Positive Practice Accountants

Highlights Budget March 2024

With the next General Election fast approaching, the Chancellor of the Exchequer, Jeremy Hunt came to Parliament to deliver his Budget for March 2024.
Pre-Budget rumours hinted of tax giveaways balanced against warnings not to cut spending. Despite the warnings the Chancellor said he would sticking to the plan.
Here are just a few of the main announcements from the UK Spring Budget.

For Individuals

 There is a reduction in the in the employees national insurance rate from 10% down to 8%.

The high income child benefit charge will, from April 2024, only start to come into effect if an individual’s total net income exceeds £60,000 (presently it is £50,000).

For higher rate taxpayers, the gain arising on the sale of a residential property, which is not their main residence, will be taxed at 24% as opposed to 28% from 6th April 2024.

The government will be removing from the tax breaks for those people who own furnished holiday lettings.

For Business

The self-employed Class 4 national insurance rate will, from 6th April 2024 be 6% as opposed to the original proposed rate of 8%.

The taxable turnover threshold for determining whether a person must register for VAT will increase from £85,000 to £90,000 from 1st April 2024 and the point at which a person can apply to deregister will rise from £83,000 to £88,000.

We’ll be happy to explain more of the details and help you start planning a 2024 strategy to overcome your biggest business challenges.

To request our full report or for more information and tax advice click here

To read the full HMRC report click here


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