Autumn 2024 Budget Planning: Smart Tax Moves to Make Now

Explore tax-saving strategies post-Autumn 2024 Budget changes. Franks Accountants breaks down options to maximise savings on capital gains and employers’ NIC.

With the Autumn 2024 Budget shaking up tax rates, now is the time to act on valuable planning strategies that could protect your earnings. Franks Accountants has outlined key options to help you optimise your tax position ahead of upcoming increases, from capital gains tax to employer NIC hikes.

Capital Gains Tax (CGT)

If you’re a landlord considering selling, here’s some good news: the higher CGT residential rate is staying at 24% until at least April 2026. But with future rates uncertain, selling before this window closes may help you secure the lower rate.

Business Asset Disposal Relief (BADR)

The 10% CGT rate on qualifying business assets won’t last long—it’s set to rise to 14% in April 2025 and 18% in April 2026. If you’re planning a sale, disposing of assets before 6 April 2025 could save up to 14% in tax. Landlords with furnished holiday lettings may also benefit from selling within three years of ending their FHL business to maximise BADR savings, which will drop to 10% in April 2025 and 6% in 2026.

Employer’s NIC Increases

From April 2025, the employers’ National Insurance Contributions rate is rising from 13.8% to 15%, impacting budgets significantly. Employers could mitigate costs by hiring under-21s, apprentices, armed forces veterans, or Freeport workers—groups whose upper secondary thresholds remain unchanged. For additional savings, consider splitting roles across part-time employees instead of hiring one full-time worker. Don’t forget, Class 1A and 1B NIC rates on benefits in kind are also increasing to 15%.

Plan Ahead with Franks Accountants

These tax changes are substantial, and proactive planning could make a real difference. Contact Franks Accountants for expert guidance tailored to your situation, helping you take full advantage of today’s tax rates before they increase.

How We Work

Working with us couldn’t be easier and we make switching simple…

Step 1.

Book A FREE Consultation

Step 2.

Initial Discussion

We take the time to get to know you and your business, your challenges and expected outcome.

Step 3.

Recommend Options

We’ll review and present our recommended options in plain english with associated fees.

What’s Included

It’s important you make a good connection with your accountant. Your accountant will become an extension of your business, working with you, for you.

Our initial free consultation allows us to get to know each other and for us to understand your challenges. We’ll also explain how we think we can make a difference. Here’s what you should expect in your initial consultation.

Typical consultations take around an hour, so we won’t take up too much of your time.
Don’t worry about preparing lots of information for us ahead of the meeting, it is not necessary.
If you would like to send us your last return, we’ll happily take a look before we meet.
We can meet at your convenience. Out of hours and even weekends, just let us know.
There’s no obligation and we will happily answer any questions you may have.