Exciting News for Small Businesses:

Hey there, fellow small business owners! If you're like us, you've probably been eagerly awaiting the latest updates from Chancellor Jeremy Hunt's Spring Budget 2024. Well, the wait is over, and we're here to break down the key highlights and how they could impact YOUR business.

1. National Insurance Cuts: Get ready for some extra savings! The government has announced further cuts to National Insurance rates for both employees and self-employed workers. With millions set to benefit, this could mean more money in your pocket.

2. VAT Threshold Changes: VAT rules are getting a shake-up, with the registration threshold increasing. While this could benefit many small businesses, there are still some challenges to navigate in the VAT landscape.

3. Capital Gains Tax Reduction: Planning to sell a property? You're in luck! The higher rate of Capital Gains Tax on residential property sales is dropping, potentially making it a good time to consider your options.

4. Creative Industries Tax Reliefs: For those in the creative sector, there's good news on the horizon. The government is pledging significant tax reliefs to support the growth of creative businesses, including film studios and cultural institutions.

5. Extended Capital Allowances: Thinking about investing in new assets? Keep an eye out for extended capital allowances, which could provide valuable tax savings for your business.

6. Freezes on Duties: Stability is key for businesses, and the freeze on Alcohol Duty and Fuel Duty means you can breathe a sigh of relief. This could help keep your costs down and your business running smoothly.

7. Changes to Child Benefit Charge: Families with high incomes will see changes to the Child Benefit system, aimed at making it fairer for everyone involved.

8. Non-Dom Tax Regime Changes: If you have international ties, you'll want to pay attention to the changes coming to the non-dom tax regime. These adjustments could have significant implications for your tax obligations.

At Fincollab, we're committed to keeping you informed about the latest developments that could impact your business. Stay tuned for more updates and insights to help you navigate the ever-changing business landscape.

Got questions or need advice? We're here to help! Reach out to us anytime, and let's keep building success together.

Cheers to your continued success!