Family business bulletin |
March 2024
Welcome to our March 2024 edition
With 2024 in full swing and the recent announcements from the Budget, there is plenty for family businesses to contemplate.
Our latest Family Business Bulletin includes insights on the Spring Budget 2024 and what this means in a practical sense from both a business and personal point of view. We have also included some more specific insights for those involved in the real estate and construction industry.
Our Tax Facts for 2024/25 summary will ensure you are always one step ahead and aware of the key tax rates and upcoming deadlines.
I hope you enjoy this edition – and as always, please do contact us if you have any questions around the announcements from the Budget or how our family business team can help your business grow.
Family business diagnostic tool
Access our family business diagnostic tool to discover your top three strengths and weaknesses, with suggested areas of development.
Important dates
1 April 2024
New National Living/Minimum Wage rates.
5 April 2024
End of the tax year and last few days to use any allowances and exemptions in 2023/24.
Deadline for registering online to ‘payroll’ benefits and expenses in 2024/25.
6 April 2024
First day of the 2024/25 tax year.
19 April 2024
Last day to submit final Employer Payment Submissions (EPS) for 2023/24.
(After this date corrections for 2023/24 must be made on a RTI Earlier Year Update.)
30 April 2024
IHT due on lifetime transfers made between 6 April and 30 September 2023.
(IHT on other transfers payable 6 months after the end of the month in which the transfer or death occurred.)
Spring Budget 2024
During the Budget, the chancellor explained that after the difficulties of the last few years, the economy is turning a corner, meaning the government can make tax cuts which will in turn lead to higher growth in the future.
Real estate and construction – key changes from the Spring Budget 2024
The Budget provided several changes which will impact the sector. This insight covers significant changes including Captial Gains Tax, Multilple Dwellings Relief and Furnished Holiday Lettings.
Tax Facts 2024/25
Our online guide includes the key rates and dates you need to be aware of for 2024/25.
Tax year end and upcoming deadlines
We summarise the deadlines to help track the dates before the 2023/24 tax year ends, as well as the upcoming deadlines after the tax year end.
Videos
Spring Budget 2024