{"id":27203,"date":"2024-09-12T10:29:45","date_gmt":"2024-09-12T09:29:45","guid":{"rendered":"https:\/\/smh.group\/?p=27203"},"modified":"2024-09-26T14:28:56","modified_gmt":"2024-09-26T13:28:56","slug":"what-to-expect-from-the-autumn-budget-2024","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/what-to-expect-from-the-autumn-budget-2024\/","title":{"rendered":"What to expect from the Autumn Budget 2024"},"content":{"rendered":"<p>Back in November 2016, Philip Hammond announced the end of spring Budgets, replacing them with autumn Budgets. The idea was to allow tax changes to be implemented ahead of the new tax year. However, things didn\u2019t go as planned\u2014Hammond himself delivered a Budget the following March, and subsequent political upheavals threw the timing of Budgets off course. In 2022, there wasn\u2019t a formal Budget at all\u2014Liz Truss\u2019s &#8220;Growth Plan&#8221; was the closest thing, though the media confused matters by calling it a mini-Budget.<\/p>\n<p>In 2024, the latest resident of 11 Downing Street, Rachel Reeves, has reverted to an Autumn cycle for Budgets, with her premiere due on Wednesday 30 October. There was also a Budget in March of this year (from Jeremy Hunt), but whereas that offered pre-election cuts to national insurance, Ms Reeves\u2019 offering looks set to be the classic post-election tax-raising Budget. When she presented her \u2018Spending Inheritance\u2019 review in late July, she warned, \u201cI have to tell the House [the] Budget will involve taking difficult decisions to meet our fiscal rules across spending, welfare and tax.\u2019 The message was reiterated by the Prime Minister in a press conference speech in late August.<\/p>\n<p>Those difficult decisions are somewhat constrained by the <a href=\"https:\/\/labour.org.uk\/change\/my-plan-for-change\/\" target=\"_blank\" rel=\"noopener\">Labour party\u2019s manifesto<\/a>, which promised no increases to the rates of income tax, national insurance, VAT and corporation tax. However, that does not mean that any changes to those taxes are off-limits. For example, she could follow her predecessors and decide to freeze bands and allowances for a further couple of years. She might, as one think tank has proposed, maintain VAT rates, but slash the VAT threshold from \u00a390,000 to \u00a330,000.<\/p>\n<p>The manifesto made no comment on the future of the main capital taxes \u2013 capital gains tax and inheritance tax \u2013 both could be in the Chancellor\u2019s line of fire. More lucrative would be the reform of tax relief on pension contributions.<\/p>\n<p>If you are suddenly thinking that early autumn is now the time for pre-Budget tax planning, you are right.<\/p>\n<p>To discuss your financial planning,\u00a0<a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/contact\/\">contact<\/a>\u00a0our\u00a0<a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/\"><strong>Sheffield based Financial Advisers<\/strong><\/a> on <strong>0114 266 4432<\/strong>\u00a0or\u00a0<a href=\"mailto:info@smh.group\"><strong>info@smh.group<\/strong><\/a><\/p>\n<p><em>Tax treatment varies according to individual circumstances and is subject to change.<\/em><\/p>\n<p><em>The Financial Conduct Authority does not regulate tax advice. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What to expect from the Autumn Budget 2024?<\/p>\n","protected":false},"author":4,"featured_media":27204,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[98,77,19,14],"class_list":["post-27203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-financial-advice","tag-financial-planning","tag-tax","tag-tax-planning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What to expect from the Autumn Budget 2024 - SMH Group<\/title>\n<meta name=\"description\" content=\"What to expect from the Autumn Budget 2024? Rachel Reeves, has reverted to an Autumn cycle for Budgets, due on Wednesday 30 October.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What to expect from the Autumn Budget 2024 - SMH Group\" \/>\n<meta property=\"og:description\" content=\"What to expect from the Autumn Budget 2024? Rachel Reeves, has reverted to an Autumn cycle for Budgets, due on Wednesday 30 October.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/what-to-expect-from-the-autumn-budget-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"SMH Group\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-12T09:29:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-26T13:28:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2024\/09\/3.png\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"648\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Brendan Hall\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brendan Hall\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/what-to-expect-from-the-autumn-budget-2024\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/what-to-expect-from-the-autumn-budget-2024\/\"},\"author\":{\"name\":\"Brendan Hall\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"headline\":\"What to expect from the Autumn Budget 2024\",\"datePublished\":\"2024-09-12T09:29:45+00:00\",\"dateModified\":\"2024-09-26T13:28:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/what-to-expect-from-the-autumn-budget-2024\/\"},\"wordCount\":378,\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/what-to-expect-from-the-autumn-budget-2024\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2024\/09\/3.png\",\"keywords\":[\"financial advice\",\"financial planning\",\"tax\",\"tax planning\"],\"articleSection\":[\"SMH Financial Services\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/what-to-expect-from-the-autumn-budget-2024\/\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/what-to-expect-from-the-autumn-budget-2024\/\",\"name\":\"What to expect from the Autumn Budget 2024 - SMH Group\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/what-to-expect-from-the-autumn-budget-2024\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/what-to-expect-from-the-autumn-budget-2024\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2024\/09\/3.png\",\"datePublished\":\"2024-09-12T09:29:45+00:00\",\"dateModified\":\"2024-09-26T13:28:56+00:00\",\"author\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"description\":\"What to expect from the Autumn Budget 2024? 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