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.