Major Points From This Week’s Budget

March 7, 2024

The main points are as follows:

  1. Employee’s NIC
    These will fall from 10 per cent to eight per cent.
  2. Self Employed NIC
    From 6th April, Self-employed National Insurance Contributions will reduce from 8% to 6%/
  3. VAT
    From 1st April, this threshold will rise from £85,000 to £90,000.
    We spoke about this at a network group on Thursday and it was generally felt that this would not really affect many sole trade
  4. Alcohol & Fuel Duty
    Alcohol duty remains the same until February 2025
    Fuel Duty remains the same for another 12 months
  5. Child Benefit
    For those of you with children eligible for child benefit, the threshold  at which the high income child benefit charge will apply increases from £50,000 to £60,000 next month (April).
  6. Recovery Loan Scheme
    This scheme for any small business needing help as a result of the Covid period will be extended by another two years.
  7. Training for the Self-employed
    It’s worth checking the updated guides issued by HMRC. If you are updating your skills, such as keeping current with technological advancements, or changes in industry practices, these are allowable costs when calculating taxable profits.If you have any questions about last week’s Spring Budget, the best person to speak to would be your accountant.
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