Labour’s first Budget in over a decade has been unveiled, bringing significant changes that will impact businesses, individuals, and investors across the UK. As expected, the reforms introduce new challenges, particularly for small business owners, property investors, and those with substantial estates. In this detailed analysis, we break down the key measures announced and their potential implications.

Key Highlights of the Autumn Budget 2024

National Insurance and Income Tax Changes

Smart Accounting Tips for Northern Ireland Businesses: A Guide for Success

Running a business in Northern Ireland comes with unique opportunities and challenges. Whether you’re a sole trader, a limited company, or a partnership, understanding your financial responsibilities is essential. Good accounting practices not only help you stay compliant with HMRC but also improve cash flow, reduce stress, and enhance your overall business performance.

In this guide, we’ll explore key accounting tips to help you manage your business finances effectively in Northern Ireland.

1. Stay on Top of Your Bookkeeping

Bookkeeping is the foundation of good financial management. Keeping track of your income and expenses ensures you always know where your business stands.

Top Tips:

• Keep your receipts and invoices organised – consider using digital tools to store them.

• Reconcile your bank statements regularly to avoid errors.

• Use cloud accounting software to track transactions in real time.

• Set aside time each week to update your records.

By keeping your books up to date, you’ll find tax returns and financial reporting much easier.

Inheritance Tax in Northern Ireland: What You Need to Know

Inheritance Tax (IHT) is a subject that many people prefer to avoid, yet it can have a significant financial impact on families across Northern Ireland. With house prices rising and changes to tax laws, more estates are being affected by IHT. Understanding how this tax works and taking proactive steps to minimise its impact can help ensure that your loved ones receive the inheritance you intend for them.

In this guide, we’ll break down the essentials of Inheritance Tax, exemptions and reliefs available, and strategies to reduce your tax liability.

What is Inheritance Tax?

Inheritance Tax is a tax on the estate (property, money, and possessions) of a person who has passed away. In the UK, the standard Inheritance Tax rate is 40%, but it only applies to the value of an estate that exceeds the nil-rate band, which is currently £325,000.

For example, if an estate is worth £500,000, the first £325,000 is tax-free, while the remaining £175,000 is taxed at 40%, resulting in a tax bill of £70,000.

Who Pays Inheritance Tax?

The executor of the estate is responsible for calculating and paying any IHT owed. The tax must be settled before assets are distributed to beneficiaries. However, in cases where the estate includes property or valuable assets, arrangements can be made to pay the tax in instalments over 10 years.