- About us
- Latest Information
- Our Services
- Rates & Allowances
- Contact Us
The Key Points from todays budget are:
- Personal tax-free allowance will be increased to £10,800 in April 2016, and to £11,000 in April 2017.
- Beer duty to be cut for the third year running, with 1p off the price of a pint. Cider duty to be cut by 2%. Duty on scotch whisky and other spirits to be cut by 2%. Wine duty to be frozen.
- Pension pot lifetime allowance to be reduced from £1.25m to £1m from next year, saving £600m annually.
- National Minimum Wage will rise by 20p an hour to £6.70 from October.
- Corporation tax to be cut to 20% in two weeks’ time.
- “Help to buy ISA” will be launched for first-time buyers. For every £200 saved for a deposit, the Government will top it up with £50.
- Personal savings allowance to be launched, taking 95% of Britons out of savings tax altogether.
- Fuel duty increase scheduled for September is cancelled.
- Employers’ National Insurance contributions for under-21s to be abolished from this April, and for young apprentices from April 2016.
- Class 2 National Insurance contributions for the self-employed to be abolished entirely in the next parliament.
- Annual tax return to be abolished altogether.
- “More generous” tax credits for TV and film, expanded support for video games industry and new tax credit for orchestras.
- Trebling in £15m fund for church roof appeals, and extension to £8,000 in automatic gift aid to benefit 6,500 small charities.
- Review on the use of deeds of variation to avoid inheritance tax to report by the autumn.
- Charities for British servicemen and women to receive £75m, funded by Libor fines.
- Up to £600m to clear new spectrum bands for further auctions, improving mobile phone coverage nationwide, including in remote communities.
- Funding for wifi in public libraries and new national plan for ultra-fast broadband to nearly all homes in the country.
- New investment in transport and regeneration across London, and funding to address acute housing shortages in the capital.
- Automotive industry to receive £100m in investment in the race to driverless technology.
- North Sea oil industry to receive £1.3bn in support through four new measures.
- £1m to buy defibrillators for public places, including schools.
- Expanded support for creative industries, including a new tax credit for orchestras.
- Consultation on tax support for local newspapers.
- Measures on tax avoidance and evasion to raise £3.1 billion over the forecast period.
- Legislation next week on diverted profits tax aimed at multinationals shifting profits offshore, with policy to take effect at the start of April.
- The Office for Budget Responsibility says Britain’s economy grew by 2.6% last year.
- Growth forecast for 2015 revised up by 0.1% to 2.5%, with unemployment set to fall by 0.1% from 5.4% to 5.3%.
- OBR revises 2015 inflation forecast down to 0.2%.
- Sale of £13bn of mortgage assets held by the Government after the bailout of Northern Rock and Bradford & Bingley is going to be launched. This will be used to pay down the national debt.
- Bank levy increased to 0.21%, raising an additional £900m a year. New banking taxes to raise £5.3bn across forecast period.
- Farmers will be allowed to average their incomes for tax purposes over five years.
Tagged with: budget2015
- Autumn Budget 22 November 2017 – Key Points
Hammonds ‘Balanced approach’ – the key points:
£500m to go towards a 5G mobile network, fibre broadband and AI
1% increase in Benefit in Kind on diesel company cars
Vehicle Excise Duty to go up by 1 band from 2018 on cars that don’t meet the standard
Extra £650m to […]
- Key Points Spring Budget 2017
The Spring budget was presented by Mr Philip Hammond on 8th March 2017.
A summary of the main points are noted below:
Class 4 National Insurance to increase from 9% to 10 % in April 2018 and to go up to 11% in April 2019. All class 4 earnings above £43,000 will continue […]
- Married Couples Allowance
Transfer unused tax allowance to save up to £212.00 in tax year 2015/16
If you are a married couple or are in a civil partnership, you may qualify for couples tax relief worth up to £212 in 2015/16.
Who does this apply to?
This tax relief is available to married couples and couples in a […]
- Budget 2016 – Key Points
Sugar levy on soft drinks
This aims to raise £520m in a two-part levy on companies – one for total sugar content above 5g per 100ml and one for drinks with more than 8g per 100ml – to be introduced in two years’ time. Pure fruit juice and milk are excluded. It will be used […]
- National Living Wage
The 1 April 2018 the National Living Wage (NLW) for workers aged 25 and above will increase to £7.83 per hour. The current National Minimum Wage for those under the age of 25 will continue to apply and the rates set from 1 April 2018 can be found here National Minimum Wage Rates .The Government’s objective is to have a […]
- Autumn Budget 22 November 2017 – Key Points