2015 Budget Highlights

Treasury Chancellor George Osborne has announced his 2015 Budget. Here is the summary of the key changes in the Budget:

Personal Allowance increased from £10,000 to £10,600. This is forecast to reach £11,000 by 2017.

Higher rate Threshold increased from £41,865 to £42,385.

ISA Allowance increased from £15,000 to £15,240.

The Annual Investment Allowance for Companies will continue at £500,000. However, this is proposed to decrease to £25,000 from 1 December 2015.

A new Personal Savings Allowance was introduced for which the first £1,000 of interest on savings will tax free.

It is proposed that the annual tax return will be phased out in 2016 and replaced with a digital tax account.

A more detailed analysis of the Budget will follow. Please monitor the website for updates. Belsize Accountancy are specialist accountants for contractors and small businesses.