The General Election is looming and Chancellor Jeremy Hunt has been under pressure to make some major announcements to bolster votes for the Conservative party. But what did he announce at the Spring Budget 2024, and did he go far enough?
What did the Chancellor announce at the Spring Budget 2024?
The headline was the 2p cut in National Insurance and he increased the child benefit HIBIC threshold to start at £60,000. He also abolished Non-dom status and replaced it with new rules. In addition, he froze alcohol duty, added a tax on vaping products and increased Tobacco duty by £2.00 per 100 cigarettes.
In an interesting move, the Chancellor pushed the VAT threshold from £85,000 to £90,000 from April, extended Covid-era loan schemes to March 2026 and made some additional tax reliefs permanent.
"Download our Spring Budget 2024 summary!"
Written in plain English, we have broken our PDF summary down into the main areas of taxation, including business and corporate, employment, personal and capital. We have also included comments on the more important changes, together with any planning points that may arise.
Our summary provides an invaluable update for you and will help you get to grips with the announcements. It will remain on our blog for you to refer to as and when you need it, but if you have any questions, don't forget we are here to help you navigate and plan your way through the tax maze, so please do get in touch.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about the Spring Budget 2024 and how it may affect you and your business, it may be a great idea to call me on 01908 774320 and let's see how I can help you.
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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