Spring Budget 2024

With the spring budget announced last week, here are the important points we feel you should be aware of for you & your business, which will come into place from 6th April 2024:

-National Insurance for employees has been reduced from 10% to 8%, which will benefit 27 million workers

-Class 4 National Insurance for the Self Employed, whose profits are between £12,570 & £50,270, will reduce from 9% to 6%

-Class 2 National Insurance for the Self Employed will be abolished altogether

-The Child Benefit thresholds have been increased. The threshold to claim the full amount has been increased from £50,000 to £60,000 & the threshold at which you lose Child Benefit completely has been raised from £60,000 to £80,000

-The VAT threshold has been increased from £85,000 to £90,000, an increase of 5.8%

-The higher rate of Capital Gains Tax has been reduced from 28% to 24%

If you would like to discuss how the changes mentioned in the budget will affect you or your business, please give Kayleigh a call on 01530 414 285.