The Autumn Budget was announced last week and we thought we’d tackle this question about how did the autumn budget affect us all this year;
“How did the autumn budget affect me as a single, self-employed women in my 40s who is trying to get on the property ladder but also wants to increase their pension pot”.
How did the autumn budget affect me?
The Autumn Budget 2024 has a few key changes that could affect you as a self-employed woman in your 40s looking to buy a house and save for your pension:
Positives:
- Reduced National Insurance: The main rate of Class 4 National Insurance for the self-employed has been reduced from 9% to 8%. This means you’ll pay less in National Insurance contributions, leaving you with more disposable income.
- Increased Small Profits Threshold: The Small Profits Threshold, which determines whether you need to pay Class 2 National Insurance, has been increased. This means more self-employed individuals will be exempt from paying Class 2 NICs.
Potential Negatives:
- Increased National Insurance for Employers: Changes to employer National Insurance contributions could indirectly affect you if you employ staff, as it may increase your business costs.
- Changes to Capital Gains Tax: While not directly related to your self-employment, changes to Capital Gains Tax could impact you if you sell assets like property or investments.
Overall, the Autumn Budget 2024 could have a positive impact on your finances due to the reduced National Insurance contributions. However, it’s important to consult with a financial advisor to assess your specific situation and understand how these changes might affect your long-term financial goals, such as buying a house and saving for your pension.
Here are some additional things to consider:
- Consult a Financial Advisor: A financial advisor can help you understand how the Autumn Budget changes will affect your personal finances and can provide tailored advice on how to best manage your money.
- Review Your Financial Plan: It’s a good idea to review your financial plan to ensure it’s still on track to meet your goals. You may need to make some adjustments to your plan in light of the changes announced in the Autumn Budget.
- Stay Informed: Keep up-to-date on any further changes or clarifications that may be announced regarding the Autumn Budget.
Remember, this is just a general overview. It’s crucial to seek personalized advice from a qualified professional to fully understand how these changes will impact your specific financial situation.
