No change to VAT, employee’s NICs, or Income tax.
Employers NI to rise from 13.8% to 15% from April 2025.
The secondary threshold when employers start paying NI will be cut from £9,100 to £5,000 from April 2025.
Employment allowance will rise from £5,000 to £10,500 to help small businesses with the employers NI rise.
Capital Gains Tax – Lower rate will rise from 10 – 18%, higher rate from 20% to 24%.
Corporation Tax main rate will remain at 25% for the duration of the parliament.
Corporation Tax Small Profits Rate and marginal relief maintained at their current rate and thresholds
National Minimum Wage will increase to £12.21 per hour.
Business Rates – for 2025-26, the small business multiplier in England will be frozen at 49.9p.
Private school fees will be subject to VAT from January 2025.
