What changes in 2024?
As we step into 2024, the winds of change are blowing through the UK’s financial landscape, bringing a raft of new regulations announced by Chancellor Jeremy Hunt in the government’s Autumn Statement. At Shield Accountancy, we understand the importance of staying informed and prepared for these changes to ensure your financial stability. Join us as we delve into the key updates and explore how Shield Accountancy can be your trusted partner in navigating the evolving fiscal terrain.
Recent Changes in Tax and Benefits:
- National Insurance Cuts: Effective January 6, 2024, the main employee rate of national insurance has been reduced from 12% to 10%, resulting in a significant saving of £450 for those on the average salary.
- Abolition of Class 2 National Insurance: Self-employed individuals can celebrate the abolition of class 2 national insurance, translating to an annual saving of £192.
- National Living Wage Increase: From April 2024, the national living wage will rise from £10.42 to £11.44 and will be extended to all individuals over the age of 21.
- Universal Credit Rise: In October 2024, Universal Credit will see a rise of 6.7%, providing an average increase of £470. However, claimants will face additional work-search requirements.
- Pension Triple Lock Maintenance: The pension triple lock will be maintained with an 8.5% increase from April 2024.
- Business Investment Tax Cut: Businesses can benefit from an effective investment tax cut of 25p for every £1 invested.
- Alcohol Duty Freeze: Alcohol duty remains frozen until August 1, 2024.
Challenges and Opportunities:
Despite the government’s fiscal headroom, the economy faces challenges. Public borrowing is on the rise, and the growth in business investment has slowed. Navigating this complex landscape requires careful financial planning and strategic decision-making.
In these times of change and uncertainty, Shield Accountancy is your reliable partner. We are committed to assisting you with all your accounting needs, ensuring compliance with the latest regulations, and providing strategic financial guidance. Our team is ready to shield you against financial worries and help you make informed decisions for a prosperous future.
Bottom Line:
As we embrace the opportunities and challenges that 2024 brings, remember that Shield Accountancy is here to support you every step of the way. Follow us on social media to stay updated on the latest financial news, and rest assured that with Shield Accountancy, your financial well-being is in safe hands. Here’s to a successful and prosperous New Year!