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.