On Wednesday 19 March 2014 George Osborne delivered his Budget speech. So what exactly did the Chancellor say and, more importantly, what did it actually mean?
Budget speeches tend to be fairly uninspiring affairs. However, the background documents are usually more interesting and often contain things that are not covered in the speech. To save you having to trawl through hundreds of pages of government and HMRC press releases, our Budget Summary 2014 outlines the main points and will quickly bring you up to speed on matters that may affect you.
Budget announcements contain many fundamental taxation changes which will affect business and individuals in the next tax year and beyond. In plain English, we have broken the summary down into the main areas of taxation, including business and corporate, employment, personal and capital. We have also included comments on the more important changes, together with any planning points that may arise.
Some brief highlights for you:
- Business – The Annual Investment Allowance is to be doubled to £500,000 until 31 Dec ‘15
- Personal – the personal tax allowance increases to £10,000 (effective 6 Apr ’15)
- Personal – a new range of significant measures to bring greater flexibility to individuals what want to access funds in defined contribution pension schemes
- Family – a new tax-free Childcare scheme
To read our summary and learn more about what affects you (in simple terms) in this budget – click here.
We hope the summary will provide an invaluable update for you and help you get to grips with the changes. HMRC assure us that ‘tax doesn’t have to be taxing’; however recent years have seen many changes to the tax system.
We are here to help you navigate and plan your way through these so please do get in touch if you have any questions – you can reach me on 01788 577613, email@example.com or on Twitter on @SimonGCTowers. You can also just ask your question in the comments below – I’m sure others will have some of the same questions and would benefit from seeing the answers.Image courtesy of: scanrail / 123RF Stock Photo