What small businesses should know from the 2024 Spring Budget.
Last week, The Chancellor, Jeremy Hunt, presented his 2024 Spring Budget. Key points include:
- Value Added Tax threshold increase to £90,000 on 1 April. The Treasury predicts this change will allow 28,000 small businesses to stop paying VAT altogether.
- Scheme to help small businesses recover from the impact of coronavirus renamed the Growth Guarantee Scheme and extended to 31 March 2026. With this extension, around 11,000 small and medium-sized businesses will be able to access funding.
- National Insurance cuts from 6 April 2024. The main rate of National Insurance Contributions (NICs) for the self-employed will be cut by 2p. The government is also cutting the main rate of employee National Insurance by 2p from 6 April 2024.
- Tax implication for small businesses. This includes tracking the views of small businesses on how easy it is to deal with taxes, HMRC and the ease of finding information on this.
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