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The 2024 UK Budget: Tax Hikes & Tough Choices
Manage episode 449046307 series 3524310
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How will the latest UK budget shape the future of business?
In this episode, I break down the key points from the latest UK budget and examine the direct impact these changes could have on individuals and businesses. With my experience as a business owner, I explore the challenges posed by recent government decisions, especially for SMEs trying to navigate an already turbulent economic landscape.
With national insurance contributions set to increase to 15% in April 2025, I highlight the financial strain this could impose on employers, potentially costing between £600 to £1,000 per employee each year. I also explore the potential new exit tax and the implications of ongoing hikes in corporation tax and capital gains tax. For entrepreneurs looking to sell their businesses, the proposed removal of Entrepreneur’s Relief adds another layer of complexity.
In an increasingly uncertain environment, many business owners are exploring opportunities in places like Dubai and Cyprus, where tax structures are more favourable. I discuss what this “entrepreneurial exodus” could mean for the UK economy and argue that it’s time for government support that genuinely fosters growth.
Note: I am not a financial adviser, and this episode is not intended as financial advice. For personalised guidance, please consult a professional adviser or business consultant.
Nauti Nerds is produced and managed by Urban Podcasts.
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