01252 848685

July Budget 2015

This was the first Conservative only budget in nearly 20 years. Apparently this is a ‘new contract for the country’.

Here are the main points:

New living wage to be introduced for workers over 25. £7.20 from April 2016 up to £9 by 2020

Corporation tax to go down to 19% from 2017 and 18% from 2020

Tax relief on buy to let mortgages restricted to 20%

Dividend tax credits to be abolished and instead you can have £5000 per annum tax free. The remainder will be taxed at 7.5% if in the basic rate band or 32.5% and 38.1% for the higher and additional rate bands respectively. Additional tax liability will be around £2000 for those who tax an £11,000 salary and dividends up to basic rate threshold

Employers annual allowance for national insurance is increased from £2000 to £3000 from 2016

Inheritance tax limits increased to £500,000 from £325,000 by adding a family home allowance of £175,000

Reduced tax relief on pension contributions for those earning over £150K

Rent a room relief increased from £4,250 per annum to £7,500 per annum

If you have any questions about this give us a call on 01252 848685

At Jupp Castle, we offer accountancy, taxation and financial advisory services to a wide range of businesses and individuals. Our services cover everything from payroll to pension investments, personal tax returns to Charity Commission filing.

We pride ourselves in offering a personalised, friendly service that takes the jargon out of accountancy.
Whatever financial or accountancy service you are looking for, Jupp Castle has the right expertise for you.

All our accountants are professionally accredited with many years experience across a wide range of businesses and individuals.If you’d like to discuss any of your accountancy or financial needs, please give us a call on 01252 84868 or contact us through the online form.

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