The first Budget of the new Labour Government brought a myriad of changes. If you would like to know what they mean for you, your business and your family, you can read our full summary here.
Our Director, Rob Stokes, commented:
As expected, the Chancellor revealed increases in employers’ National Insurance. This, along with the increase in the National Minimum Wage, makes for hefty additional outgoings for employers. Increasing the Employers Allowance will help soften the blow for businesses with only a few employees.
“The wage rises alongside National Insurance increase, plus alcohol duty on non-draft alcohol and sugar duty rise, will have a massive impact on the hospitality industry that is already struggling. Throw in employee law reforms and it’s looking a lot bleaker for that sector.
“Also as expected, Stamp Duty Land Tax on second homes has increased which will have implications for landlords and affect investment strategies, but at least the Capital Gains Tax on gains made from the sale of second homes has stayed the same.”
If you would like to talk through the tax implications for your and your business, please get in touch with our team.
Watch Optimum Live! Episode 12 – 2024 Budget Review and Advice
