Autumn Budget 2024: What can small businesses expect? | 2-minute read
What is the Autumn Budget?
The Autumn Budget is a yearly financial statement delivered by the UK Chancellor. It outlines the government’s spending and revenue plans for the next year.
Chancellor Rachel Reeves will deliver the Autumn Budget 2024 on 30 October. It will be the first budget from the new Labour government in nearly 15 years.
Many are already predicting the areas the Chancellor will focus on in the Autumn statement. Predictions and rumours include potential tax reforms and changes to Capital Gains, inheritance tax, and pensions.
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The government has pledged to boost growth in the economy by supporting businesses and they are not expected to raise taxes on working people.
Autumn Budget 2024 predictions and rumours
What can small businesses expect from the Autumn Budget? Here are a couple of current predictions:
No mainstream tax changes
In the Labour manifesto, they promised not to raise the basic, higher, or additional rates of income tax, National Insurance, and VAT, so it is not expected that Rachel Reeves will announce any change to mainstream tax in the budget.
Increased Capital Gains Tax
Experts believe that Labour are likely to increase Capital Gains tax to align with Income Tax in the delivery of the Autumn Statement.
For business owners, this means that you could pay 25% more tax on sale of shares in a business.
Why should you consider outsourcing to an accountant?
It is likely the Autumn Budget 2024 will bring significant changes. If you are running or own a business, it’s important you understand these changes.
With the help from a local and trusted accountant, you can navigate new rules, adjust your financial strategy, and take advantage of any new relief or incentives.
Why choose React Accountancy?
At React Accountancy, we provide practical and value for money accounting services to our clients.
We have years of experience in the industry and are experts when it comes to dealing with Companies House and ensuring that our clients are fully compliant with the latest regulations.
We believe in providing a no jargon accounting service and have an open and honest relationship with our clients. Our accountants are dedicated to helping you make the most of your money.
From tradespeople to small businesses, and everything in between, we fully understand the complexities of accountancy and that’s why we offer a wide range of accounting services.
To find out more about how we can help, get in touch with the expert team today.
We provide our services across Manchester, Stockport, London, Birmingham, Cardiff, Bristol, Glasgow, Leeds, Nottingham, Leicester, Edinburgh, Sheffield, Bradford, Coventry, Liverpool and Belfast.
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