Budget 2015 and 2015/16 Tax Tables
Our updated Tax Tables are available here – find out what the new rates mean for you.
If would like to read our summary of the 2015 Budget, then please follow this link: Budget Summary 2015
The main issues include:
Farmers averaging – Farmers will be able to average their profits over five years instead of just two from April 2016.
Employer’s national insurance allowance – The employer’s national insurance allowance of £2,000 has been extended to 2015/16. Make sure you claim this on your payroll.
Help to Buy ISA – A new Help to Buy ISA will be introduced with the government providing a £50 bonus for every £200 of monthly savings up to a maximum of £3,000 on £12,000 of savings. The aim is to start the scheme from Autumn 2015.
Deeds of variation – The government will review the use of deeds of variation for inheritance tax planning.
For more tips, refer to the ‘think ahead’ boxes of our guide.
Please contact us if you need more information on these changes, or any other matter.