With the new tax year fast approaching on April 6, businesses across the UK are gearing up for a range of fiscal changes announced in the Autumn Budget.
From higher National Insurance Contributions (NICs) to new Inheritance Tax (IHT) policies, these updates could significantly impact your financial strategy and overall profitability.
While these adjustments may present challenges, they also offer an opportunity to refine your business and financial plans.
Here are some key areas where we can support your business in preparing for the changes ahead:
Plan for higher employer National Insurance Contributions
From April, employers will face an increase in NICs, which could significantly raise your wage bill, particularly with the National Living Wage (NLW) set to rise to £12.21.
We can help you explore strategic adjustments, such as budgeting for higher costs, reviewing your workforce structure, or implementing salary sacrifice schemes, to offset these increases and ensure continued stability.
Adapt to changes to Capital Gains Tax (CGT)
With the main rates of CGT already increased to 18 per cent and 24 per cent as of October 2024, understanding how these changes impact asset sales is crucial.
Whether you’re considering selling a business or reorganising your portfolio, early action can help maximise reliefs and protect your wealth.
Revisit Inheritance Tax plans
New policies on IHT reliefs could impact the way family wealth is passed down. For example, unspent pensions will fall under IHT from April 2027, which means your beneficiaries could face a significant tax bill.
We can help you explore how incorporating trusts or gifting into your IHT strategy can effectively reduce your family’s future tax burden, protecting their financial legacy for generations to come.
Strengthen your business structure
With rising costs and evolving policies, establishing a tax-efficient business structure is more important than ever.
Your business could benefit from strategies such as incorporating certain operations or adopting a group structure to optimise profit distribution and minimise tax exposure.
We’ll work with you to develop a tailored approach that aligns with your unique circumstances, ensuring your business remains tax-efficient, adaptable to changing conditions, and well-positioned for long-term stability and growth.
Ask the experts for advice
While the changes take effect in April, waiting until the last minute could leave you vulnerable.
Taking the time to adjust your strategy now allows you to minimise liabilities and seize opportunities before the new policies impact your business.
At Lamont Pridmore, we specialise in helping businesses and individuals prepare and adapt to these complex challenges.
Whether it’s managing increased NICs, preparing for a business sale, or developing an effective estate plan, our tailored advice will help you make informed decisions with confidence.
