confirmation of the 4.1% increase to the State Pension under the triple lock For more information and to find out what this might mean for you, click the link in the comments below 👇

As the dust settles on this week’s historic UK budget, we expect Scotland to see more cash than the Scottish Government had planned to spend. Consequentials from the Barnett Formula mean that if more money is spent by UK departments on devolved matters, the Scottish Government receives a proportion of those funds as part of its block grant. So, an increase in UK spending usually equals an increase in what is available to spend in Scotland. The Scottish Government can spend this money where it sees fit, but as a minority administration, it will need to find support for its budget plans in the Scottish Parliament. So, we await the Scottish budget with keen interest. While the details of how much extra money will be available, and where the Scottish Government plans to spend it are still not clear, we must see extra funds go into social services as a matter of absolute urgency. Read more of the Scottish Parliament's reaction to the budget here: