17 March 2016

As you know we are an accounting practice which specialises in assisting owners of small businesses.
To assist you, we have carried out an initial review of the chancellors latest budget and below is highlighted the changes which are most likely to affect our clients.
The headline points which stand out are:

Could be good for you:
  1. Tax-free personal allowance to rise to £11,500
  2. Capital Gains Tax to be cut from 28% to 20%, and from 18% to 10% for basic-rate taxpayers
  3. Headline rate of corporation tax – currently 20% – to fall to 17% by 2020
  4. Annual threshold for small business rate relief to be raised from £6,000 to a maximum of £15,000, exempting 600,000 firms
  5. Commercial stamp duty 0% rate on purchases up to £150,000, 2% on next £100,000 and 5% top rate above £250,000. New 2% rate for high-value leases with net present value above £5m. Effective from midnight
  6. Capital Gains Tax to be cut from 28% to 20%, and from 18% to 10% for basic-rate taxpayers
Possibly bad for you:
  1. Anti-tax avoidance and evasion measures to raise £12bn by 2020
  2. £9bn to be raised by closing corporate tax loopholes and tax minimisation schemes
  3. Use of “personal service companies” by public sector employees to reduce tax liabilities to end 

If you want to discuss how the above might affect your business please contact Rachel Labercombe on 02392 388 003 or by email Rachel@helpboxuk.com
Source: New feed