Spring Budget 2024 – Few highlights

1. VAT threshold for mandatory registration increased from existing £85,000 to £90,000.
2. Class 1 Primary National Insurance, Insurance to be borne by Employees, reduced from 10% to 8% from 6th April 2024.
3. Class 4 National Insurance applicable to self-employed person reduced from 8% to 6% from 6th April 2024.
4. Capital Gains Tax – Higer Rate, applicable to transfer of residential properties decreased from existing 28% to 24% from 6th April 2024.
5. Threshold for Child Benefit claw back will only start from £60,000 and will be tapered until £80,000.00.

More Articles

SNP Plus

Know about Income Tax

Income could be non-savings i.e. salary, trading profit, rental income etc, or savings i.e. interest income from bank and financial institutions or dividend i.e. dividend

Read More »