Spring Budget 2024

Home » Spring Budget 2024

From VAT threshold changes to National Insurance reform, find out how the 2024 Spring Budget could benefit your business.  

  • The Recovery Loan Scheme (RLS) will be renamed as the Growth Guarantee Scheme. It will run until the end of March 2026 and will offer a 70% Government guarantee on loans to SMEs of up to £2 million in Great Britain, and £1 million in Northern Ireland.  
  • The VAT registration threshold will increase from £85,000 to £90,000 from April 2024. This gives more room to grow before having to deal with VAT.  This will benefit over 28,000 businesses in 2024-25 from no longer being VAT registered.    
  • Building on the 2-percentage point cut to Employee National Insurance in the Autumn Statement, a second 2p cut will be made from 10% to 8% from April.  Combined with the cut of Employee National Insurance at Autumn Statement, this slashes the main rate of Employee NICs by a third and means the average worker earning £35,400 a year will be over £900 better off this year.  
  • The freeze on alcohol duty will be further extended from the Autumn statement last year, benefiting 38,000 pubs across the UK, a win for businesses in the hospitality sector.  
  • The temporary 5p cut in Fuel Duty was due to expire at the end of March 2024. However, to support people and businesses with the cost of living, this will continue to be remain frozen until March 2025.  
  • A  new SME Digital Adoption Taskforce will be launched, to investigate how best to support the adoption of digital technology in order to boost productivity for businesses.