Incorporate or not to incorporate… that is the question.
The question of what structure a client should trade as comes up again and again – both with start-ups and businesses already in existence.
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Who we are
About us
We're more than just accountants. We care about our clients and build long term relationships.
Client stories
We work with some great clients. Read about their challenges and how we have helped them.
Meet the team
Great work requires great people and we think we have some of the best. Learn more about them here.
Business sectors we support
We have a range of clients. No two projects are the same, and every day we solve fresh challenges.
Join our team
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- What we do
Taxation for individuals and trusts
Be compliant - we know the rules.
Audit and assurance services
Navigate regulatory complexity - we provide the expertise.
Accounting and taxation for business
Focus on your business - we'll manage the books and tax.
Charity and community interest companies (CICs)
Accounting for good - we have experience of CICs.
International accountancy services
Remove the hassle - let us take care of your International tax and accounting.
Bookkeeping, VAT, cloud accounting & payroll
Reduce the pain - we can handle your monthly calculations.
Tax planning
Reduce your tax liabilities - we'll show you how.
Business advisory and wealth creation
Grow your business and wealth - we know what it takes.
Autumn Budget
Following the Autumn Budget on 30 October 2024, we are summarising the key announcements to assist our clients and business community in tax planning and decision making.
After months of uncertainty, we are now made aware of the upcoming changes to rules across many different taxes. We highlight the main implications for businesses, individuals and the broader economy.
We do not cover all items mentioned and we encourage you to speak to us if you feel there is anything that may affect you or your business.
Minimum wage
The national minimum wage will rise with affect from April 2025. The new rates will be as follows;
Apprentices from £6.40ph to £7.55ph
18-20yo from £8.60ph to £10ph
21yo or older from £11.44ph to £12.21ph
National insurance
The rate paid by employers on their employee’s earnings will rise from 13.8% to 15% from April 2025.
The threshold at which employers begin to pay national insurance will reduce from £9,100 to £5,000.
To assist SME’s, the employment allowance will increase from £5,000 to £10,500. This is the level that can be incurred by an employer before they need to pay national insurance.
The employee will have no rise in national insurance.
Income tax and personal allowance
There are no changes to income tax rates.
The income tax and national insurance thresholds are frozen until 28/29 by the past government. It has been announced that they will rise in line with inflation thereafter.
Capital gains tax
The tax paid on the gains of an asset sale will be increasing from 30 October 2024.
The current 10% rate will rise to 18%.
The higher rate of 20% will rise to 24%
The rates on residential properties will stay at 18% and 24%.
Business asset disposal relief will remain at 10% until April 25 when it will increase to 14%. It will have a further increase to 18% from April 26.
The lifetime allowance of £1,000,000 for business asset disposal relief will be maintained.
Inheritance tax
The current allowance of £325,000 per person and additional allowance of £175,000 if a residence is left to a descendant remains in place until 2030.
From April 2027 inherited pensions will be brought into IHT estates.
Corporation tax
The current capped rate of 25% will remain in place
Annual investment allowance which allows deductions to corporation tax for qualifying assets will be maintained at £1,000,000.
The rates for research and development claims will remain the same.
Stamp duty
The additional tax on second homes will rise from 3% to 5% affective from 31 October 2024.
This is designed to protect first time buyers.
Electric vehicles
The reduced rates of benefits for electric cars held in companies remains in place.
Carers allowance
The weekly earnings limit for carers will increase from £81.90 to 16hrs per week at the minimum wage.
This allows a carer to earn just over £10,000pa and claim the allowance.
Business rates
For the retail, leisure and hospitality industry, the 75% relief on business rates was due to end in April 25.
This will be replaced by a 40% relief up to a cap of £110,000 per business.
State pension
State pension is projected to rise in 25/26 with an expected annual increase of £470pa for pensioners.
Fuel duty
Fuel duty will not be increased and the existing 5p cut will be maintained for another year.
VAT
There are no changes to the VAT rates or schemes aside from VAT being chargeable on private school fees from January 2025.
Other points
Alcohol duty will increase in line with RPU but draft products will receive a tax cut of 1.7%.
There will be a flat rate duty imposed on vaping products.
There is an increase to tobacco duty.
Non domiciled tax rules will be abolished and replaced with a residency scheme.
Conclusion
It is important to discuss any changes which you feel may affect you or your business with your accountant.
Dominic Hill Chartered Accountants
01323 649 509
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- What we do