Key DatesMarch 15, 2013
Key Dates for May…May 15, 2013
The Chancellor of the Exchequer, George Osborne, announced his budget on 20th March 2013. Below is a list of the key changes and how they may affect you personally and your business.
- The personal allowance for people aged under 65 will increase to £10,000 in April 2014. This is the amount of income you can receive without paying tax on it.
- The basic rate limit will fall by £145, taking it from £32,010 in 2013-14 to £31,855 in 2014-15.
- A new tax-free childcare scheme will provide working families with 20% of their childcare costs up to £1,200 per child. The scheme will begin in the autumn of 2015 for children under five.
- The inheritance tax nil-rate band of £325,000 will be frozen for a further three years from 2015-16 to 2017-18.
- From April 2014 all businesses will be entitled to a £2,000 employment allowance deducted from their Employer’s Class 1 NIC liability.
- The main rate of Corporation Tax will fall from 24% to 23% in April 2013, and to 21% in April 2014. By 2015 the main rate and small profits rate of Corporation Tax will be unified at 20%.
- From 1 April 2013 the VAT registration threshold will rise from £77,000 to £79,000; the deregistration threshold will increase from £75,000 to £77,000.
The lifetime allowance for pensions will reduce from £1.5 million to £1.25 million for 2014-15 and subsequent years. The annual allowance for pension contributions will also reduce from £50,000 to £40,000 for 2014-15 and subsequent years.
The ISA limit for 2013/14 has increased to £11,520 of which £5,760 is the cash element.
If you would like your business featured on our website as ‘Business of the Month’ or would like us to share any important information or memorable events etc about your business or employees please contact Gareth Curle on 01236 822728.