The government unveiled its Spring Budget (Wednesday, 6th March 2024), during which the Chancellor elaborated on strategies aimed at fostering economic prosperity and growth.
To get your business ready for the upcoming changes, we've outlined what was announced and how it will affect your business.
Key updates are:
Further NIC Cuts - From April 6, 2024, employee NICs will drop from 10% to 8%, and self-employed Class 4 NIC will fall from 8% to 6%.
Raised VAT Registration Threshold - The threshold will rise on 1 April 2024 from £85,000 to £90,000.
Frozen Fuel Duty - Fuel costs frozen at at 53p per litre for a further 12 months.
Extended Growth Guarantee Scheme - The Recovery Loan Scheme will be renamed to the Growth Guarantee Scheme and extended until the end of March 2026.
Levelling Up - Further Devolution - Areas in England will receive additional devolved powers to make decisions at local levels.
Supporting Innovation in Leading Sectors - Tech, Energy, Advanced manufacturing, Life Sciences and Creative Industries will receive further funding.
Tax Incentives to Invest in UK Business - Announcing a new UK ISA, individuals will be able to save an additional £5,000 on top of the current £20,000.
Full Expensing for Leased Assets - Full expensing will be extended to leased assets.
You can read our full article and get a more in depth look into what these announcements mean for your business, here.
If you need assistance preparing your business for the upcoming Spring Budget changes or would like a clearer understanding, feel free to Email or give us a call (03301 247 305) to discuss your business with one of our advisers.
