April 15, 2015

March 2015 Budget Highlights Continued

Budget word in yellow background

In a previous blog we had highlighted some points made from the Budget 2015. Below are a selection of extra points that followed.

Zero Tax Rate On Savings 2015/16

As reported a year ago there will be a zero rate on the first £5,000 of investment funds salary from 2015/16 onwards. Nevertheless, note that this will just give full advantages to those with assessable salary between the fundamental rate band £10,600 and £15,600.

£1,000 Interest Income Tax Free 2016/17

Starting April 2016, a tax-free allowance of £1,000 (or £500 for higher rate taxpayers) will be brought in for the interest that people acquire on savings. If you are a higher rate taxpayer and earn between £42,701 and £150,000, you'll be eligible for a £500 tax-free savings allowance, but those with income in excess of £150,000 a year will be taxed in full on their interest income. On the other hand, if you are a basic rate taxpayer and have a whole income up to £42,700 a year, you will be eligible for the £1,000 tax-free savings allowance.

Tax Diary Of Main Events

1st April - Corporation tax for year to 30/6/14

6th April - 2015/16 Tax year begins

19th April - Final RTI FPS due by this date. Indicate that this is Final Submission for the Tax Year but note that the end of employer questionaire is not included this year.

1st May - Corporation tax for year to 31/7/14

19th May - PAYE and NIC deductions, and CIS return and tax month to 5/5/15

If you have any questions regarding the Budget 2015 fill out the contact form below and we will get in touch with you.

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