November 2024 – Budget Breakdown 2024: What Small Businesses Need to Know
The usual excellent breakfast and lively conversation – and what might have been a record turnout with 25 attendees.
Guest speaker, Jason Ford FWD Accounts
Jason gave an outline of last week’s budget and the implications for small businesses.
He highlighted several measures, the first of which was the increase in employers’ National Insurance contribution which comes into effect from April 2025. Also, the threshold for starting to pay it has been reduced to £5,000 p.a. The Employers Allowance has been increased, from £5,000 to £10,500 which will soften the blow for small employers from April 2025.
For capital gains on non-residential property assets, the tax rate is up from 10% to 18%. After 2027, Inheritance tax exemptions for businesses will stop at £1m. The new rules on inheritance tax will particularly impact farmers who want to pass on their farms to the next generation.
He said HMRC has taken on 5000 extra staff and the DWP another 3000 to clamp down on tax avoidance and fraudulent claims. They are all working towards quarterly Making Tax digital tax returns from April 26.
Stamp Duty on second homes has increased from 3% to 5%. Also, furnished holiday lets tax benefits will cease from April 2025.
Still available will be the £6 per week tax-free use of home for work and tax relief on genuine R & D technology improvements. In addition, Pension contributions and Relevant Life plans can be very tax-effective for business owners.
Jason advised business owners to talk to their accountants to understand how the changes will affect them
For the Future
Anyone who needs to refresh their Member Spotlight or has not yet been featured in a Member Spotlight on the website please contact publicity officer Alison Withers: [email protected]
Chairman Colin Tapscott is always happy to receive any suggestions for what members want to see the Chamber doing in the future. Please send your ideas (and your wish lists) to [email protected]
Dates for your diary:
Please check the website in case of any last-minute changes.
| Christmas Celebration | Coffee Morning |
| The Mix Stowmarket 127 Ipswich Street Stowmarket IP14 1BB |
The Mix Stowmarket 127 Ipswich Street Stowmarket IP14 1BB |
| Friday, 13 December 2024 | Friday, 3 January 2025 |
| 10.00 am to 12.30 pm | 10.00 am to 12.00 pm |
For more information contact Keely Taylor by phone: 01449 770965 or e-mail: [email protected].
