Personal allowances and tax bands for 2015-16 remain at the level previously announced. The personal allowance remains at £10,600 for anyone born on or after 6 April 1938. For those born before that date the allowance remains at £10,660. These allowances are withdrawn at the rate of £1 for every £2 by which “adjusted net … Continue reading July Budget 2015: Personal Tax →

No immediate change to Corporation Tax Rates but reductions coming up The current rate of Corporation Tax is 20% and this rate will continue in 2016-17. It has now been announced that this will be reduced to 19% for the three years from 1st April 2017, with a further reduction to 18% from 1st April … Continue reading July Budget 2015: Business Tax →

Capital Gains Tax Rates and Allowances From April 2015 the annual exemption will increase to £11,000. The rate of tax will be 18% to the extent that there is unused basic rate tax band, and 28% thereafter. These rates are unchanged. Disposals qualifying for Entrepreneurs Relief will continue to be taxed at 10% subject to … Continue reading The Budget 2015 – Capital Taxes →

National Insurance From April 2015 employers NIC for employees aged below 21 on the date of payment will be reduced from 13.8% to 0% on earnings up to the Upper Secondary Threshold of £815 per week. Employers NIC in respect of apprentices aged below 25 are similarly reduced. The Employment Allowance of up to £2,000 … Continue reading The Budget 2015 – Employment Tax →

Corporation Tax From April 2015 the Small Companies Rate and the Main Rate of Corporation Tax will merge. For both 2015-16 and 2016-17 the rate of Corporation Tax will be 20%. Annual Investment Allowance The Annual Investment Allowance has been at £500,000 per annum from April 2014. This gives tax relief of 100% on most … Continue reading The Budget 2015 – Business Tax →