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.

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