by george! he said what in the budget?
TRANSCRIPT
BY GEORGE!He said WHAT in the budget?
#1 Basic tax changes you should know about…..
£11,000
£43,000
£3,000£200,0
00
Personal tax free allowanceThreshold higher tax payersEmployment Allowance on Class I NICCapital Allowance
#2 What will changes to dividend taxes
mean to you?£5,0
007.5
%32.5
%
Tax free allowanceTax if you pay Income Tax at basic rateTax if you pay Income Tax at 40% rate
#3 You could you earn this next year
before going to higher tax rate?
£11,500£45,000
£5K£1K
£62,500
Personal tax free allowanceHigher rate thresholdDividend tax free allowancePersonal savings allowance
#4 You are an entrepreneur?
Will you still benefit from tax relief?Tax free allowance £1k for:
- Businesses who sell on-line services
- Rent out their homes on-lineZero business rates if rateable property < £12KExtension entrepreneur’s relief
#5 You are an entrepreneur?
Will you be able to access funding?
High street banks must refer declined loan applicants to:BizfitechFunding XchangeFunding Options
#6 What about your pension?
Minor changes – relaxation rules for seriously ill & young
#7 You want to save for the future?
ISA limit to increase from £15K to £20K
New Lifetime ISA for people under 40. Save £4k per year. For every £4 you save, the government will give you £1
#8 You own a second home or investment
property?You are facing an additional 3% increase on stamp duty
And a reduction in allowances expenses - based on actual costs rather than a broad deduction of 10% of your rental income for wear and tear
You will no longer be able to deduct mortgage interest before calculating tax, pushing many into the higher tax brackets.
#9 Other stuff?
• Class 2 National Insurance Contribution to be abolished
• Capital gains tax significantly reduced - but not for residential property
• Corporation Tax loss relief – more flexible• Fuel Duty fixed
#10 The Missing Bits?
No mention of• Faster broadband?• A simplified tax system?• New office spaces?
Jane [email protected]
Chris [email protected]
Simon [email protected]
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