Budget 2014 Key points for Small Business Owners

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Last Wednesday, Mr Osborne unveiled the Budget for 2014. In case you missed it, here is a summary of the key information and important upcoming changes for small business owners.

  • From April 2015, the point at which people will start paying income tax will rise to £10,500.
  • Cash and Share ISA’s will be merged into a single New Individual Savings Account (creatively renamed NISA’s), with annual tax free savings limit of £15,000. This will kick off from 1st of July.
  • 10p tax rate for savers is abolished.
  • The fuel duty rise planned for September will no longer be happening.
  • Under the governments export finance scheme, lending to UK’s businesses will double and interest rates on that lending cut by a third, to promote exports.
  • The Seed Enterprise investment (SEIS) has been extended indefinitely.
  • In 2017, a new 12 sided £1 coin will be introduced.
  • And lastly (but not at all least) beer duty has been cut by a whopping 1p a pint!
  • For more information on this years budget, check out BBC’s coverage here: http://www.bbc.co.uk/news/uk-politics-26626280

  • Want to speak to a qualified chartered accountant about the Budget and how it might affect your tax plans? Our lovely team of Accountants in Central London are ready and waiting for your call. Get in touch to arrange your session now.

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