New tax year – the view from Sage

As the UK election draws nearer, the Chancellor has introduced a swathe of changes for the new tax year in April 2024. Many of these will impact small business owners and the self-employed and require you to review your tax affairs quickly.

This article from Sage assesses all the changes and initiatives that have come into force, and how to respond to help your business face the new tax year with confidence.

Here’s what we cover:

• national insurance contribution rate cuts
• dividend tax allowance cut and review of remuneration plans
• VAT registration threshold rises to £90k
• high-income child benefit charge threshold rises to £60k
• minimum wage increases
• new research and development tax reliefs
• capital gains tax changes
• cash basis change to benefit many self-employed people
• tax year change needs careful attention
• additional new tax year measures
• final thoughts on the new tax year.

Read the article now