Oldfield Advisory’s key developments in 2024 and what’s next

2024 has been a year of many changes, both within Oldfield Advisory and beyond. As we close out the year, for our final article this year we wanted to reflect on some of the key changes that shaped our journey and take a look at what is on the horizon for 2025.

Oldfield in 2024

• Office move:
  At the beginning of November, we officially opened the doors to our new office space, and we couldn't have been more thrilled to share this moment with our incredible team. Our new space reflects our commitment to growth and innovation as we continue to enhance our client experience.
• New starters:
  Keeping to the theme of growth throughout the year, during 2024 our team increased by welcoming 11 new members. This brought new energy and valuable skills to our ever-growing team. The contributions from these new members have already made a significant impact, setting the foundation for even greater success as we look ahead to 2025.
• Decarbonisation project: 
  As part of the office move, we became part of the Green Business Network by Decarbonisation Net Zero Programme. The Decarbonisation Net Zero Programme (DNZ) in association with the Business Energy Advice Service (BEAS) supports businesses with fewer than 250 employees based in the West Midlands and Warwickshire who want to save money on energy, waste, and water bills and maximise low carbon opportunities. See here for more information.
• EV charging points: 
  Another highlight was doubling the amount of EV charging points at our new office premises. This upgrade not only supports our commitment to sustainability but has also made life easier for the growing number of electric vehicle users within our team, reflecting our forward-thinking values.
• Coffees consumed: 
  Throughout the year our team so far has consumed a staggering 17,900 coffees. It’s safe to say that caffeine played its part in fuelling our productivity!

General UK Government and policy overview

• General election: 
  The 2024 general election saw Labour end over a decade of the Conservative government. On the 4th of July, the UK elected Keir Starmer’s Labour Party with a decisive majority. The party secured 412 seats, compared to the Conservative Party's 121. This result gives Labour a significant majority as they form a government for the first time in 14 years.
• New government: 
  The first key date was 17 July, with the State Opening of Parliament, where Labour outlined its legislative agenda, and any Bills related to its manifesto pledges. This was followed by the Autumn Budget, with no immediate tax changes expected, though businesses were advised to take advantage of current tax reliefs as changes were anticipated. Labour’s manifesto had promised no tax hikes for “working people”, but the exact tax plans became clearer after their first Budget, which was held in late October.
• Autumn Budget: 
  The Autumn Budget 2024 included several key changes:
  • Employer's National Insurance: Increased to 15% from April 2025, with a lower threshold of £5,000 for payments. Employment Allowance rises to £10,500.
  • Capital Gains Tax: Rates increase from October 30, 2024—lower rate to 18%, higher rate to 24%.
  • Business Asset Disposal Relief: The rate rises from 10% to 14% in 2025, then to 18% in 2026.
  • VAT on Private School Fees: 20% VAT will be applied from January 2025.
  • Minimum Wage: The National Living Wage will rise to £12.21 per hour in April 2025.
  • Fuel Duty: 5p cut extended for another year.
  • Double-Cab Pickups: Treated as cars for tax purposes from April 2025.

What is on the agenda for 2025?

• Business planning for 2025: 
  A successful business relies on a solid plan with clear financial metrics. If you haven’t already planned for 2025, we recommend reading our article where we outline 6 things to think about when business planning in 2025.
• VAT on school fees in January: 
  From January 2025 VAT will be applied to private school fees. To help mitigate some of the increased costs due to this change, we recommend having a conversation with us to discuss unlocking cash out of your company tax efficiently to help provide for personal and family needs.
• Spring Budget: 
  The government’s fiscal update is likely to take place in the Spring.
• New Tax year: 
  April will see the start of a new tax year, which will implement some of the changes which were announced in the Autumn Budget. Businesses and individuals will need to stay up to date to ensure compliance with new policies.

As 2024 comes to a close, and we look ahead to 2025, it is clear that the year ahead will bring both opportunities and challenges. From the growth of our team and the enhancements to our operations to navigating significant tax changes, we are ready to begin 2025 with our winning team.

With careful planning and a commitment to staying ahead of the curve, we are confident in our ability to adapt to the ever-changing landscape. Here’s to a successful and impactful 2025!

Get in touch
if your thinking about reviewing your current tax strategies or would like to discuss any accounting requirements feel free to reach out to us via email or phone and we will be happy to help you on the best solutions for your business.

Please note: This article is provided for information only and was correct as at time of writing (12/12/24). Any lists and details provided above are not exhaustive and are not intended to be full and complete guidance.  No action should be taken without consulting detailed legislation or seeking independent professional advice. Therefore, no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this article can be accepted.