Budget - 20 March 2013

Plenty of talking points from Mr Osborne’s Budget but how will it affect you, and/or your business?

Take a look at the following tax summaries:

Business Tax

  • Corporation tax main rate - 20% from April 2015;
  • VAT threshold - increased to £79,000 from April 2013;
  • Employment allowance - up to £2,000 off every employer's National Insurance bill from April 2014;
  • Employee shareholder status - Income tax and National Insurance relief on shares for employee's giving up "rights" from 1 September 2013;
  • Cash basis for small businesses - further guidance provided;
  • Stamp duty - exemption for "growth market shares";
  • Anti-avoidance - several measures introduced to counter.

Personal Tax

  • Tax free Personal allowance - raised to £10,000 from 2014/15;
  • New childcare scheme from Autumn 2015 - 20% subsidy on child care costs up to £6,000 per year per child;
  • Capital gains tax relief for SEIS shares - extended to 2013/14;
  • Employee loans - tax and National Insurance free limit increased to £10,000;
  • Company car tax - new low emission bands announced;
  • Anti-avoidance - several measures introduced to counter.

The above is for general guidance only.  Buick & Co Chartered Tax Advisers and Tax Consultants take no responsibility whatsoever for this blog, its reliability or any actions you take having read it.



Print   Email