Budget 2015 and your business
Chancellor George Osborne has recently revealed his sixth budget and should the Conservative party be re-elected in May there will be some key changes for UK business.
Some of the changes you should be aware of if you own your own business include;
Annual Tax Return Abolishment
The annual tax return in its current format should cease to exist by 2020. A new online system is being put into place which will dramatically reduce the time it takes to process your tax affairs.
Corporation tax cuts
From April, Corporation Tax for businesses making profit in excess of £300,000 will reduce to 20%, down 28% on 2010 and the current rate of 21%. Corporation Tax for companies with profit of less than £300,000 will remain at the existing level of 20%, meaning the two figures will be aligned.
Self-Employed National Insurance Cuts
Class 2 National Insurance contributions for the self-employed will be abolished in the next government.
Increased Minimum Wage
There is a plan in place to increase the National Minimum Wage to £6.70 per hour from October.