Spring Budget 2024 sees a budget for long term growth, helping not just with the cost of living but with permanent cuts in taxation.
It announced a reform to the High Income Child Benefit Charge, an NHS productivity plan, an increase to the repayment period for new loans from 12 months to 24 months, an end to a £90 charge for debt relief orders and a six-month extension to The Household Support Fund. Alcohol and fuel duty will also remain frozen until 2025.
Also promising a lift on the VAT threshold for small businesses (SMEs) by providing £200m of funding to extend the Recovery Loans Scheme as it transitions to the Growth Guarantee Scheme. As well as an increase to VAT registration threshold from £85,000 to £90,000 from 1 April, the first in seven years.
Read more from AIA Partner, TheCityUK, on the Spring Budget and the financial and economic impact.
Key announcements will be published on this page and statement coverage will be in the forthcoming issue of International Accountant magazine. AIA Members in Practice also have full access Tolley Tax Library and Online Seminars where all the announcements will be reflected.
Here's a quick guide to the main announcements:
Alongside announcements made in the Spring Budget 2024, the government has issued a consultation relating to the tax advice market.
This consultation discusses the government’s intention to raise standards in the tax advice market through a strengthened regulatory framework. It sets out the 3 possible approaches to strengthening the framework: mandatory membership of a recognised professional body, joint HM Revenue and Customs (HMRC) – industry enforcement, and regulation by a separate statutory government body. The consultation also explores approaches to strengthen the controls on access to HMRC’s services for tax practitioners.
The consultation seeks views on:
AIA regularly meets with HMRC to ensure the views of its members are heard and we will respond to this consultation highlighting the benefits of professional body membership and how this strengthens the public interest.
read the consultation document