Our December Newsletter includes information about the upcoming temporary rise in Annual Investment Allowance, a reduction in Business Rates for small retail businesses, the IR35 reforms set to cost contractors more in tax and the national insurance rise for higher rate earners.
Our October newsletter brings information on the dividend allowance, a change of mind on Class 2 NICs, the decline in apprenticeships and a call for inheritance tax to be abolished. We also highlight ways to withdraw profit from your business tax efficiently and how your pension savings can help finance your business in our business updates.
Following the chancellor’s Spring Budget announcements yesterday we have included a summary of the key changes which may affect you on pages 3-4 of our Spring Newsletter. You can download a digital copy of the Spring Newsletter here. The newsletter also includes articles on topical tax changes including: Making Tax Digital National Minimum wage increases …
The business community will welcome today’s Budget announcements with the continuing theme of growth, consistency and stability.
Here’s our Budget 2015 summary for business outlining the key announcements:
- for small businesses, the rate of Corporation Tax remains at 20%.
- the main rate will be cut to 20% from April 2015. The rules will be amended to prevent contrived loss arrangements.
The government has announced plans to change how it collects Self employed National Insurance. Class 2 National Insurance, which is payable by the self employed and currently £2.75 per week, is paid upon receipt of a quarterly bill from the National Insurance Contributions Office or you can apply to pay monthly or six monthly by direct debit.
The changes will mean that self employed people will pay their Class 2 National Insurance together with their Income Tax and Class 4 National Insurance which is payable on 31 January (and 31 July in some instances).