The Autumn Budget 2024 has landed, and it’s brought some important changes. Whether you’re a self-employed electrician or running a larger electrical contracting firm, it’s crucial to be in the know.

Key Budget Changes

National Minimum Wage Increase

The National Minimum Wage is going up to £12.21 per hour in April 2025.

Employers’ National Insurance Hike

Employers’ NI contributions are increasing by 1.2 percentage points to 15% from April 2025.

Capital Gains Tax Changes

Planning to sell any assets, like property or shares, in the near future? Be aware that the Capital Gains Tax rates are increasing. The lower rate goes from 10% to 18% and the higher rate from 20% to 24% from October 30th, 2024.

Business Asset Disposal Relief

If you’re thinking of selling your business, the £1 million allowance for Business Asset Disposal Relief remains. However, the tax rate on gains above this allowance will increase to 14% from April 2025.

Fuel Duty Freeze

A bit of relief at the pumps! The freeze on fuel duty will help keep your business vehicle costs down for the next year. Every penny counts, right?

What does this mean for you?

  • Review your finances: Factor these changes into your business plan and pricing structures. Hiring an accountant is always a good idea particularly to help budget for the future tax hike.
  • Stay informed: Keep an eye out for further guidance and updates from HMRC
  • Seek advice: If you’re unsure about how these changes affect your specific circumstances, consult with an accountant or tax advisor.

Remember: This is just a quick overview. It’s always best to get professional advice tailored to your individual business needs.

Stay positive, stay informed, and stay in the know! Thinking about upskilling – check out our available electrical courses or call our team on 0800 856 4448.