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April 20, 2015
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Updates, General tax changes & Points of interest for New Tax Year

We present a list of some changes and points of interest for the tax year commencing 6 April 2015

  • The threshold of turnover for VAT registration is now £82,000
  • The main rate of corporation tax is now in line with the small company's rate, 20%.  Therefore the marginal rate of corporation tax is 20%
  • The personal allowance for income tax is £10,600
  • Earnings above £8,060 per year will attract National Insurance
  • Marriage Allowance comes into effect.  Spouse can transfer £1,060 of unused personal allowance to a basic rate taxpayer spouse
  • Significant changes come into effect for pensions and their accessibility (subject to the terms of your pension scheme)
  • The annual allowance for pension contributions remains at £40,000
  • The Annual Investment Allowances (100% capital allowance) remains at £500,000 until 31/12/15.  After which it will reduce significantly to £25,000
  • Non-UK residents are now subject to Capital Gains Tax on UK residential property
  • The Annual Tax on Enveloped Dwellings now applies to houses with a value of more then a £1m (previously only applied to houses above £2m)
  • R&D Tax Credits no longer available for consumable items sold as part of a first in class item/product
  • The £2,000 Employers Allowance for National Insurance is replenished.  However this must be claimed and does not apply automatically

New trivial benefits exemption rules, which had been due to take effect from 6/4/15 have now been deferred into a future tax bill.

Contact us today to discuss your tax requirements.
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