As part of our commitment to keeping you informed and ahead in managing your finances, we’re reaching out to share essential highlights and our expert analysis of the Spring Budget 2024, presented by Chancellor Jeremy Hunt on 6 March 2024.
This year’s Budget comes at a pivotal time, with the government aiming to restore confidence amid economic challenges and in anticipation of the upcoming general election.
Key updates include further reductions in National Insurance Contributions for workers and the self-employed, adjustments to the VAT registration threshold, and changes aimed at easing the high-income child benefit charge, among others.
What this means for you
- For Self-Employed Individuals: Enjoy reduced Class 4 National Insurance Contributions and the near-elimination of Class 2 NICs, alongside an increase in the VAT registration threshold.
- For Property Landlords: Capital gains tax on residential property disposals has been cut, offering potential tax savings for those selling property. However, the special tax treatment for furnished holiday lets will end in April 2025.
- For Investors and Pensioners: Despite the focus on employment income, it is essential to note the unchanged income tax rates and thresholds, along with adjustments in the high-income child benefit.
- Company Directors and Shareholders: Benefit from reduced Class 1 NICs and consider the implications of static dividend tax rates and a reduced dividend allowance on profit extraction strategies.
- Companies: Note the unchanged corporation tax rates and thresholds, but keep an eye on the changes to the research and development tax regime.
- And Much More: including updates on the National Minimum Wage, VAT, Inheritance Tax and the introduction of a new ‘UK ISA’.
For a comprehensive understanding of how these changes may impact you or your business, we have attached a detailed PDF summary of the Spring Budget 2024. We encourage you to review this document and consider how the various updates may affect your financial planning and decision-making processes.
Here for you
Our team is on standby to assist you in navigating these updates. Whether you’re seeking personalized advice or have specific questions about how the Budget may influence your financial landscape, please do not hesitate to reach out. We are here to provide the support you need to make informed decisions and optimize your financial strategy in light of these changes.
To discuss the Budget’s implications for you or your business in more detail, or to schedule a consultation, please contact us at michael@mfiliou.com or call us at 01707 665533.
