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Key points for small business owners in October 2024 Budget

Sasha Owen
NIC, Tax

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.

Budget 2024, income tax, National Insurance, self employed, tax for self employed

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Sasha Owen
Sasha Owen BSc FCA qualified as a Chartered Accountant in 1983 and has been in practice as an accountant since 1987. If you think Sasha has the conventional image of an accountant then you couldn’t be further from reality. Sasha is a Reiki Master, loves the arts, music and theatre; having been on stage herself and worked backstage she really does have a deep understanding and love for the arts and alternative therapy world.

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