Digested the Budget? What Does it Mean for Your Business?
Restoring Economic Stability & Increasing Investment
Making sense of the budget and what this means for your business. How the 2024 Budget Affects Your Business. We have highlighted as below:
Increase in Employment Allowance
To help smaller businesses, the Employment Allowance will increase from £5,000 to £10,500, meaning 865,000 employers won’t pay any National Insurance. This will allow them to retain more of their earnings and reinvest in growth.
Fuel Duty Frozen for Next Year
Fuel Duty will also freeze and maintain the existing 5p cut for another year. There will be no higher taxes on petrol pumps next year.
Draft Alcohol Duty Cut
For businesses involved in the production or sale of draft alcohol, products below 8.5% ABV will receive a reduction in alcohol duty by 1.7%.
Employer’s National Insurance to rise to 15%
National Insurance contributions will rise from 13.8%, and the threshold at which businesses start paying NI on workers’ earnings will also be lowered from £9,100 to £5,000.
Business Rates Updated
The current 75% discount to business rates, due to expire in April 2025, will be replaced by a 40% discount up to a maximum discount of £110k.
Additional Changes:
- “Non-dom” tax system will be abolished
- National Minimum Wage to rise by 6.7%
- No increases to rates of Income Tax, National Insurance or VAT for working people
- Stamp duty rising from 2% to 5% for people buying more than one dwelling.
- Spending on state pension is projected to rise 4.1% in 2025-26
- Inheritance Tax threshold freeze extended to 2030
- Government to invest £5bn for house building
To Finance your assets in the UK, call our friendly team and see what we can do for your business.
Call 01634 386869
Example Uses:
- Boost cashflow
- VAT Loans
- Expanding or growing your business
- Cover operating costs and expenses
- Fill the gap between invoices and getting paid
- Supplement seasonal income
- Purchase materials, inventory or stock
- Cover staff wages
Flexibility:
- Possibility of early repayments
- Terms available from 3 months to 6 years
- Borrowing from £1,000 to £500,000
- Quick decisions and quick payment once signed
- Competitive rates
Who are First Business Finance?
First Business has over 50 years of experience in asset and technology finance and expertise built upon close relationships with customers, equipment suppliers and leading funding sources Across the UK, with a product range that includes everything from finance lease to hire purchase and invoice finance to business loans, we offer a dynamic and knowledgeable approach that transcends various market sectors We also have an exceptional service for Business Loans from First Business Finance.
Finally, thank you for visiting How the 2024 Budget Affects Your Business webpage. Please call 01634 386869, our friendly team, and see what we can do for your business. Read more about business loans and what we can offer by clicking here. In the same way, you can keep in touch with us via our social media.
