What’s your thought’s on the budget? Is it good for the North-East? Is it good for you individually?
Some of the Key Points –
◾The point at which people start paying income tax will be raised to £10,500
◾Threshold for 40p income tax to rise from £41,450 to £41,865 next month and by a further 1% to £42,285 next year
◾Annual limit for saving in Isas will rise to £15,000
◾GDP forecast to grow by 2.7% this year and 2.3% next year, then by 2.6% in 2016 and 2017 and by 2.5% in 2018
◾Fuel duty rise planned for September will not happen
◾A new £1 coin to be introduced in 2017
◾Inheritance tax waived for members of the emergency services who give their lives in job
◾Tax on homes owned through a company to be extended from residential properties worth more than £2m to those worth more than £500,000
◾Business rate discounts and enhanced capital allowances in enterprise zones extended for three years
◾£200m made available to fix potholes
◾Beer duty cut by 1p a pint
◾Duty on ordinary cider frozen
◾Tobacco duty to rise by 2% above inflation
If you would like to discus any of the changes to ISA’s, tax or pensions please contact the office on 01224 900879 or 01358 268166.