Spring Budget 2024 - just a few key points...

Reductions to National Insurance Contributions

Effective from the start of the new tax year on April 6th 2024, Class 1 Employee National Insurance Contributions and Class 4 National Insurance Contributions for self-employed people have been cut (by 2p per £1)

Increase of the Mandatory VAT Registration Threshold

The VAT registration threshold increased from £85,000 to £90,000 from 1st April 2024.

High-income child benefit charge Changes

Up to now the high income child benefit charge began at £50,000 and was fully repaid at £60,000 but now the high income child benefit threshold will now start from £60,000 and will taper to £80,000.

There is further good news expected in the future here, as it is expected that the government will change this to a household based system in the future so we await further updates on this 

Changes for Landlords and Property Investors

The multiple dwellings relief will be abolished for buyers who purchase multiple properties at once. However the higher Capital Gains Tax rate on residential property will be reduced from 28% to 24%. Looking ahead, the Furnished Holiday Lettings Relief scheme will cease to be available from April 2025