VAT
The VAT registration threshold has been fixed at £85,000 since 1 April 2017, but will increase to £90,000 on 1 April 2024. This will be a welcome increase for those small businesses at risk of being dragged into VAT registration due to thresholds not keeping up with inflation. The deregistration threshold (i.e. the level of supplies that a business already registered for VAT would need their supplies to fall beneath before they can cancel their registration) will increase from £83,000 to £88,000 from the same date
Duties
The freeze in alcohol duties will continue for another year until 1 February 2025.
The 5p cut in fuel duties implemented by the 2022 Spring Statement will continue for another 12 months.
A new duty on vaping products will be introduced, but this is not expected to be until October 2026, after a period of consultation. Tobacco duties will increase from the same date.
Please click here to go back to our full Spring Budget 2024 analysis.
