Budget 2014

March 21st, 2014  |  Published in Uncategorized

I know you only care about the 1p off a pint (buy 300, get a free pint and an ambulance), and cheaper bingo, but there was also some other stuff.

Business taxation summary

Doubled annual investment allowance – from the current £250,000 to £500,000 until the end of 2015.
R&D tax credit increased from 11% to 14.5% from April 2014
SEIS and rollover relief made permanent
VAT threshold increased in line with inflation to £81,000
Housing boost -Help To Buy extended to 2020 and £500m Builders Finance Fund
Increase in company car tax rates – The fuel benefit charge multipliers for both company cars and vans will increase in line with inflation for 2015 to 2016. Discount for low emissions improved
£85m promised for extra apprenticeship grants
Rates relief extended for small businesses

Personal tax summary

Personal allowances to rise to £10,500 in 2015-16
Class 2 NICs moved into SA
Incentives for savers – ISAs merged and limits increased to £15,000. You still earn damn all interest, though.
Osborne increases pensions flexibility – amount that can be taken out as a taxed lump sum rises to £30,000 from 27 March 2014. How you are supposed to buy a Lamborghini with that beats me.

A full set of tax tables can be found here: http://www.accountingweb.co.uk/article/tax-tables-2014-15/550981

Comments are closed.