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| Upcoming changes to company size thresholds in the UK: What you need to know | |
The Labour Party has confirmed its intention to advance the legislation put forward by the previous UK government. This legislation seeks to introduce substantial modifications to company size thresholds, impacting small and medium-sized enterprises (SMEs) across the nation. | | | |
The proposed changes include increasing turnover and gross asset size thresholds by approximately 50%. This legislation is scheduled to be presented to Parliament by the year's end and is anticipated to come into effect on 6 April 2025. For a detailed look at what these change entail and how they might affect your business, please click on the link below. | |
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Autumn Budget 2024: What the IHT changes mean for Agriculture | |
The Chancellor’s Budget on 30 October contained measures which many rural families will find alarming and very worrying. The government has estimated that only 28% of farmers will be affected by these changes, whereas figures provided by Defra suggest the true percentage might be nearer to 66%. At the time of writing there is increasing scepticism about the Government’s figure. | |
The concerns centre around agricultural and business property reliefs (‘APR’ and ‘BPR’) which for many years now have been uncapped and the cornerstone of a family’s planning to enable a smooth succession thus avoiding the break-up of the property. In essence the reliefs have provided 100% relief from IHT.
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Mitigating the rising cost of Employer National Insurance (“NIC”) | |
As announced in the recent Budget, the rate of employer NIC will increase from 13.8% to 15% from 6 April 2025, and the point at which employers become liable to pay NIC on an individual employee’s earnings will reduce from £9,100 to £5,000 a year, resulting in an increased cost of £615 per employee. The Government estimates that nearly 1million employers will see their NIC costs increase in consequence of these changes. | |
What can my business do?
Now is the time for businesses to consider whether a Salary Sacrifice arrangement could deliver core employee benefits efficiently or expand to include more benefits – to maximise value, deliver employee experience, align to market while mitigating rising costs. | | | |
Our growing Employment Tax team have comprehensive experience in employee benefits and salary sacrifice, having implemented extensive and varying arrangements, in addition to reviewing existing client salary sacrifice arrangements for operational effectiveness. | |
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Webinar: Navigating the Upcoming Changes to FRS 102
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We are delighted to invite you to join our free webinar ‘Navigating the Upcoming Changes to FRS 102’. During the webinar our Audit and Assurance specialists, James Pitt and Sam Britton, will cover everything you need to know following the FRC’s significant amendments to FRS 102 (which are set to take effect from 1 January 2026) and how it might impact your financial reporting. Additionally, the webinar will delve into: - Key insights of the changes to FRS 102
- Implications for businesses
- Preparing for the transition
- Looking ahead and planning
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Date: Thursday 23rd January 2025
Time: 13:30 - 14:00 | |
Venue: Your desk (Zoom)
Cost: Free | | | |
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If you happen to miss our webinar, we will email you a recorded version. | |
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| Advisory fuel rates for company cars | |
New company car advisory fuel rates have been published and took effect from 1 December 2024.
The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. | | | |
To find out more about the advisory fuel rates for journeys undertaken on or after 1 December 2024, please click on the link below. | |
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Latest guidance for employers | |
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HMRC has published the latest issue of the Employer Bulletin. The December issue has information on various topics, including: - Employer National Insurance contributions and Employment Allowance changes announced at Autumn Budget 2024
- Automatic enrolment duties for festive season workers
- Confirming plans to mandate the reporting of benefits in kind through payroll software from April 2026
- Official rate of interest from 6 April 2025
- Investment Zone employer National Insurance contributions relief guidance
- Help your employees top up their State Pensions
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential. If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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