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A couple of announcements today on the VAT and duties front:
VAT
The taxable turnover threshold, which determines whether a person must be registered for VAT, will increase from £85,000 to £90,000 from 1 April 2024.
The taxable turnover threshold for deregistration will increase from £83,000 to £88,000 from 1 April 2024.
Alcohol Duties
Alcoholic products were due to see an inflationary rise in duty from 1 August 2024 onwards. However to support local pubs this will now remain frozen until 1 February 2025.
Fuel Duties
The Government announced that in response to the cost-of-living crisis it will maintain the current fuel duty levels for another 12 months through to April 2025. This will keep the duty down by 5p per litre for petrol and diesel.
Vaping Products Duty
The Government announced a new vaping products duty to be introduced from 1 October 2026, with registrations for the duty opening from April 2026.
The duty will vary between £1 – £3, depending on the amount of nicotine per ml.
Tobacco Duties
To coincide with the new vaping products duty, there will also be a one off increase in tobacco duty from 1 October 2026. This increase will amount to £2.00 per 100 cigarettes or 50 grams of tobacco.
Stamp Duty Land Tax
Multiple Dwellings Relief provides for a Stamp Duty Land Tax reduction in England and Northern Ireland where more than one dwelling is purchased in the same transaction. This relief will be abolished from 1 June 2024.
Contracts that were exchanged on or before 6 March 2024 will continue to benefit from the relief regardless of when completion takes place, as will any contracts that complete before 1 June 2024.
Museums and Galleries Exhibitions Tax Relief
The current reliefs in place are 45% for non-touring productions and 50% for touring productions under the Government’s sunset clause. From 1 April 2025 onwards the government has set the rates permanently at 40% for non-touring productions and 45% for touring productions.
For more details on what was announced in the 2024 Spring Budget in relation to VAT and other duties, please contact our team on 01228 711888.
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