Starting April 6, 2024, the primary NIC rate for employees will drop from 10% to 8%, resulting in an average yearly saving of about £470 per employee. For the self-employed, the rate will decrease from 9% to 6%, leading to an average annual saving of £650 for someone earning £28,000.
From April 1, 2024, the VAT registration threshold for businesses will increase from £85,000 to £90,000, easing the administrative load on smaller enterprises and fostering their expansion.
The Chancellor has extended full expensing to include leased assets, though the start date for this policy is pending. The Recovery Loan Scheme also gets an additional £200 million, evolving into the Growth Guarantee Scheme to support small enterprises.
This new scheme aims to boost savings and investments in UK companies, providing a £5,000 extra allowance for individuals to invest tax-free in British stocks.
The top CGT rate on residential properties is set to decrease from 28% to 24%, an initiative designed to incentivise property sales and stimulate the real estate market.
The government has chosen to extend the freeze on fuel duty for an additional year while keeping the current 5p reduction in place. This aims to lessen the cost impact on drivers, and a review is planned for the following year.
Effective from April 6, 2025, authorities will discontinue the specific tax regime for furnished holiday lettings, ensuring consistent tax treatment for both short-term and long-term property rentals.
The benefit of offering lower stamp duty rates for purchasing multiple properties will be phased out starting June 1, 2024.
The government has reaffirmed its commitment to the Investment Zones programs and has declared an advanced “trailblazer” devolution agreement with the North East Mayoral Combined Authority to highlight regional growth and investments.
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Source: www.gov.uk | Keywords: National Insurance Contributions, NIC, Rates & Thresholds for employers 2023 to 2024
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