Category: Tax

Pensions will always be a long term planning issue for the country and increasingly, Government policy has aimed to pass the responsibility for pension funding onto individuals. The wide ranging reforms announced in the 2014 Budget for the taxation of Defined Contribution pension schemes will provide some much needed encouragement for pension savings. The reforms … Continued

As announced in the 2013 Autumn Statement, legislation will be introduced in Finance Bill 2014 to simplifying filing and payment dates for IHT-relevant property trust charges. Legislation will also be introduced to treat income that has arisen in such trusts but which remains undistributed for more than five years as part of the trust capital … Continued

Seed EIS was introduced in 2012/13 to provide tax relief for individuals investing in small start-up companies and was originally scheduled to end on 5 April 2017. It was announced in the Budget that the generous tax breaks would now be made permanent: – A 50% tax reducer on up to £100,000 invested each tax … Continued

The VAT registration limit has been increased by £2,000 to £81,000 from 1 April 2014. The de-registration limit also increased by £2,000 to £79,000. If you have any queries please contact Sue Stephens or John Elliott. For the full 2014 Budget Summary please click this link BWM 2014 Budget Report

From 1 April 2014 to 31 March 2015 the main rate of corporation tax is 21% where a company’s profits exceed £1,500,000 (divided by companies under common control). The 20% small profits rate continues to apply to companies with profits up to £300,000 (also divided as above).  As previously announced a single corporation tax rate … Continued

It had already been announced that the CGT annual exempt amount would increase to £11,000 for 2014/15 and £11,100 for 2015/16. With a top CGT rate of 28% this allowance potentially saves just over £3,000 a year, or £6,000 for a married couple. There has been no change in the inheritance tax nil rate band … Continued

The 20% basic rate band is £31,865 for 2014/15 and will be £31,785 for 2015/16. This means that you pay 40% tax if your taxable income exceeds £41,865 for 2014/15 and £42,285 for 2015/16. The 45% top rate continues to apply to taxable income over £150,000 for 2014/15. If you have any queries please contact … Continued

This budget aims to support savers, who have seen little reward while interest rates have been so low. All savers should benefit from a number of measures to be introduced at various stages over the next twelve months and the dates mentioned below are key to ensure you make best use of the opportunities on … Continued

The current £5,000 limit for cheap or interest free loans to directors and employees increases to £10,000 from 6 April 2014. This means that such loans will not need to be reported on form P11d and there will be no income tax or national insurance liability on loans up to the new limit. However, as … Continued