BUSINESS WORKS’ BUDGET IN BRIEF

George Osborne, Chancellor of the Exchequer, has today (19^th March 2014) delivered his Budget Statement to the House of Commons.

Below are some snippets that you may find of interest or you can view the whole Budget 2014 at gov.uk via this link http://bit.ly/OwNs1F

• Cuts in the main rate of corporation tax from 28% to 23%, and to 20% by 2015-16. The small profits rate of corporation tax will remain at 20% from April 2014
• From April 2014 the NICs Employment Allowance will benefit up to 1.25 million employers
• Following a consultation announced at Budget 2013, from April 2016 Class 2 NICs for the self-employed will be collected through Self Assessment
• Business rates support of £2.7 billion for 5 years from April 2014 will benefit 1.8 million ratepayers in England
• Over 330,000 more premises have access to superfast broadband
• £140 million of new funding to repair and restore the condition of vital flood defences that have suffered damage
• Personal allowance will be increased to £10,500 from April 2015
• The adult National Minimum Wage rate will increase by 3% to £6.50 from October 2014
• The government will increase the rate of the payable credit for loss makers under the SME R&D tax credit scheme from 11% to 14.5% from April 2014
• From 1 April 2014 the VAT registration threshold will be increased from £79,000 to £81,000 and the deregistration threshold from £77,000 to £79,000.
• The government will consult in summer 2014 on options to improve the operation of the CIS for smaller businesses and to introduce mandatory on-line filing for contractors
• To continue to support business investment, the government is doubling the annual investment allowance (AIA) to £500,000 from April 2014 until the end of 2015. This will particularly benefit small and medium sized firms

If any part of the budget causes you concern or raises any questions for you or your business, please call us on 0113 2864486 for help and support.