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Sunday 6 April 2014

Budget and other changes

Main changes for the new tax year include:-

Corporation tax main rate 21 %

Small profits rate 20%

Mileage rate for business miles 45p per mile for first 10,000

25p per mile for remaining miles in the tax year

Capital Gains Tax Annual Exemption £11,000

Entrepreneurs Relief Lifetime limit £10m

NISA allowance £15,000 with effect from 1 July 2014 ( no limit on cash)

Personal Pension Tax Relief limited to £40,000 per annum gross contributions. (Conditions apply)

Annual Investment Allowance £500,000  ( from1 April)

 


These are just a few of the many changes announced both in the budget and by other means.

Contact us for more details.