Spring Budget 2024 Tax Advice2024-03-19T11:54:56+00:00

Spring Budget 2024 Tax Advice

Get in touch to discuss your tax 07813 434195 stephanie.churchill@churchilltaxation.co.uk

The Spring Budget 2024 is your cue to review your tax affairs.

It’s important to think about how the announcements might affect you.

There are several big changes, including:

  • A major shake-up of taxation for non-domiciled individuals (non-doms)
  • Scrapping of the furnished holiday lettings tax regime and Multiple Dwellings Relief
  • Cuts to National Insurance and capital gains tax

SPRING BUDGET TAX ADVICE

Our team of professional UK tax advisers can:

  • Guide you through the Budget changes
  • Explain what they mean for you
  • Help you plan and prepare for the new tax measures

You can also talk to us about what impact the forthcoming UK General Election might have on taxes and your finances – and how you can get ready for potential further changes.

SPRING BUDGET 2024 TAX CHANGES

NON-DOM TAX

How is it changing?

  • The current rules for non-UK domiciled individuals will end from April 2025.
  • Under the new system, if you’ve been tax resident in the UK for more than four years, you’ll pay UK tax on your foreign income and gains, regardless of where you’re domiciled.

Our view

This is a major change to how non-doms are taxed in the UK. The changes will apply if you:

  • Are already in the UK claiming the remittance basis
  • Plan to come to the UK
  • Have already claimed the remittance basis in the past

Non-domicile status has always been a complex area of taxation and the changes won’t immediately simplify the system.

There will be a transitional period that may be useful if you have foreign income that has never been brought into the UK. You may want to take advantage of the opportunity to bring funds into the UK at a preferential tax rate of 12%.

You should get professional tax advice, especially if you’ve ever used the non-dom rules.

PROPERTY TAX

How is it changing?

  • The furnished holiday lettings (FHL) tax regime will be abolished from April 2025, which means short-term and long-term lets will be treated the same for tax purposes.
  • Multiple Dwellings Relief (MDR) will be scrapped from June 2024.
  • The higher rate of capital gains tax (CGT) on property will be cut from 28% to 24% from April.

Our view

The drop in the higher rate of CGT will compensate slightly for the loss of the furnished holiday lettings regime and Multiple Dwellings Relief.

If you’ve relied on the FHL rules for one or more of your properties, it’s important to get advice before the changes take effect in April 2025.

MDR, meanwhile, has become a widely used relief that could reduce the amount of Stamp Duty Land Tax (SDLT) you pay in England and Northern Ireland. So, if you have property transactions that might benefit from the relief, you should try to complete before the relief is scrapped.

NATIONAL INSURANCE

How is it changing?

  • Cut to the main rate of Class 1 employee National Insurance contributions (NICs) from 10% to 8% from‌‌‌ ‌‌‌‌April 2024.
  • And a further cut of 2p to the main rate of Class 4 self-employed NICs, taking this to 6%.
  • Government to consult on Class 2 NICs abolition later this year.

Our view

The National Insurance cuts had been widely publicised and will be welcomed by many.

Why Choose Us

WHY CHOOSE CHURCHILL TAXATION?

  • We translate complex legislation into clear, plain-English UK tax advice
  • Trained professionals with many years’ experience in the world of tax
  • Up-to-date knowledge of changes in legislation
  • Bespoke service
  • Transparent fees – agreed at the start
  • Members of the Chartered Institute of Taxation (CIOT), the Association of Accounting Technicians (AAT) and the Tax Advice Network

WHO WE HELP

We support a range of private clients, businesses, and accounting and finance professionals, including:

  • Sole traders and entrepreneurs
  • High net worth individuals (HNWIs)
  • Retirees
  • Property developers, landlords and property investors
  • Accountants and finance professionals

READ MORE
Spring Budget 2024: our summary and what it means for you

GET HELP WITH YOUR TAXES

Talk to our team about the Spring Budget 2024 changes and other tax matters. Call us on 07813 434195 or email stephanie.churchill@churchilltaxation.co.uk

Our prices start from £295 per hour plus VAT, and our fees are agreed at the start, so you’ll be clear on the cost.

As experts in this area, we’ll translate complicated legislation to help you manage your trust or estate tax.

We’ll take away your tax return headache by tackling this complex document on your behalf, saving you valuable time.

Our independent, professional tax advisers will help you plan for a financially-healthy future, giving you peace of mind.

We have specialist knowledge of offshore tax and can help you with a range of ‘non-dom’ issues, to ensure you comply with the latest changes.

We’ll take away unnecessary stress by dealing with HMRC tax enquiries and investigations on your behalf.

Our property tax specialists will help you save money by ensuring your property business is tax efficient and compliant with the law.

We’re trained in dealing with the complex legal, financial and tax matters that are all part of the probate process.

Our team can guide you through the Spring Budget 2024 tax changes and help you prepare for the new measures.

Our tax expert witness service provides solicitors and forensic accountants with specialist tax knowledge for court cases and tribunals across the UK.

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