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2024 - Budget
Budget 2024
Budget 2024 - What is means to you as a business and as a individual.
Chancellor Jeremy Hunt announced his Spring Budget on Wednesday 06th March 2024. The Chancellor highlighted the low unemployment rate. Noting that interest rates were still high as the Bank of England tackles inflation. Inflation stands at 4% and the OBR forecasts show that inflation will continue to fall.
You can read the full statement here.
VAT Registration Threshold
VAT registration threshold to increase from £85,000, to £90,000 from 01 April 2024.
Income tax and National Insurance
There had leaks concerning a cut to National Insurance, which were confirmed, with the Chancellor announcing a 2p cut to National Insurance (this tax will now stand at 8%). Self employed National Insurance to be be reduced from 8% to 6%.
Child Benefit
High income child benefit charge to be moved to be based on household income from April 2026. Though from April 2024 the charge will start at £60,000, with the full taper only taking effect at £90,000.
ISAs
New British ISA, to allow an additional £5,000 allowance for investment in British equities.
Furnished Holiday Lets
The furnished holiday lets relief to be scrapped.
Multiple Dwellings Relief
Multiple dwellings relief to be scraped.
Capital Gains Tax
Higher rate of property CGT to be reduced from 28% to 24%.
If you’d like to find out more about how these changes could affect you, please contact us, we will be happy to talk things through.
