The start of the 2024-25 tax year is almost here. It is important to understand any changes to UK tax rates and allowances because this allows you to make the most of the opportunities available to you. This applies to your business, and for you personally.
![](https://hbaccountants.co.uk/wp-content/uploads/2024/03/HB-Accountants-Tax-Rates-24-25.webp)
Important Changes for UK Tax Rates and Allowances include:
- National Insurance for Employees: NIC reducing from 10% to 8%
- National Insurance for Self Employed: reducing from 8% to 6% from 6 April ’24
- VAT Threshold upped from £85k to £90k turnover
- Stamp Duty Land Tax – multiple dwellings relief to be abolished from 1 June 2024
- Capital Gains Tax: Annual Exempt Amount for CGT reducing to £3k from 6 April ’24
Our tax card is a double sided three way folded card intended for use as a quick point of reference. If you would like a card posted out to you, click here.
Should you need any more information, we are only a phone call away – 01992 444466
The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above
Read our latest blogs below
- Inform Your Accountant of Director Changes to Your Limited CompanyAs a director of a limited company, your accountant needs to know about any changes in directorship. This is good practice. And ensures compliance with legal requirements and maintains the integrity of your company’s records.
- General Election 2024: Key Tax Policies from Major PartiesHB Accountants has created a clear, impartial summary of the main tax policies proposed by major parties for the 2024 general election. This guide highlights the key tax changes each party plans, helping you understand the potential impact on businesses and individuals
- Important Update: HMRC Revises Advisory Fuel Rates (AFRs) from 1st June 2024In an update for businesses and employees alike, HMRC has revised the advisory fuel rates (AFRs) for company car drivers. These changes, effective from 1st June 2024, will impact all journeys where employees claim back fuel costs from their employer. It is essential for companies to stay informed about these updates to ensure compliance and … Continue reading
- Work Experience: A Win-Win for Future Professionals and EmployersWe believe in the huge benefits of offering work experience to local students, viewing it as a core component of our commitment to Environmental, Social, and Governance (ESG) principles. This practice, embedded in our sustainability report, not only enriches the students’ educational journey but also provides our business with fresh perspectives and emerging talent.
- Celebrating the Inspiring Hertfordshire Awards: HB Accountants are proud sponsors of the community champion category 2024We’re excited to share that HB Accountants is sponsoring the Community Champion category at this year’s Inspiring Hertfordshire Awards. This fantastic event, which highlights the best in local business, is happening on Thursday 27th June, at Tewinbury Farm in Hertfordshire.