October 2024 Budget
The Autumn Budget 2024, presented by Chancellor Rachel Reeves, introduced key tax changes, particularly a substantial increase in Employers’ National Insurance Contributions from 6 April 2025, significantly impacting employment costs for businesses. Other major points include: personal tax rates and allowances frozen until 2028/29, no changes to income tax reliefs on pension schemes, an increase in Capital Gains Tax rates from 30 October 2024, a higher Stamp Duty Land Tax surcharge on additional properties from 31 October 2024, VAT on private school fees starting January 2025, changes to non-dom taxation from April 2025, and restrictions on IHT agricultural and business property reliefs from April 2026.
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Key Updates on Employers' National Insurance Changes
In his video on the October 2024 Budget, Tim Wyatt highlights key changes to Employers’ National Insurance Contributions effective April 2025, covering their potential impact on businesses of various sizes. Key points include an increase in the Employers' NIC rate from 13.8% to 15%, a lower threshold of £5,000 where NIC starts to apply, and a higher employment allowance for small employers, which rises to £10,500. Small businesses with fewer employees may see relief due to the higher allowance, while larger employers will likely bear increased costs. Tim also introduces a downloadable spreadsheet tool for estimating the NIC cost impact on individual organisations.
Budget October 2024 Employer National Insurance Calculator
This short video provides guidance on using our Employer’s National Insurance Cost Calculator template, a tool designed to estimate the impact of the April 2025 NIC changes on organisations. Users can enter employee details such as names, salaries, and working hours, while the spreadsheet calculates the pre- and post-April 2025 NIC costs, factoring in the new rate and threshold changes. The template also assesses eligibility for the small employer’s allowance, with clear summaries of whether these changes will result in added costs or savings. Please note, this template is a general guide and should be used as an initial estimate rather than a substitute for detailed financial.
This template is provided for informational purposes only and is intended to assist you in estimating the potential impact of the upcoming changes to Employers’ National Insurance Contributions. It does not constitute formal forecasting or professional financial advice from Wyatt & Co Chartered Accountants. Users should rely on this tool solely at their own risk, and Wyatt & Co accepts no responsibility for any decisions made or actions taken based on the information generated by this template. For comprehensive financial planning and personalised advice, please consult directly with a qualified professional.