A budget of little surprise

Darren Grimes outlines the key tax changes in Budget 2015

Posted by Darren Grimes

Tax Director

  • T: 0151 243 1200
Thu 19th, Mar

George Osborne presented his pre-election Budget speech today and there were largely no surprises.

There was expected to be a Conservative “giveaway” to charm the voters at the election, and despite the Chancellor emphasising that the benefits of increased growth, high employment and deficit reductions would not be squandered on tax cuts, he did announce increases to both the personal allowance and the higher rate threshold for income tax purposes. Over the next two years, the personal allowance will increase from £10,600 to £11,000 with in an increase in the higher rate threshold from £42,385 to £43,300. Therefore, not only will those on lower incomes benefit, but the “squeezed middle” will not miss out either.

For businesses, it was disappointing that the Chancellor didn’t announce any increase to the Annual Investment Allowance (currently due to fall to £25,000 from 1 January next year), however he did say that this would be covered in the Autumn Statement. More generally for companies, corporation tax rates will fall to 20% from 1 April 2015, which is one of the lowest rates amongst the top 10 world economies.

One of the more interesting announcements related to the “abolition of tax returns” from 2020. What this appears to mean in practice is that new “digital tax accounts” will be created for those currently completing self assessment returns. It is expected that businesses’ accounting systems and, more crucially, banking systems will be linked directly to HM Revenue and Customs online to provide “real-time” tax information, thus abolishing the need for tax returns. It will interesting to see how this works in practice, particularly for those with more complex tax affairs, not to mention the security concerns over linking accounting/banking records directly to HMRC.

There were also some specific announcements around tax anti-avoidance with new penalties being introduced for evaders and avoiders and their advisers. In total, anti-avoidance and evasion measures are expected to raise £3.1 billion.

Throw in reductions in tax for the oil industry, incentives for the creative industries and in increase in the bank levy – and you have the 2015 Budget. 

If you'd like help with your tax planning, contact DSG Accountants

Read More
Leave a comment


Posted by bangalore escort

Hello, http://www.hifigirls.net/ Contract prominent and wonderful youngster call young ladies like College Girls, Working females and Housewife's from our Bangalore escorts benefit. Bangalore Desires have the biggest rundown of most wonderful and first class Bangalore escorts. Presently big names are accessible for Escort benefit in Bangalore. Website: http://www.hifigirls.net/ Our Bangalore escorts provide the most unbelievable service to all our respected clients. VIP escorts Bangalore Independent female escorts Bangalore Bangalore escorts service Independent call girls Bangalore Female escort service in Bangalore Escorts agency in Bangalore Women seeking men Call girls Phone numbers Bangalore call girls Bangalore sex chat Escorts Bangalore Escorts in Bangalore Female escorts Bangalore Best escorts in Bangalore High Profile Escorts Bangalore Escort Service In Bangalore College Girl In Bangalore

Posted by Austin

yes i agree It simply means your competitors suck even more and you finally gave you credit for it. Avengers Infinity War Star Lord Peter Quill Jacket

Posted by Alina khan

Phenomenal post. The incredibly upbeat to examine this blog. in the event that some individual require Assignment framing associations then they can interface with us at Delhi Escorts Delhi Escorts Delhi Escorts Delhi Escorts Delhi Escorts Delhi Escorts Delhi Escorts

Posted by lucifer

Posted by Delhi escorts

High Class Delhi Escorts is a standard escort prominent arrangement College Hot Girl in Delhi for sexual back rub, dating administration by Independent Escorts in Delhi. Delhi Escorts Delhi Escort Escort Service in Delhi Escorts Service in Delhi Escorts in Delhi Escort in Delhi Delhi Escort Service Cp Escorts Escort in Cp

Post a comment


5 minutes with...

Fri 06th, Apr

Lee Stanley, Head of Business Development at the Chamber

5 Minutes With...

Tue 03rd, Apr

Simon Evans, Partner at Lewis Evans

Newsletter - Voice of the Chamber: Neil Ashbridge

Tue 03rd, Apr

As Chair of Liverpool & Sefton Chambers of Commerce, I am delighted to have the opportunity to be one of the first contributors to the Voice of Business newsletter.