IVtwo, Kintail House, Beechwood Park, Inverness, IV2 3BW
Spring BUDGET 2024
Highlights
Main Rate of NIC cut by 2%
From 06 April 2024 the main rate of National Insurance for employees will be reduced by 2%, a reduction from 10% to 8%. Meanwhile, self-employed National Insurance contributions will be reduced from 8% to 6%.
VAT Registration Threshold
On 01 April 2024, the sales threshold for when businesses needs to become VAT registered will be increased from £85K to £90K.
Business Tax
Full expensing will soon also apply to leased assets.
The Recovery Loan Scheme has been granted a further £200M in funding to help up to 11,000 small businesses get the finance they need. This will be renamed the Growth Guarantee Scheme.
Fuel duty
Fuel Duty will be frozen for another year
New British ISA
A new British ISA will allow savers up to £5K additional annual tax-free investment into UK stocks.
Capital Gains Tax
The higher rate of Capital Gains tax on residential property is to be reduced from 28% to 24% .
Furnished Holiday Letting
From 06 April 2025 the Furnished Holiday Lettings tax regime will be abolished. This means that short-term and long-term lets will be treated the same for tax purposes.
To learn more about the changes announced in the Spring Budget, you can read the full report on the government’s website, or read the following article provided by FreeAgent https://www.freeagent.com/blog/spring-budget-2024/
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Kelpie Accounting and Tax
IV2 3BW, Inverness, Highland, Scotland, United Kingdom
Hours
Open today | 09:00 – 17:00 |
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Director - Ian Blackwood CA CTA