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Monthly Archives: March 2015

Key Points of the 2015 Budget

In case you missed the news here is a brief summary of the announcements in the recent budget.

Income Tax Personal Allowances
The basic personal allowance for 2015/16 is £10,600. This will increase to £10,800 in 2016/17 and the higher rate threshold will increase to £31,900.

Class 2 National Insurance contributions
Class 2 NI contributions are to be abolished in the next parliament, but no date have been set.

Personal Savings Allowance
From April 2016 the first £1,000 of savings income will be exempt from income tax for basic rate taxpayers. This threshold will be reduced to £500 for higher rate taxpayers.

Help to Buy: ISA
First time buyers who save into a Help to Buy: ISA will receive a £50 bonus for every £200 they save up to a maximum bonus of £3,000.

Lifetime Allowance for Pension Contributions
The lifetime allowance for pension contributions will be reduced to £1 million from April 2016.

Capital Gains Tax Entrepreneurs Relief
Entrepreneurs relief will be denied on the disposal of shares in a company that is not a trading company in its own right.
Individuals will not be able to claim entrepreneurs relief on the disposal of personal assets used in a business unless they are disposed of in connection with the disposal of at least 5% shareholding in the company.
From 3 December 2014 entrepreneurs relief will not be claimable on disposals of goodwill to a related close company.

Corporation Tax
The main rate of corporation tax will be reduced to 20% from 1 April 2016.
From 3 December 2014 corporation tax relief will not be claimable on disposals of goodwill to a related close company.
R&D tax credit rates for SME’s will be increased to 230% from 1 April 2015.

VAT thresholds
The VAT registration threshold will be increased to £82,000 from 1 April 2015 and the deregistration threshold increased to £80,000

Tax Returns
The Chancellor announced his intention to introduce digital tax accounts. This will mean the end of the requirement to submit an annual tax return. Instead the information will be gathered from accounting records.

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