UK Property Market News’ Post

Join our tax experts for an in-depth analysis of the Chancellor’s Autumn Budget announcements and the effect it will have on your business and personal finances, and the economy as a whole.  https://lnkd.in/eyZmZpGa #manufacturing #Autumnbudget2024 #budget #tax #RDTaxIncentives

Hazlewoods tax experts offer insight as Autumn Budget date announced By Nick Haines, partner in tax and property at Hazlewoods Accountants and Business Advisors. Rt Hon Rachel Reeves, Chancellor of the Exchequer, confirmed that the date for The Labour Party's first Budget has been set and will take place on Wednesday, October 30, 2024. This announcement came as part of the Chancellor's statement on 'public spending inheritance' in which Reeves warned that the Treasury's finances were much worse than expected, leading to speculation that this is paving the way for tax rises to be announced in the Autumn Budget. As part of Labour's manifesto, they have already pledged not to increase income tax, national insurance contributions, corporation tax or VAT rates. This leaves the possibility of just a few other taxes being targeted to bring in revenue for the Treasury including capital gains tax (CGT), inheritance tax and stamp duty land tax. Read more: https://lnkd.in/eFcYusPz Subscribe for daily news updates: https://lnkd.in/dk7wEu2.

Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October. 🇬🇧 Here’s a summary of the key insights from the anticipated Autumn Budget. 1. Non-Domicile Tax Reform: The government plans to abolish the non-domicile tax regime starting 6 April 2025, shifting to a residence-based regime. This aims to close perceived loopholes. 2. Inheritance Tax (IHT): There are discussions around potential reforms, including capping Agricultural Property Relief and Business Property Relief, and removing IHT exemptions for AIM shares. These changes could significantly impact estate planning and tax liabilities for beneficiaries. 3. Capital Gains Tax (CGT): There is speculation about increasing CGT rates, potentially aligning them with income tax rates, and removing the market value uplift on death. Such changes could materially affect how gains are taxed upon the disposal of inherited assets. 4. Carried Interest: Plans to close the carried interest loophole are expected, with possible rates ranging between 28% and 45%. This reform is aimed at ensuring performance-related pay reflects its true economic characteristics. 5. Business Tax Roadmap: The Chancellor has committed to outlining a tax roadmap for businesses, focusing on capping Corporation Tax at 25% and retaining full expensing to encourage investment. 6. Motoring Taxes: Anticipated increases in fuel duties and the introduction of a pay-per-mile road tax system may impact both businesses and individuals. 7. Making Tax Digital (MTD): The government plans to roll out substantial changes under a new Digital Transformation Roadmap, aiming to modernise tax reporting and compliance. Significant changes in the UK tax landscape could impact individuals and businesses alike. We'll keep you abreast of any further developments. If you are concerned about how this impacts your personal or business circumstances, please do reach out. https://buff.ly/483jvzg #UKAutumnBudget #HemisphereAccounting #CGT #UKtaxadvice

Are you worried about how the Autumn Budget 2024 will impact your personal tax planning? From changes to CGT and IHT to the abolishment of the non-dom regime, we’ve got the key highlights covered. Read more here and learn how these updates may affect private clients and business owners. https://bit.ly/3Ywmk7N #AutumnBudget2024 #TaxPlanning #PrivateClient #GSCSolicitors

In October 2024, Chancellor Rachel Reeves announced several key tax changes aimed at reforming the UK tax system. The major updates include: 🟤 Non-Dom Tax Loopholes: The government will close several loopholes in the non-domiciled (non-dom) tax regime, raising an estimated £5.23 billion. New rules for non-domiciled individuals will take effect from April 2025. 🟤 VAT on Private School Fees: Starting January 2025, private school fees will be subject to VAT at the standard rate of 20%, a significant shift that could impact many families. 🟤 Inheritance Tax: Changes will bring non-UK assets held in existing trusts into the UK inheritance tax scope starting from April 2025. 🟤 Energy Profits Levy: The Energy Profits Levy will increase by 3% from November 2024, pushing the tax rate for the energy sector to 78%. 🟤 Capital Gains Tax: The higher rate of capital gains tax on residential property will be reduced from 28% to 24%, effective from April 2024. These announcements are part of broader tax reforms expected to be formalised in the Autumn Budget, scheduled for October 30, 2024. -------------------------------------------------------- ⭐ Stay with us for the earliest tax updates | LDN Financial Limited ⭐ 📞 07470 664992 📧 info@ldnfinancial.com 🌐 www.ldnfinancial.com #UKtax #TaxLoopholes #PrivateSchoolFees #InheritanceTaxUK #EnergyProfitsLevy #CapitalGainsTaxUK #Taxadvisorsuk #taxadvisorslondon #ldnfinanciallimited

Updates from the Autumn Budget 2024! In the Autumn Budget 2024, the Chancellor Rachel Reeves announced a number of Business changes. The changes cover: ◾Adjustments to corporation tax and capital gains tax rates ◾New and extended capital allowances and reliefs for property and creative industries ◾Reforms for multinationals and changes to the Energy Profits Levy ◾Inheritance tax updates and new rules for unused pension funds and death benefits ◾Expansion of agricultural relief to cover environmental land management ◾VAT changes: adjustments to the registration threshold and removal of VAT exemption for private school fees ◾Stamp Duty Land Tax revisions ◾Requirements for Making Tax Digital for Income Tax Self-Assessment Read our blog post where we outline all the Business changes announced ⬇️ https://lnkd.in/e6xxUyi9 #business #Budget #AutumnBudget #AutumnBudget2024

The 2024 Autumn Budget confirmed #MTD for Income Tax will be implemented for all self-employed individuals and landlords with incomes (not profit) of over £20,000 by the end of this parliament. If you’re wondering how this might affect you, here’s a simple guide to the new rules ⬇️

Budget 2024: Four tax areas to watch that directly impact housing https://lnkd.in/eAP3r-bF

BARRING all odds, the vexatious tax reform bills may be signed into law by the first quarter of this year (2025), with the implementation of the bills slated to begin by July same year.......................Read more https://lnkd.in/dMUuGEaQ