Greetings Friends of Oury Clark,
Whilst it might not have been the budget-aggedon for business that many pundits were predicting there is certainly a lot to take in both for business and individuals from Rachel Reeves’ despatch box last week.
Before we get down to the nuts and bolts, why not take a moment to see our plucky heroes turn the tables in order to give the greedy taxman a fright in our latest Oury and Clark arcade classic.
Key measures announced in the Autumn Statement:
- National Insurance Contributions for employers will increase by 1.2% to 15% from April 2025. Threshold lowered from £9,100 to £5,000
- Employment Allowance raised to £10,500
- Non-dom tax regime abolished from 5 April 2025
- No extension of the freeze in income tax and NIC thresholds for individuals
- Business Rates relief changes in 2025 and 2026 but reliefs aimed at retail hospitality and leisure businesses
- National Minimum Wage increased by 6.7% to £12.21
- 18-20-year-olds receive a 16.3% increase to £10/hr
- Capital Gains Tax rates increased from 10% to 18% and from 20% to 24%, from today
- PE carried interest rate increased to 32% from 5 April 2025
- Corporate Tax Roadmap published
- Inheritance Tax thresholds are frozen until 2030 but Agricultural Relief and Business Relief restricted significantly from 2026
- Inherited pensions tax from 2027
- Windfall tax on oil and gas profits to increase to 38% from 1 November 2024
- Additional rates for residential properties
- Fuel duty frozen
- VAT introduced on private school fees from January 2025
If you would like some advice or guidance on any of the above or anything else raised in the budget get in touch with your usual contact or email us at contact@ouryclark.com
“Ignore Women In Your Design At Your Peril”
If the government is serious about growth, they could do a lot worse than encourage investment into female founded companies. Just 3% of Angel funding in Europe went to female led companies last year, and last time we checked, roughly 50% of the population were women.
If that sounds like a missed opportunity to you, it certainly did to us, which is why we loved our chat on BWB with Sarah Turner, Co-Founder and CEO of investment network Angel Academe. She schooled us on how to get rid of silicon valley macho bullsh*t, redress the male female investment balance and create real value.
She also talked passionately about how the government fundamentally misunderstands the value of entrepreneurship and entrepreneurs and the problem with the fact that nobody, left or right is actually listening to business, just playing to the crowd.
It’s well worth your time to watch (via the YouTube link above) or listen on Spotify, Apple or wherever you get your podcasts.
Announcing Oury Clark Money Mentor
It’s not just you who will be worried about money following the budget, That’s why we are launching Money Mentor. A free service designed to help our clients support their teams and empower them to plan for their financial future.
Why should you care? Well, a recent survey by the ONS found that 77% of employees bring their money worries to work, which isn’t exactly conducive to a happy, productive work environment.
At Oury Clark we care about helping people to build better financial habits to reduce the stress in their life. We also believe in helping you to take care of your team. That is why we have created Money Mentor, designed to encourage employee retention, improve wellbeing and, as a result, be more productive.
We provide:
- Free initial 1:1 meeting for everyone in your team with Oury Clark’s financial experts
- Access to an on-demand content library
- Easy to understand monthly content from us to help people manage their money
We start with an in-person educational presentation tailored for your company. We can repeat this every year, or more often if you have a high number of new starters.
Money Mentor is open to you now, but we have limited places on the trial scheme. If you want to be one of the first ten companies to take advantage of this service, click here or talk to your usual contact today.
Nobody Mention “Green Growth”
Talking about Green Growth used to be all the rage, and indeed some measures in the budget seemed to be a hat tip in that direction. For us at Oury Clark green business is very much at the heart of our thinking and offering to our clients.
Yes, it’s only the big boys and girls who have to report on this stuff, but getting ahead of the curve is a competitive advantage. After all, if you want to sell to the big boys and girls then they will expect you to have your house in order.
It can be a daunting place to start, but don’t worry. Even if you don’t know your greenhouse gas from your elbow, our ESG team can help find where to start. You can check out their services on our website, get in touch with them direct on ESG@ouryclark.com or, of course, speak to your usual contact.