Farm businesses are being urged not to panic or make knee-jerk reactions following the Autumn Budget but to instead consider their options and take a measured approach.
Safeguarding your business’s key assets is vital to ensure you are protected in the face of unforeseen events. Business protection is not just about securing physical assets or intellectual property; it’s about protecting the very people who drive the business forward.
There are two clear headlines for financial planners and our clients from the Autumn Budget - unused pensions are to become subject to Inheritance Tax, while Capital Gains Tax rates have increased and the ISA allowance was ignored.
The recent budget announcement brought several significant updates to payroll and tax regulations, most notably to Employers’ National Insurance Contributions and the National Minimum Wage – both of which will have a significant impact on employers’ wage bills.
There is no doubt the Autumn Budget 2024 will be a very difficult budget to digest for many people, particularly those who have already taken risks and been diligent with their financial planning.
Ahead of Labour’s first budget, speculation in many news reports has gathered pace - suggesting that it could be especially grim - and Rachel Reeves, Chancellor of the Exchequer, has now laid the groundwork to ensure we won’t be surprised by tax hikes.
Previously, individuals could realise gains up to £12,300 without incurring any Capital Gains Tax. With the exemption now at £3,000, more investors will find themselves liable for CGT on gains that would have previously been exempt.
Recent media reports suggest the Chancellor may introduce a new flat rate of 30% tax relief on pension contributions and should the rumours prove true, it may leave no or very little time for those impacted to act.
Armstrong Watson is is aiming to be recognised as “the best financial advisory firm to deal with, delivering the best client experience in the UK" and has become the first accounting firm to join The Institute of Customer Service
There are so many things to consider in a divorce, with home and support naturally the first you would focus on. It’s also important that people think of valuable assets, such as pensions, when considering how they split their money.