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.
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