{"id":538,"date":"2024-07-18T09:51:00","date_gmt":"2024-07-18T09:51:00","guid":{"rendered":"https:\/\/www.bsassociate.co.uk\/blog\/?p=538"},"modified":"2024-07-18T09:51:00","modified_gmt":"2024-07-18T09:51:00","slug":"spring-budget-2024-key-changes-for-employers-and-employees-uk","status":"publish","type":"post","link":"https:\/\/www.bsassociate.co.uk\/blog\/spring-budget-2024-key-changes-for-employers-and-employees-uk\/","title":{"rendered":"Spring Budget 2024: Key Changes for Employers and Employees (UK)"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The Spring Budget, delivered by Chancellor Jeremy Hunt on March 6, 2024, outlined the government&#8217;s plans for tax reform and public spending. This explainer focuses on two key changes relevant to employers and employees: National Insurance contributions (NICs) and the High Income Child Benefit Charge.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Lower National Insurance Contributions (NICs)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The government announced a reduction in NICs, a tax paid by both employers and employees that contributes to national insurance programs. Here&#8217;s what you need to know:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Reduced Employee NICs:<\/strong>&nbsp;The main rate of Class 1 NICs paid by employees will decrease from 10% to 8%, effective from April 6, 2024.<\/li>\n\n\n\n<li><strong>Lower Tax for Self-Employed:<\/strong>&nbsp;The main rate of Class 4 NICs for self-employed individuals will be further reduced from 9% to 6%, starting April 6, 2024. This builds upon a previous reduction announced in the Autumn Statement.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What Employers Need to Do:<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Employers should begin working with their payroll software provider and IT partners (if applicable) to implement the changes to Class 1 employee NICs by April 6, 2024. HMRC (Her Majesty&#8217;s Revenue and Customs) will update their Basic PAYE Tools to reflect this change.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.bsassociate.co.uk\/blog\/wp-content\/uploads\/2024\/03\/key-changes-tax-1024x576.jpg\" alt=\"Tax Key Changes for Employers and Employees (UK)\" class=\"wp-image-548\" srcset=\"https:\/\/www.bsassociate.co.uk\/blog\/wp-content\/uploads\/2024\/03\/key-changes-tax-1024x576.jpg 1024w, https:\/\/www.bsassociate.co.uk\/blog\/wp-content\/uploads\/2024\/03\/key-changes-tax-300x169.jpg 300w, https:\/\/www.bsassociate.co.uk\/blog\/wp-content\/uploads\/2024\/03\/key-changes-tax-768x432.jpg 768w, https:\/\/www.bsassociate.co.uk\/blog\/wp-content\/uploads\/2024\/03\/key-changes-tax-1536x864.jpg 1536w, https:\/\/www.bsassociate.co.uk\/blog\/wp-content\/uploads\/2024\/03\/key-changes-tax-150x84.jpg 150w, https:\/\/www.bsassociate.co.uk\/blog\/wp-content\/uploads\/2024\/03\/key-changes-tax.jpg 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Modification to the High Income Child Benefit Charge<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The High Income Child Benefit Charge applies to higher-income earners <a href=\"https:\/\/www.bsassociate.co.uk\/blog\/tax-free-childcare-save-up-to-2000-a-year-on-childcare\/\">claiming Child Benefit<\/a>. The Spring Budget introduced the following modifications:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Increased Threshold:<\/strong>&nbsp;The income threshold at which the charge starts applying will rise from \u00a350,000 to \u00a360,000 per year, effective April 6, 2024.<\/li>\n\n\n\n<li><strong>Tapered System:<\/strong>&nbsp;The charge will be gradually introduced (tapered) for those earning between \u00a360,000 and \u00a380,000. Essentially, the more you earn above \u00a360,000, the higher the charge becomes.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What Employees Should Know:<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Employees who haven&#8217;t previously claimed Child Benefit or may have opted out can now reconsider claiming. Due to the tapered system, claiming Child Benefit might still be financially beneficial even with an income between \u00a360,000 and \u00a380,000.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Claiming Child Benefit:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Claims can be made easily through the HMRC app or online.<\/li>\n\n\n\n<li>Backdated claims are possible for up to 3 months or the child&#8217;s birth date (whichever is later).<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Click here below learn more overview of tax legislation and rates (OOTLAR)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Visit >><\/strong>  S<a href=\"https:\/\/www.gov.uk\/government\/publications\/spring-budget-2024-overview-of-tax-legislation-and-rates-ootlar\/spring-budget-2024-overview-of-tax-legislation-and-rates-ootlar\">pring budget 2024 <\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"500\" src=\"https:\/\/www.bsassociate.co.uk\/blog\/wp-content\/uploads\/2024\/03\/Spring-Budget-2024.jpg\" alt=\"Spring Budget 2024: Key Changes for Employers and Employees (UK)\" class=\"wp-image-545\" srcset=\"https:\/\/www.bsassociate.co.uk\/blog\/wp-content\/uploads\/2024\/03\/Spring-Budget-2024.jpg 1000w, https:\/\/www.bsassociate.co.uk\/blog\/wp-content\/uploads\/2024\/03\/Spring-Budget-2024-300x150.jpg 300w, https:\/\/www.bsassociate.co.uk\/blog\/wp-content\/uploads\/2024\/03\/Spring-Budget-2024-768x384.jpg 768w, https:\/\/www.bsassociate.co.uk\/blog\/wp-content\/uploads\/2024\/03\/Spring-Budget-2024-150x75.jpg 150w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The Spring Budget 2024 outlines the government&#8217;s commitment to supporting working people, investing in public services, and stimulating economic growth. By understanding its key points and implications, you can better navigate the changes and opportunities it presents. Stay informed, stay engaged, and make the most of the opportunities available to you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Spring Budget, delivered by Chancellor Jeremy Hunt on March 6, 2024, outlined the government&#8217;s plans for tax reform and public spending. This explainer focuses on two key changes relevant to employers and employees: National Insurance contributions (NICs) and the High Income Child Benefit Charge. Lower National Insurance Contributions (NICs) The government announced a reduction [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[19],"tags":[],"class_list":["post-538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hmrc-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Spring Budget 2024: Key Changes for Employers and Employees (UK)<\/title>\n<meta name=\"description\" content=\"Spring Budget 2024 explained for UK employers &amp; employees. 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