The start of the 2024-25 tax year is almost here. It is important to understand any changes to UK tax rates and allowances because this allows you to make the most of the opportunities available to you. This applies to your business, and for you personally.
Important Changes for UK Tax Rates and Allowances include:
- National Insurance for Employees: NIC reducing from 10% to 8%
- National Insurance for Self Employed: reducing from 8% to 6% from 6 April ’24
- VAT Threshold upped from £85k to £90k turnover
- Stamp Duty Land Tax – multiple dwellings relief to be abolished from 1 June 2024
- Capital Gains Tax: Annual Exempt Amount for CGT reducing to £3k from 6 April ’24
Our tax card is a double sided three way folded card intended for use as a quick point of reference. If you would like a card posted out to you, click here.
Should you need any more information, we are only a phone call away – 01992 444466
The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above
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