As expected, the Chancellor confirmed that VAT on school fees would be introduced in respect of terms commencing on or after 1 January 2025 in her Budget speech on 30 October.

Some of the changes announced in the budget will be felt widely in the Financial Services sector. We have highlighted below the changes which we think will be most impactful for our clients and contacts in the sector. For individuals, there will be key considerations depending on personal circumstances.

Following the Chancellor’s Autumn Budget on 30^st of October 2024, employers from across all sectors are still trying to understand the impact that the increase in employers National Insurance (NI) from 13.8% to 15% and the reduction in the secondary threshold (level at which employers start to pay NI) from the current £9,100 to £5,000 will mean for them as we head towards April 2025.

Chancellor Rachel Reeves delivered her Budget on Wednesday 30 October 2024. She pledged to ‘invest, invest, invest’ to drive growth and ‘restore economic stability’.

After much speculation, the Chancellor of the Exchequer announced the much-anticipated increase in employer’s National Insurance (NIC) from 13.8% to 15.0% but also a reduction to £5,000 to the threshold when employers will be liable to pay NIC. The changes announced will have a significant impact on the hospitality sector. Businesses will no doubt be considering site headcount, pay rates, agency arrangements and potentially the impact on opening new sites.

The Chancellor, Rachel Reeves, delivered her Budget this afternoon, promising to fix the foundations and deliver change by investing in the country to produce a growing economy that puts more money in people’s pockets.

We have been notified that there is a scam email which was recently sent to one of our clients purporting to be from HMRC, and no doubt trying to take account of the unfamiliarity of the sector with HMRC VAT processes.

Ahead of the Autumn Statement the Government announced increases in the National Minimum Wage and National Living Wage rate which will come into effect from 1 April 2025.