Spring Budget 2024: For Businesses
6th March 2024
Spring Budget 2024, a Budget to lower taxes and achieve higher growth.
The Chancellor has announced that there is good news for the economy, with the Office for Budget Responsibility (OBR) confirming that inflation is currently at 4% and is likely to reduce below the Governments target of 2% in the next few months.
With the previous Budget announcements for business there was perhaps little room left to make many further changes, albeit there would be announcements on further consultations.
Value Added Tax
For all businesses there has been a rise in the VAT threshold from £85,000 to £90,000 as from 1 April 2024, however, all rates remain the same.
Corporation Tax
The rates of Corporation Tax will remain with the main rate of 25% and small profits rate at 19%. However, there will be additional relief provided to the creative industries in terms of those related to the Film Industry, Theatre’s, Orchestra’s, Museums and Galleries.
For those businesses that lease assets to others, they will be able to benefit from claiming full expensing and 50% first year allowance on special rate assets. However, this is only at the consultation stage at present.
Self-Employed Tax
With the wish to have a higher skilled workforce it has been announced that HMRC have published guidance to provide greater clarity of the tax deductibility of the costs incurred for the self-employed.
Property Tax
There are also changes with the abolition of the furnished holiday lettings (FHL) regime from April 2025, with immediate anti-avoidance from 6 March 2024.
Finally there is also the abolition of the multiple dwellings relief for Stamp Duty Land Tax purposes from 1 June 2024, with ,again, anti-avoidance from 6 March 2024.
2024 Spring Budget Summary
Please click here to read our full 2024 Spring Budget Summary.
Get In Touch
For more information or advice on how the Spring Budget 2024 affects you, contact your local Whitings LLP office today.
Disclaimer - All information in this post was correct at time of writing.
