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Cumberland and Westmorland Herald
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    Illegal vapes seized from Eden shop

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    Pensioner exposed himself to Lake District runner

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    Expansion of smell complaints scheme

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    Penrith gymnasts represent North of England in finals

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Cumberland and Westmorland Herald
  • News
    Illegal vapes seized from Eden shop

    Illegal vapes seized from Eden shop

    Partnership vs company: Choosing the right structure for your farming business

    Partnership vs company: Choosing the right structure for your farming business

    Pensioner exposed himself to Lake District runner

    Pensioner exposed himself to Lake District runner

    Expansion of smell complaints scheme

    Expansion of smell complaints scheme

    Terminal hillness: Cumbrian man with incurable cancer pays homage to the Lake District

    Terminal hillness: Cumbrian man with incurable cancer pays homage to the Lake District

    Ex-soldier cleared of causing two men’s death in M6 crash

    Ex-soldier cleared of causing two men’s death in M6 crash

    Plans for 100-caravan holiday park revealed

    Plans for 100-caravan holiday park revealed

    Award for Eden police officer who goes the extra mile

    Award for Eden police officer who goes the extra mile

    Concerns over public toilets in Kirkby Stephen

    Concerns over public toilets in Kirkby Stephen

  • Sport
    £100,000 target for new changing rooms extension

    £100,000 target for new changing rooms extension

    Medal success for Upper Eden tug-of-war team

    Medal success for Upper Eden tug-of-war team

    Eden man competes in Hyrox World Games

    Eden man competes in Hyrox World Games

    Double national triumph for Stuart Robinson

    Double national triumph for Stuart Robinson

    Patterdale’s Eden Eagles make history

    Patterdale’s Eden Eagles make history

    Penrith teen crowned British vault champion

    Penrith teen crowned British vault champion

    Penrith gymnasts represent North of England in finals

    Penrith gymnasts represent North of England in finals

    New boss revealed for Penrith AFC

    New boss revealed for Penrith AFC

    Penrith Panthers celebrate winning season

    Penrith Panthers celebrate winning season

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Home Expert advice
This article appears as part of a paid partnership with Armstrong Watson

Reminder of tax changes for the 2024/2025 tax year

By Graham Poles, tax partner, Armstrong Watson

by CWH
10 April 2024
in Expert advice, News, Sponsored
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Graham Poles, of Armstrong Watson

A string of changes for businesses and individuals have come into force.

It is vital to consider how they will impact you and your business when it comes to your financial planning for the new fiscal year.

The changes came into force on Saturday, April 6.

What changes could impact you and your business?

National Insurance Contributions (NIC) – A further 2% cut to employee and self-employed NICs will benefit many individuals, however, there is no such reduction for employer contributions.

Similarly, the above-inflation hike to the hourly rate of pay for the National Minimum Wage and National Living Wage, will mean many workers see an increase in their take home pay. For businesses though, this is an added cost to factor in.

Child Benefit High Income Charge threshold – The £50,000 threshold has increased to £60,000 for the new tax year and the alternation in the charge rates, from 1% for every £100 over the threshold to 1% for every £200, now means Child Benefit will not be fully withdrawn until an individual’s earnings exceed £80,000, benefiting hundreds of thousands of families.

Dividend allowance – If you are a company owner/shareholder and are remunerated by way of dividend, the amount of dividend income you can receive this year before paying tax is being halved again to £500. Last April this was cut from £2,000 to £1,000. This may mean the decision about what business structure is appropriate (sole trader/partnership/LLP or limited company), now needs further detailed consideration. The rate of class 4 NIC and income tax at the lower rates, when matched with corporate tax rates and dividend taxes at 8.75%, does mean that at certain levels of income different structures are more beneficial.

Capital Gains Tax (CGT) – In April 2023 the CGT allowance was cut from £12,000 to £6,000 and for the 2024/2025 tax year it has been halved again to £3,000, meanwhile the rate of CGT for higher rate taxpayers will reduce from 28% to 24%, for basic rate taxpayers it remains at 18%. Those with capital gains exceeding the new threshold will have an increased tax liability and may need to strategically consider the timing of asset disposals to optimise their tax position and assess the impact of CGT on investment decisions.

By taking note of the changes above and adapting accordingly you can optimise your financial outcomes.

If you would like advice and support about how these changes could impact your personal or business finances, please get in touch.

Call 01768 222030 or email help@armstrongwatson.co.uk

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From the Herald’s archives

From the Herald’s archives

27 June 2025
Illegal vapes seized from Eden shop

Illegal vapes seized from Eden shop

29 June 2025
Expansion of smell complaints scheme

Expansion of smell complaints scheme

27 June 2025
Ex-soldier cleared of causing two men’s death in M6 crash

Ex-soldier cleared of causing two men’s death in M6 crash

27 June 2025
Pensioner exposed himself to Lake District runner

Pensioner exposed himself to Lake District runner

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