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News - 9 April 2014

TAX CUTS FOR BUSINESSES WORTH OVER £11 BILLION PER YEAR

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Tax changes coming into effect this month will see the biggest cuts to personal and business taxes for two decades and the most important in a generation. The action the government has taken is designed to support business and grow the economy, which they estimate to be worth £11 billion in the financial year 2014 to 2015.”

The measures include:

  • Cutting corporation tax from 23% to 21%. It has fallen from 28% in 2010 and will fall further to 20% in April 2015
  • doubling the Annual Investment Allowance – tax relief for investment in plant and machinery – to £500,000, and extending by a further year to December 2015, meaning 99.8% of
  • businesses will save tax on capital investment
  • reducing the burden of business rates so that the annual increase is capped at two per cent; the small business rates relief is extended for a further year, so that over half a million of the smallest businesses pay reduced rates and over a third of a million pay no rates at all; and targeting help for the high street provided in the form of a £1,000 discount for retail properties, benefiting around 300,000 shops, pubs and restaurants
  • freezing fuel duty so that it will be 20p per litre less than under inherited plans
  • the employment allowance comes into effect, representing an up to £2,000 cut in employer National Insurance Contributions; this will benefit over one and a quarter million employers, over 90% of them small businesses. 400,000 small businesses will no longer pay employer National Insurance at all
  • Discussing the business tax reforms Chancellor of the Exchequer, George Osborne, said:
  • The government is backing business, which is vital for the UK economy to grow and create jobs. The tax changes taking effect today will reduce the cost of employment, ease the tax burden on businesses and stimulate investment.
  • Since 2010, we have cut all major business taxes.


If you need any help and advice with your Tax compliance and planning, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help in all your financial planning and business advice.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients
Mindful of our client’s long term strategic goals

Helping Your Business is Our Business

 

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