Budget 2015Mar. 19, 2015, 10:31am
Safe but sound…
With only two months to go before the general election, the Budget announced yesterday by Chancellor George Osborne yielded predictably few surprises but did hold some good news for our region’s business community.
The Chancellor promised unspectacular, and that is what he delivered!
This budget was good for business in the sense that there were no short term or overtly political gestures creating uncertainty.
Mr Osborne stated, ‘You can’t create jobs without successful business. As well as the right infrastructure, businesses also need low, competitive taxes.’
He went on to announce that corporation tax is to be cut to 20% and Class 2 National Insurance contributions abolished for those who are self-employed.
The Annual Investment Allowance (currently £500,000) is due to come to an end on 1 January 2016. The Chancellor has signalled that a reduction to the earlier allowance of £25,000 would not be ‘remotely acceptable,’ but other than being advised that it will be ‘set at a more generous rate’ we will have to wait until the Autumn statement to find out what this will be.
Also announced was the abolition of the annual tax return. Starting next year, information required by HMRC will be automatically uploaded into new digital tax accounts.
All in all, this can be considered a safe Budget with some steps forward in terms of making life for businesses easier and reducing some of the more arduous tax burdens.
The chancellor’s full speech can be found here.
As always, tax needs planning which in turn needs time. Come and talk to us to be assured of efficient tax planning.
Handy tax rates reference card
We have prepared a summary of the key points from the budget relating to tax rates in 2015/2016 as a quick point of reference for business and personal purposes.
— Tindle’s LLP