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Commenting on today’s Budget announcement, McBrides Chartered Accountants tax partner Masum Ahmed said:

“In a pre-election Budget, close to Easter, but missing a ‘rabbit’ or sweet surprise, Chancellor Jeremy Hunt announced the following changes:

  • National Insurance contributions changes for employees reducing the tax from 10% to 8%, and for self-employed from 9% to 6% beginning from 6 April.
  • Changes to child benefit (threshold increasing from £50,000 to £60,000 from 6 April) will mean that more people will need to think again about reassessing their position .
  • Extension on the 5% freeze on fuel duty for a further 12 months.
  • Extension to the freeze on alcohol duty to 1 Feb 2025.
  • Changes to non-domiciled status which will affect how non-doms are taxed on their foreign income and capital gains.
  • Increasing the VAT threshold from £85,000 to £90,000. This is the first in seven years, which is interesting considering that it is a less than inflationary rise.
  • Changes to holiday lettings taxation effective 6 April 2025.
  • Abolishing multiple dwellings stamp duty relief and CGT residential rate to be reduced from 28% to 24%.

“There was very little for business aside from tinkering with the VAT threshold for small business. With the election possibly round the corner, businesses would have hoped for more supportive measures.”

Join us for our post-Budget and year-end tax planning webinar, which takes place next Wednesday lunchtime at 1pm. Find out more details here.

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McBrides Chartered Accountants