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Chancellor Jeremy Hunt delivered his 'Budget for Long Term Growth' on Wednesday 6 March 2024. His speech promised 'more investment, more jobs, better public services and lower taxes'.
The Chancellor made further changes to National Insurance contributions (NICs), following the cuts made in the Autumn Statement 2023. The rates for NICs will be cut further for both employees and the self-employed from 6 April 2024.
There was also a cut in the higher rate of Capital Gains Tax on residential property disposals and the creation of a new ISA allowance to encourage investment in promising UK businesses.
The Chancellor has responded to pressure from business groups by raising the threshold for VAT registration to £90,000 and announcing his intention to extend Full Expensing to leased assets.
The Chancellor made his cuts possible with a series of tax-raising measures. These included a new regime for non-doms, the abolition of the Furnished Holiday Lettings tax regime and Multiple Dwellings Relief, alongside a new duty on vaping and an increase in tobacco duty.
06 May 2026
Experts have warned Chancellor Rachel Reeves that her pay-per-mile electric vehicle (EV) tax could create a £4.8 billion hole in the Treasury's finances.
05 May 2026
Research carried out by the Federation of Small Businesses (FSB) has shown that small firms in the UK are being pushed out of EU markets by red tape and rising costs.