A Budget 2015 Summary for Business

UK Budget 2015 Summary For Business

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:

Corporation Tax

  • 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.

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Self Employed National Insurance

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).

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