Turnover limit for VAT deregistration will be increased to GBP 79,000 (from GBP 77,000).
Registration and deregistration limit applicable on acquisitions undertaken from other EU member states will be increased to GBP 81,000 (from GBP 79,000).
Simplified reporting requirement i.e. three line accounts used for the income tax self assessment return will remain in line with the VAT registration limit.
10% tax rate for savers (low income savers) will be abolished and replaced with 0% tax rate from April 2015. Further, the savings rate band will be increased to GBP 5,000.
To support individuals for better retirement planning:
From 6 April 2014, the tax free personal allowance will increase to GBP 10,000. This will further increase to GBP 10,500 in April 2015.
For individuals born after 5 April 1948, the basic rate threshold will be reduced to GBP 31,785 for tax year 2015-16.
Raise the rate tax limit for personal taxes to GBP 41,865 (April 2014) and GBP 42,285 (April 2015).
Couples or civil partners may transfer to their spouses/partners, GBP 1,050 out of their personal allowance (subject to certain conditions and introduction of suitable legislation in the Finance Bill 2014).
From 6 April 2014, all employee Share Incentive Plans (SIP) limits for employees will increase i.e. the maximum value of shares that may be acquired by employees would be as follows:
GBP 3,600 for ‘free’ shares .
GBP 1,800 for ‘partnership shares’.
Nair & Co. advises companies operating in the United Kingdom to monitor the progress of the fiscal budget and to carry out a detailed analysis of how these changes will impact their business. For more information about
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