We hope you all enjoyed a cracking Easter. Now as the General Election looms closer, what does it mean for you and your business?
The Chancellor offered up some pre-election sweeteners in his Budget 2015. Slicing corporation tax to 20% and scrapping September’s planned hike in fuel duty are helpful measures.
Encouraging people to put money away through a new £1000 tax free investment income allowance, flexible ISAs and Help to Buy saving pots were also welcomed.
Good news too that the tax-free personal allowance is to eventually rise to £11,000 and the threshold at which people start paying 40p income tax is also planned to rise to £43,300. Downside? The full impact of these changes will not come into effect until 2017-8.
George Osborne also announced the ‘death of the annual tax return’ setting out a time frame for HMRC to collate the tax affairs of millions of Britons digitally. Great if your tax affairs are straight-forward and you would rather handle another aspect of your life online, but HMRC’s track record with IT projects does not leave us too hopeful.
Our feedback is that many would prefer the support of our friendly team of professionals, expert in saving businesses money and time.
So there were a few rabbits pulled out of the hat for savers and first time buyers. If you need any advice on how the budget affects you, we’re here to offer jargon-free support.
Our specialists are just a phone call away – please do not hesitate to get in touch.
My very best wishes