Budget 2015 – What was missing?

Patent box regime – this was expected to be abolished. This regime which allows qualifying profits to be taxed at a reduced rate of 10% has been mooted as a ‘harmful tax practice’ and changes are expected. Principle Private Residence Relief election was expected to be restricted to one property, to prevent ‘flipping’ between multiple properties but there was nothing … Read More

Budget 2015 – Business taxes

Umbrella Companies and Employment Intermediaries As previously announced in the Autumn Statement the government reviewed the use of contracts which allowed some workers to receive a tax benefit on home to work travel expenses. From April 2016 there will be new restricted rules on eligible travel and subsistence costs. National Insurance Class 2 national insurance for the self – employed … Read More

Budget 2015 – Personal tax

Personal Self-Assessment Returns The government is looking to reform the tax system by introducing digital accounts which will remove the need for individuals and small businesses to submit annual tax returns. However no details on this proposal are announced only that further announcements will be published later in 2015. The new digital accounts will also be responsible for collecting tax … Read More

Budget 2015 – Economic overview

The economy – an end to austerity in 2019….? Britain is getting “out of the red and into the black”, per Chancellor Osborne, going from “austerity to prosperity”. Based on figures provided by the independent Office for Budget Responsibility, the public finances are in better shape than expected, based on previous growth and borrowing forecasts. UK (Gross Domestic Product) growth … Read More

What we’re expecting in Budget 2015

Scrapping of annual tax returns – a late announcement on Budget morning. Over a five year period ending in 2020, the annual tax return will be phased out in favour of a digital tax account. HMRC will gather taxpayers’ information from banks, pension providers, employers and other relevant sources, which in turn feeds into a single online account. Pensions – … Read More