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🚨 UK Budget 2024: What Business Owners and Families Need to Know 🚨 The UK’s first female Chancellor, Rachel Reeves, has just delivered a highly anticipated Budget that could bring significant changes for businesses, family estates, and high-net-worth individuals. With higher capital gains tax rates, adjustments to Business Asset Disposal Relief, and new limits on Agricultural and Business Property Relief, many will need to rethink their tax and succession strategies. Head of EQ Taxation, David Morrison discusses the highlights from today's budget and what they could mean for you, including: 📈 Capital Gains Tax rate increases 🚜 New £1M limits on Agricultural & Business Property Relief 💼 Changes impacting family business succession planning 📉 NIC increase and minimum wage adjustments affecting retail & hospitality Read our in-depth article to stay ahead of the changes and make informed decisions for your financial future. 🔗 https://lnkd.in/eMDg6C2f #UKBudget2024 #TaxPlanning #BusinessFinance #EQTaxation #CapitalGains #InheritanceTax #BusinessStrategy

In one of the most anticipated Budgets in recent history, Chancellor Rachel Reeves raised £40 billion of taxes, which will fall predominantly on businesses and the wealthy. With a Labour manifesto that promised to protect “working people” and boost economic stability and growth, there was much speculation over how the £22 billion black hole in the nation’s finances would be filled. #budget #ukeconomy #taxes

🔔 October Budget Update: Prepare for Potential Impacts 🔔 We are now in October, which means we don't have long to wait until the Autumn Budget. Prime Minister Sir Keir Starmer has cautioned that the upcoming Budget could be "painful," with notable tax changes expected. While National Insurance, VAT, and Income Tax rates are likely to remain steady, other areas such as Capital Gains Tax, Inheritance Tax, and Pension Tax Relief may face significant revisions. Key potential changes include: ▪ Freezing of tax thresholds ▪ Increase in Capital Gains Tax ▪ Reforms to Pension Tax Relief ▪ Adjustments to Inheritance Tax These adjustments could have a considerable effect on both your business and personal finances. At Jones Harris, we are closely monitoring developments and are prepared to offer guidance on how these changes may impact you. Please just get in touch! #JonesHarris #JonesHarrisCharteredAccountants #TaxAdvice #Bookkeeping #SpecialistAdvice #BespokeService #Fleetwood #Accountants #Finance

Will the UK get a tax cut in Jeremy Hunt’s 2024 spring Budget? “Efficiency savings have long since been exhausted – you’re now really talking about choosing which services not to provide any more,” says Andrew Goodwin, chief UK economist at Oxford Economics https://lnkd.in/eMhxBX_Y #springbudget #oxfordeconomics #taxcuts

The Impact of the Autumn Budget on the Property Market Now that the dust has settled on the Autumn Budget, let’s look at how it will impact the property market. When the Chancellor unveiled her Budget earlier this month, she didn’t do things by halves. Rachel Reeves went big on tax, spending and borrowing in a Budget that accounting firm PwC described as “a concoction of sweet and sour”. While the Budget didn’t turn out to be as seismic for the property market as some had predicted, there were a few important changes. Read here: https://buff.ly/3V9nvcl or on our Facebook page here: https://buff.ly/3V8CuTY - as we discuss in more detail: > Stamp Duty on second homes > Capital Gains Tax (CGT) > Inheritance Tax (IHT) > VAT on private school fees > Why experience really matters in the property sector Here at Edward Ashdale, over the years, we’ve worked through upswings, downturns and a host of regulatory and tax changes. #edwardashdale #bromley #bromleyproperty #bromleyestateagents

🚨 UK Chancellor’s Budget Announcement: Key Changes Ahead 🚨 Today in Parliament, Chancellor Rachel Reeves announced her plan to raise taxes, cut public spending and tighten benefits policies in the October budget. Despite stronger-than-expected economic growth in the first half of 2024, the UK’s public finances are worse than anticipated. Borrowing is already running £3 billion higher than forecast, and the Chancellor is looking to increase inheritance and capital gains taxes to help finance this. 🌱 EIS Investments: A Strategic Response As the government looks to fill the hole in the public finances, Enterprise Investment Scheme (EIS) investments offer a powerful solution for investors. Here’s why: 💸 30% Income Tax Relief: Offset your tax bill by investing up to £1 million (or £2 million in knowledge-intensive companies) through EIS. ➡ Capital Gains Tax Deferral: Reinvest gains into EIS to defer capital gains tax, helping you manage and reduce potential future tax liabilities. 👨👩👧👦 Inheritance Tax Exemption: EIS shares can be exempt from inheritance tax after just two years—invaluable as inheritance tax rates could rise. 📈 Support High-Growth, Sustainable Companies: In an economy facing spending cuts but driven towards a zero-carbon future, EIS investments provide essential capital to small, high-impact businesses, particularly those driving the transition to a sustainable future. 💡 Act Now for a Secure Future Given the potential for higher taxes and reduced public spending, now is a great time to review your investment strategy. EIS investments in sustainable companies not only offer substantial tax benefits but also allow you to contribute to the growth of businesses that align with your values. If you would like to know how you can avail of these benefits, let's connect and discuss how you can invest with purpose! #EIS #TaxRelief #SustainableInvesting #UKBudget #FinancialPlanning #WealthManagement #EconomicGrowth #InheritanceTax #CapitalGainsTax #PublicFinances

  Today, Chancellor Rachel Reeves unveiled her first budget. Whilst the government have rightly increased investment towards housing and infrastructure, it is vital that the government continues to ensure that the United Kingdom remains an attractive country for investors and international businesses. You can read more about the Budget in this article from The Times: https://lnkd.in/ejX-tPYQ   #Budget2024 #EconomicGrowth #RachelReeves #Economy #UKPolicy

🚨 October Budget Alert: Brace for "Painful" Changes Ahead! 🚨 Prime Minister Keir Starmer has warned that the upcoming October budget will be "painful," with some major decisions on the horizon. While he reassured the public that national insurance, VAT, and income tax won’t rise, there are still other potential changes to watch out for 👀: 🔹 Frozen Tax Thresholds: By freezing thresholds, more people could end up paying higher taxes as their wages rise. 🔹 Capital Gains Tax: The government may increase rates to bring them closer to income tax rates. 🔹 Pension Tax Relief: Speculation is rising about a flat rate for pension tax relief, replacing the current system based on income tax rates. 🔹 Inheritance Tax: There could be an increase in rates or the removal of certain reliefs. If you’re concerned about how these potential changes might impact your finances, we’re here to help! Reach out for tailored advice, and stay tuned for updates after the October 30th budget 📅. #Budget2024 #TaxChanges #FinancialPlanning #TaxAdvice #KeirStarmer #CapitalGainsTax #InheritanceTax #PensionTaxRelief

Jeremy Hunt considers reducing spending to fund tax cuts The chancellor is looking at larger public spending cuts as a way to deliver tax cuts, the BBC understands. Jeremy Hunt is considering cuts because he's seen economic forecasts ahead of the Spring Budget which it's understood paint a bleaker picture of public finances than previously thought. Mr Hunt has given strong hints he wants to cut taxes, which are on course to rise to the highest level for decades: https://lnkd.in/enNKuN9H #government #economy #tax #finance #SpringBudget

How might the Autumn Budget affect you? In one of the most anticipated Budgets in recent history, Chancellor Rachel Reeves raised £40 billion of taxes, which will fall predominantly on businesses and the wealthy. With a Labour manifesto that promised to protect “working people” and boost economic stability and growth, there was much speculation over how the £22 billion black hole in the nation’s finances would be filled. #budget #taxes #blackhole