6 March 2024 saw Jeremy Hunt announce his third budget as Chancellor. Last year, Hunt
started the Budget announcement stating that the UK would not enter a recession in 2023
but by October 2023, we had entered a recession. This gave Hunt a challenging starting
point, and with an election looming, this needed to be a people-pleasing Budget.
Hunt noted that since 2020 growth has been higher than in every other large European
economy, unemployment has halved and absolute poverty has decreased. He
acknowledged that we remain in challenging times and the budget aims for long-term
growth.
Hedges-Quinn has put together this simple, no-jargon guide on the headlines that will
impact you as a business owner.
SMEs
Orchestras, Museums, Galleries and Theatres
HMRC investment
HMRC will receive additional investment to increase revenue collection.
National Insurance
Childcare
As a reminder, this means that from September 2026, families, where all adults in the home are working a minimum of 16 hours a week, will be eligible for 30 free hours of childcare a week from the age of 9 months. This will be introduced in stages from April 2024, and be fully in place by September 2026.
Alcohol and Fuel Duty
Vaping and Tobacco
Air passenger duty
An increase in duty is to be introduced on non-economy flights.
Non-dom tax status
Currently, the non-dom regime is that people pay UK tax on money that is earned in
the UK. This is to be abolished, and replaced with a more modern, simpler approach.
From April 2025, new arrivals to the UK will not have to pay tax for four years on
money earned elsewhere. After four years, they will pay full UK tax.
Oil and gas windfall tax
The windfall tax introduced in 2022 will be extended to 2029.
Holiday lets
The furnished holiday lettings regime is to be abolished to improve the availability of
long-term rental homes.
Property Tax
If you are interested in reading impartial facts and would like to know more details, about both business and personal impact, the full speech is available on the Gov.uk website.
If you have any concerns about your commitments, your business or your financial security, please do give us a call.