Budget 2024 Guide

    Daniel McAllister
    7th March 2024
    Home » Categories » Business » Budget 2024 Guide

    The Spring Budget was delivered by the Chancellor Jeremy Hunt on Wednesday 6 March.

    In what was widely expected to be Mr Hunt’s final Budget ahead of an election, speculation in the final run up focused on the trade-offs that might be required around cutting taxes and meeting both fiscal rules and spending commitments. Ultimately the Chancellor had it both ways, with some headline grabbing measures aimed at easing the tax burden on earners and families, while also introducing some tax increases to cover their costs.

    In a speech punctuated by several interventions from the Deputy Speaker for order, there were some key headline items:

    • The main class 1 national insurance contribution (NIC) rate will drop from 10% to 8% from 6 April 2024, the second cut in six months.
    • The main rate of class 4 self-employed NICs will similarly reduce from 8% to 6%.
    • The high income child benefit charge (HICBC) will be reformed. The threshold increases to £60,000 from April 2024, while the rate at which the charge is levied will be halved, so that child benefit will not be fully withdrawn until an individual’s income reaches £80,000.
    • For residential property disposals, the higher rate of capital gains tax (CGT) will be cut from 28% to 24% from 6 April 2024.
    • A new UK individual savings account (ISA) will create an additional £5,000 allowance on top of the current £20,000 ISA limit.
    • The furnished holiday letting tax regime will be abolished from 6 April 2025.
    • From 1 April 2024, the VAT registration and de-registration levels will be increased to £90,000 and £88,000 respectively.
    • The non-domicile rules will be replaced with a new regime based on residence from April 2025.
    • Multiple dwelling relief within the stamp duty land tax (SDLT) regime for England and Northern Ireland will be abolished from 1 June 2024.
    • Alcohol and fuel duties are frozen.

    As ever the Budget publications contained a wide range of detailed proposals and much to digest. Our Budget Summary highlights the key aspects likely to affect you. If you have any questions about what you should do next, please get in touch.

    Our full detailed summary and tax tables for 2024-25 are available from the links below.

    Budget 2024 guide

    Tax tables 2024/25

    Need Some Advice?

    Looking for some help or a little advice?

    Call today on 01484 534431 or fill in our enquiry form below, and we’ll call you back.

    Budget 2024 Key measures at a glance

    Following Jeremy Hunt’s budget earlier today we have summarised below the key tax changes and announcements he has made: Our full detailed guide on the Budget and our Tax Tables…

    Clarity on new border checks is vital, says BCC

    The government must clarify plans around new customs processes as firms remain in the dark about crucial aspects of their operation, says the British Chambers of Commerce (BCC). The first…
    From below of delighted aged male entrepreneur in classy outfit standing on street and speaking on cellphone while laughing and looking away

    Over 50s bucking decline in freelance numbers

    Tens of thousands more over 50s are now running their own businesses despite an overall decline in self-employment since 2020, according to the Association of Independent Professionals and the Self-Employed…

    HMRC sends warning to cryptoasset users

    As the use of cryptoassets continues to grow HMRC is warning people to check if they need to complete a self assessment tax return for the 2022/23 tax year to avoid…