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Spring Budget 2024 Introduction

The early trailers in January 2024 for what is probably Chancellor Jeremy’s Hunt’s last ‘fiscal event’ featured Prime Minister Rishi Sunak promising “more to come” on tax cuts.

How much does retirement cost?

Each year since 2019, the Pensions and Lifetime Savings Association (PLSA) has set about answering the question of how much retirement costs for couples and single retirees.

Analysing the Spring Budget Impact:

What was almost certainly the last Budget before the election was a serving of the widely expected, sprinkled with a handful of small surprises.

Personal Taxation

Here is a quick overview for you to view personal taxation for 2024-5 compared with 2023-4. Main personal allowances and reliefs 2024/25 2023/24 Personal allowance* £12,570 £12,570 Marriage/civil partners’ transferable allowance £1,260 £1,260 Married couple’s/civil partners’ allowance at 10%† – […]

NATIONAL INSURANCE CONTRIBUTIONS 2024/25

Here is a simple overview of the 2024-25 NI contributions. Class 1 Employee – Primary Employer – Secondary NICs rate 8% 13.8% No NICs for employees generally on the first £242 pw £175 pw No NICs for younger employees* on […]

TAX ADMINISTRATION

HMRC digital services HMRC’s digital services are to be improved and simplified to support income tax self-assessment taxpayers seeking to pay tax in instalments. These changes will be implemented from September 2025. Class 2 NIC abolition The government will consult […]

VALUE ADDED TAX (VAT)

Registration and deregistration The VAT registration threshold will increase from £85,000 to £90,000 from 1 April 2024. The deregistration threshold will go up from £83,000 to £88,000. DIY Housebuilders Scheme Following digitisation of the DIY Housebuilders Scheme, the government will […]

BUSINESS TAXES

Corporation tax rates The main rate of corporation tax will remain at 25% and the small profits rate will stay at 19% for the financial year starting 1 April 2025. Extending full expensing to leased assets Currently, leased assets are […]

WELFARE AND FAMILY SUPPORT

Universal credit (UC) Many of the UC rates will rise by about 6.7% from April 2024, including the standard and work allowances as well as the extra amounts for children, except for amounts in respect of first children born before […]

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