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New Spring Budget 2024

New Spring Budget 2024

New Spring Budget 2024

1. Reduction in National Insurance Contributions (NICs)

Starting April 6, 2024, the primary NIC rate for employees will drop from 10% to 8%, resulting in an average yearly saving of about £470 per employee. For the self-employed, the rate will decrease from 9% to 6%, leading to an average annual saving of £650 for someone earning £28,000.

2. VAT Registration Threshold Adjustment

From April 1, 2024, the VAT registration threshold for businesses will increase from £85,000 to £90,000, easing the administrative load on smaller enterprises and fostering their expansion.

3. Adjustments in Business Taxation

The Chancellor has extended full expensing to include leased assets, though the start date for this policy is pending. The Recovery Loan Scheme also gets an additional £200 million, evolving into the Growth Guarantee Scheme to support small enterprises.

4. Introduction of the British ISA

This new scheme aims to boost savings and investments in UK companies, providing a £5,000 extra allowance for individuals to invest tax-free in British stocks.

5. Modifications to Capital Gains Tax (CGT)

The top CGT rate on residential properties is set to decrease from 28% to 24%, an initiative designed to incentivise property sales and stimulate the real estate market.

Spring Budget 2024, UK tax changes: NIC rate drops, VAT threshold up, business taxation adjusts, British ISA, CGT cut, fuel duty freeze.
Spring Budget 2024, UK tax changes: NIC rate drops, VAT threshold up, business taxation adjusts, British ISA, CGT cut, fuel duty freeze.

6. Fuel Duty Stabilisation

The government has chosen to extend the freeze on fuel duty for an additional year while keeping the current 5p reduction in place. This aims to lessen the cost impact on drivers, and a review is planned for the following year.

7. Change in Tax Regime for Furnished Holiday Lettings

Effective from April 6, 2025, authorities will discontinue the specific tax regime for furnished holiday lettings, ensuring consistent tax treatment for both short-term and long-term property rentals.

8. Revision of Multiple Dwellings Relief

The benefit of offering lower stamp duty rates for purchasing multiple properties will be phased out starting June 1, 2024.

9. Investment in Regional Development

The government has reaffirmed its commitment to the Investment Zones programs and has declared an advanced “trailblazer” devolution agreement with the North East Mayoral Combined Authority to highlight regional growth and investments.

Contact Sepera College

Make an appointment for a free phone consultation, and you will also receive more information regarding free education and more information regarding our courses. Please use our Free Consultation form to make an appointment with our team. You can also call us or write to our email.

Government Funding in UK for AAT Accounting courses, universal credit, job seeker's allowance, or employment support allowance, free education

Source:  |  Keywords: National Insurance Contributions, NIC, Rates & Thresholds for employers 2023 to 2024

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