Entries by Company Advisor

Spring Budget 2024 – Other Matters

Other Matters The VAT registration threshold After many years of having been frozen, the government will increase the VAT registration threshold from £85,000 to £90,000 and the deregistration threshold from £83,000 to £88,000 from 1 April 2024. The government has stated that these new thresholds will be frozen but has not stated for how long. […]

Spring Budget 2024 – Capital Taxes

Capital Taxes Capital Gains Tax rates The Capital Gains Tax (CGT) rate remains at 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates apply for certain gains, mainly chargeable gains on residential properties, with the exception of any element that qualifies for Private Residence Relief. These […]

Spring Budget 2024 – Business

Business Corporation Tax rates The government has confirmed that the rates of Corporation Tax will remain unchanged, which means that, from April 2024, the rate will stay at 25% for companies with profits over £250,000. The 19% small profits rate will be payable by companies with profits of £50,000 or less. Companies with profits between […]

Spring Budget 2024 – Employment

Employment National Insurance contributions The Chancellor has previously announced major changes to the National Insurance contributions (NICs) system. Employees and NICs Following the Autumn Statement in 2023 the government cut the main rate of Class 1 employee NICs from 12% to 10% from 6 January 2024. The government has further cut the main rate of […]

Spring Budget 2024 – Introduction

INTRODUCTION Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024. His speech promised ‘more investment, more jobs, better public services and lower taxes’. Lowering taxes The Chancellor made further changes to National Insurance contributions (NICs), following the cuts made in the Autumn Statement 2023. The rates for NICs will […]