Making Tax Digital
The government confirmed that Making Tax Digital (MTD) will go ahead as planned from April 2026 for self-employed individuals and landlords with annual income over £50,000. Those with income over £30,000 will follow from April 2027.
The position is being kept under review for those with income below £30,000.
Business Rates – freeze in the small business rates multiplier in 2024-25
From April 2024, the small business multiplier will be frozen for 12 months. This will maintain the small business multiplier at 49.9p.
The standard multiplier will increase to 54.6p, an increase of 6.7%.
Business Rates – 75% relief for Retail, Hospitality and Leisure sectors
A 75% business rates discount will be granted to businesses occupying eligible retail, hospitality and leisure properties in England. There is a cash cap of £110,000 per business. The discount will apply for one year from 1 April 2024.
For more information on business rates relief click here.
HGV Levy and Vehicle Excise Duty for HGVs –
Freeze rates in 2024-25
The Heavy Goods Vehicle (HGV) Road User Levy rates and the HGV Vehicle Excise Duty (VED) for 2024-25 have been kept at 2023-24 levels.
