March 18, 2015
A quick BUDGET 2015 review!
Here are a few highlights from the budget which might affect your business:
- Minimum wages for adult, youth and apprentice will increase
- The tax-free Personal Allowance is to rise from £10,600 in 2015-16 to £10,800 in 2016-17 and £11,000 in 2017-18
- The threshold that individuals start paying 40p tax will rise from £42,385 to £43,300
- Class 2 National Insurance contributions for the self-employed to be abolished
- September’s planned petrol increase has been scrapped
- Annual paper tax returns to be abolished
- Business rates will be reviewed
- Automatic gift aid limit for charities will be extended to £8,000
- Farmers to be allowed to average incomes for tax purposes over five years
- New tax credit for orchestras and consultation on tax relief for local newspapers
Don’t forget to look out for our new 2015/16 Tax Fact card. You can find more useful information in the resources section.
