2015 Budget Highlights
Monday, March 23, 2015 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.
