VAT prompt payment discounts Currently, if a supplier offers a prompt payment discount then they account for VAT on the discounted price even when that discount is not taken up. From 1 April 2015 VAT will be accounted for on the full amount paid for goods and services where prompt payment discounts are offered. VAT … Continue reading The Budget 2014 – Other Matters →

CGT rates For 2013/14 the rates of CGT are 18% to the extent that any income tax basic rate band is available and 28% thereafter. The rate for disposals qualifying for Entrepreneurs’ Relief is 10% with a lifetime limit of £10 million for each individual. The rates and limits remain unchanged for 2014/15. CGT annual … Continue reading The Budget 2014 – Capital Tax →

Employer provided cars From 6 April 2014, the bands used to work out the taxable benefit of a company car remain the same but the percentage applied by each band increases by 1%. There is an overriding maximum charge of 35% of the list price of the car. From 6 April 2015, the percentage applied … Continue reading The Budget 2014 – Employment Tax →

Corporation tax rates The main rate of corporation tax will be 21% from 1 April 2014. The current rate is 23%. From 1 April 2015 the main rate of corporation tax will be reduced to 20%. The small profits rate will remain at 20% so from 1 April 2015 both rates will be unified. Annual … Continue reading The Budget 2014 – Business Tax →

Personal Allowance and Rates of Tax The Personal Allowance for taxpayers born after 5 April 1948 will be increased from £9,440 in 2013/14 to £10,000 in 2014/15, and to £10,500 in 2015/16. The personal allowance for those with ‘adjusted net income’ over £100,000 will continue at £1 for every £2 of income above £100,000. In … Continue reading The Budget 2014 – Personal Tax →