The 2024 Spring Budget introduced some changes that will significantly impact farm businesses, especially those that have ventured into the realm of furnished holiday lets.
There were mixed views for property owners in the Spring Budget with a tax cut for those selling residential property, while those operating furnished holiday lets and property investors are facing increases in tax.
The Chancellor indicated that the two-tier tax system for employees, with both National Insurance Contributions (NIC) and income taxes affecting the take home pay for 28 million workers across the country, was not something he felt was fair, as other forms of income are taxed to just income tax.
Jeremy Hunt’s Spring Budget didn’t deliver a huge amount of technical content. Unsurprisingly, given an impending election, there was a lot of political bluster and not a great deal of substance, particularly for businesses.
The Chancellor continued his support for the arts by permanently setting the rates at which losses can be surrendered in respect of expenditure qualifying for Theatre Tax Relief, Orchestra Tax Relief and Museums and Galleries Exhibitions Tax Relief at 40% for non-touring productions and 45% for touring productions and all orchestra productions.
With the Spring Budget 2024 just around the corner, there is much speculation about the tax changes and announcements that may be on the horizon. A general election is looming, and the Chancellor’s speech on Wednesday, March 6, is likely to be the last fiscal event before voters head to the polls.
Armstrong Watson is delighted to announce the appointment of new Tax Director Hayley Deeming, who will lead the firm's Corporate Tax team in Newcastle.
High earners in Scotland will now pay up to 5% more tax than those earning the same amount in the rest of the UK. What does this mean for individuals and businesses?
The main headline from the Autumn Statement was the announcement that the Government will reduce National Insurance Contributions for both the employed and self-employed.