EMPLOYER SUMMARY: Spring budget 2024

In the recent Spring Budget, the UK government announced several significant adjustments affecting employment law and payroll. We have summarised the key changes below and if you would to discuss how these changes will impact your freelance community please don’t hesitate to contact us.

Including:

🟩 Personal tax rates and allowances on income continue to be frozen at current levels

🟩 Further cuts to National Insurance Contributions in addition to those announced in the Autumn Statement, to take effect in April 2024

🟩 Increase in threshold for High Income Child Benefit Charge from £50,000 to £60,000 for 2024/25

🟩 Advantageous tax treatment of ‘non-doms’ abolished from April 2025 and replaced with a ‘residence-based’ system

🟩 Increase in turnover threshold for VAT registration to £90,000 from 1 April 2024