Spring Budget 2024
7.03.2024
The Election Budget
With the General Election fast approaching Jeremy Hunt, yesterday, rolled out the 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.
There are lots of opportunities and issues to consider following this Statement for businesses, individuals and families. We are here ready to help. We believe it’s important to discuss all plans you are considering before taking any action and so if you would like to see how the 2024 Spring Budget changes might affect you, your family and your business, why not contact Ifan Lloyd on illoyd@idhaccountancy.com or 020 3411 4401 who will arrange for us to have that conversation.