The increase to the National Minimum Wages (NMW) from April 2025, will see another increase in NMW since its introduction. While many employees and businesses favour the proposed increases which go some way to offset the uplift in the cost of living, some SMEs oppose the rise saying that it is only a ‘benefit’ to businesses that can afford it.
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The chancellor Rachel Reeves made her first spring statement. She said, ‘now the task is to secure Britain’s future within an insecure global financial backdrop, helping Britain to reach its potential…Labour was elected to bring change to the country, to provide security to working people and to deliver a decade of national renewal.’ The following article outlines the announcements made.
With the end of the tax year fast approaching, there is no time like the present to ensure you have reviewed your finances and made the most of the reliefs and allowances available to you. We also have an end of year tax planning guide that can be found here
While farmers have been in the spotlight, stud farms will also be affected by the forthcoming changes to Agricultural Property Relief (APR) and Business Property Relief (BPR). These changes are expected to create significant succession challenges for stud farms and agricultural estates in the years ahead.
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