PSD Accountancy Limited

30/05/2025

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31/10/2024

‼️AUTUMN BUDGET‼️

Some of the main points to take away from the Autumn Budget:

1️⃣ National Living Wage will rise from £11.44 per hour to £12.21 per hour from April 2025. 18-20 year olds will see minimum hourly rates increase from £8.60 to £10.00 per hour.

2️⃣ There are no changes to income tax rates or allowances. However, rate bands have been frozen until 5th April 2028.

3️⃣ NIC for employers secondary threshold, to be reduced from £9,100 to £5,000. Companies with a single director employee must be aware of this.

4️⃣ Employment allowance will increase from £5,000 to £10,500.

5️⃣ NIC for employers will increase from 13.8% to 15%.

6️⃣ State pension will increase by 4.1%.

7️⃣ Capital gains tax lower rate will be increased from 10% to 18% and the higher rate from 20% to 24%.

8️⃣ Business asset disposal relief will increase to 14% from April 2025 and then 18% from April 2026.

9️⃣ Inheritance tax thresholds will be frozen until 2030. £325,000 nil rate band and an additional residence nil rate band of £175,000.

1️⃣0️⃣ From April 2027, unspent pension pots will fall into the scope of IHT.

1️⃣1️⃣ Agricultural and business property relief 100% rate will only apply to the first £1million. Thereafter, only 50% relief will apply. This will result in the effective rate of IHT being 20%.

1️⃣2️⃣ Stamp Duty for second home purchases will increase from 3% to 5%.

For anyone needing help filing their 2024 Tax Return, please do not hesitate to get in touch.

☎️ 028 9248 2994
📧 [email protected]
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PSD Accountancy Services is a local firm of Accountants and Tax Advisors based in Lisburn in County Antrim, Northern Ireland.