2024 Budget - what's changing for you?

In this episode, we analyse the first Labour budget in nearly 15 years, delivered by Rachel Reeves. Amid significant speculation, key changes include a 1.2% rise in employers' national insurance, increases in capital gains tax, and new spending commitments for the NHS. We also discuss the implications for GP practices, the NHS, and small employers, alongside a review of public sector pay and national living wage increases. Our guest, specialist medical accountant Andy, provides detailed insights on how these changes impact different sectors. Despite fears of harsh measures, many speculated changes did not come to pass.

00:00 Introduction and Overview of Labour's First Budget
01:23 Employer's National Insurance Changes
04:49 Capital Gains Tax and Stamp Duty Updates
07:31 Inheritance Tax Adjustments
09:41 Income Tax and Other Tax Changes
13:02 Public Sector Pay and NHS Funding
16:39 National Minimum Wage Increase
19:34 Unchanged Speculations and Conclusion

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DISCLAIMER:
This channel is for education purposes only and does not constitute financial advice and tax allowances and rates are subject to change.