We’re thrilled to share the latest updates from the Spring Budget 2024 that will directly impact you and your business. Here’s a snapshot of the key takeaways:
📉 National Insurance Cuts: Good news for the self-employed! Further reductions mean significant savings, with the main rate of Class 4 contributions dropping to 6% and Class 1 employee contributions also seeing a cut.
💼 VAT Threshold Increase: The VAT registration threshold has been raised to £90,000, providing some breathing room for small business owners. Plus, the de-registration threshold has also gone up to £88,000, offering more flexibility.
💰 Extended Financial Support: The Growth Guarantee Scheme has been extended until 2026, offering SMEs vital financial support with a 70% government guarantee on loans.
📚 Tax-Deductible Training Costs: Exciting news for self-employed individuals! HMRC’s new guidance allows training costs to be tax-deductible, helping you stay competitive and up-to-date with industry advancements.
🏡 Property Tax Changes: From April 2025, Furnished Holiday Lettings regime will be abolished, and CGT on residential properties will see a reduction, providing clarity and potential savings for landlords.
📈 New Investment Opportunities: Introducing the UK ISA with a tax-free allowance of £5,000, expanding your tax-free investment options.
👨👩👧👦 High Income Child Benefit Charge Threshold Increase: A welcome relief for parents, with the threshold rising to £60,000 and the taper range increasing to £80,000.
✈️ Travel Updates: Business class airfares see a duty rise, while fuel duty remains frozen, offering stability in transportation costs.
Stay informed and make the most of these changes for your business! For more details and personalized advice, reach out to our expert team at BBL Accounting. #SpringBudget2024 #SmallBusinessUpdates #FinancialPlanning