spring BUDGET 2024

• The main personal tax-free allowance (£12,570) and the 40% tax rate threshold (£50,270) remain frozen at their present levels until the end of 2027/28
• Further reductions in National Insurance Contributions in addition to those announced in the Autumn Statement: from 6 April 2024, Employees’ Class 1 NIC reduced from 10% (was 12% up to 5 January 2024) to 8%, and Class 4 NIC rate for the self-employed cut from 9% to 6% (a cut to 8% was announced in the Autumn Statement)
• Increase in threshold for High Income Child Benefit Charge from £50,000 to £60,000 for 2024/25
• Advantageous tax treatment of furnished holiday lets abolished from 6 April 2025
• Increase in the VAT registration turnover threshold from £85,000 to £90,000 from 1 April 2024

For a more detailed overview of the Budget read our summary via the Online Flipbook or Download PDF linked above.

If you have any questions on how the Budget may effect you and your business then please don’t hesitate to contact us on 01597 824855 or info@rchca.co.uk