Spring Budget 2024
06 March 2024
On 6 March 2024, Chancellor of the Exchequer, Jeremy Hunt, presented his Spring Budget.
VAT
- From 1 April 2024, the VAT registration threshold will increase from £85,000 to £90,000.
Employment Taxes
- Providing funding to HMRC resources to ensure they can collect the tax owed
- The 10% rate of Employee National Insurance Contributions (“NICs”) is being cut by 2%, to 8%. This is being introduced from 6 April 2024.
Self employed
- Class 4 NICs is calculated on 9% on all profits between £12,570 and £50,270. This is being cut by 2%, to 6% from 6 April 2024.
- At Autumn Statement 2023, the Government announced abolishing Class 2 NICs entirely and consultation will begin later this year.
Temporary labour
- Government will provide an update on the recent consultation on tackling non-compliance in the umbrella company market and in summer 2024 it will publish new guidance to support workers and other businesses who use umbrella companies
- Government will work with NHS England to reduce costs of agency staffing, including ending the use of expensive “off-framework” agency staffing from July 2024
The Spring Budget documents can be found here.