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Key 2024 budget changes affecting self employed

Sasha Owen
Tax

Just a few key points from the Budget today that caught my eye

The VAT registration threshold is increased from £85,000 to £90,000 from April 2024, that being said its not increased for about 10 years so is a small step

Personal tax allowances to remain the same

Class 4 National Insurance for self employed to be reduced from 9% to 6% from April 2024

Child benefit to be reviewed to ensure single earning families is not penalised.

Child benefit threshold increased from £50,000 to £60,000

The higher rate of capital gains tax to be reduced from 28% to 24% on sale of residential properties

The furnished holiday lettings regime and stamp duty relief for buying a second home are to be abolished

Budget 2024, HMRC, income tax, National Insurance, tax for self employed, therapists

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Sasha Owen
Sasha Owen BSc FCA qualified as a Chartered Accountant in 1983 and has been in practice as an accountant since 1987. If you think Sasha has the conventional image of an accountant then you couldn’t be further from reality. Sasha is a Reiki Master, loves the arts, music and theatre; having been on stage herself and worked backstage she really does have a deep understanding and love for the arts and alternative therapy world.

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