March 2015 Budget Tax Tips & News

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In this analysis we have mainly concentrated on the tax measures that will directly affect individuals, employers and small businesses.

We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary.

Please contact us for advice in your own specific circumstances.

We’re here to help!

Summary

This was a forward-looking Budget, with much of the content based on the assumption that the current Government will pick up where it left off, after the General Election on 7 May 2015.

The sweeteners for voters include; a cut in duty on beer, cider and sprites, including whisky. The tax on road fuel is frozen, but the tax and NI charges for having the private use of a company car or van are set to increase above the levels which had already been predicted.

There are two changes to entrepreneurs’ relief which take effect immediately, but those should not affect people who are selling significant stakes in their businesses.

For the future the Chancellor promised to increase the tax-free personal allowance up to £11,000 and introduce a new tax-free savings allowance of £1,000, but not until April 2016 at the earliest. Class 2 NIC is set to be combined with Class 4 NIC, which will be a simplification for the self-employed.

The promised abolition of annual tax returns to be replaced by an online tax account may sound attractive, but HMRC’s track-record of mixing up figures submitted under RTI does not bode well for such an ambitious project.

We have organised the coverage below into future promises, which can only happen after the General Election, and immediate changes which take effect from 18 March 2015, or from April 2015.
This newsletter is a summary of the key tax points from the Budget, based on the documents released on 18 March 2015. It is possible that a different position will be shown by the draft legislation which is due to be published on 24 March 2015. We will keep you informed of any significant developments.

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National apprenticeship week

Photo  405With it being National Apprentice Week, and after experiencing how beneficial an apprentice can be to the company we are very excited to announce that we are looking for another apprentice to join our team.  We will be taking on a 2 year Business Administration apprentice. If you think you have the required attributes for this role and would like to work in a busy environment then apply within.

 

March Newsletter

See how we can help you shake off those winter blues. Spring clean your accounts with MJH!

Is Christmas a distant memory? Have you eaten up all your surplus chocolates and disposed of your Christmas tree? We can all put things off or bury our head in the sand. What about your accounts? Have you been putting off sorting these out? Well now might be a good time to kick start your business into action. We can help you get on the right track, ensuring that you are fully compliant. MJH Accountants are here all year round. We want to hear from you! With effective communication we can help sort most matters and can definitely offer advice and positive solutions. We can certainly turn our hands to most things! We like to rise to a challenge. Don’t put things off any longer. Give us a call today and see what we can do for you.

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March’s Tax Tips & News

Designed to bring you tax tips and news to keep you one step ahead of the taxman.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Salary, dividend or pension contribution?

When you work for your own company you can decide how much salary to pay yourself, how much to pay into your pension fund, and what proportion of the remaining profits to take as a dividend. The split is important as it will affect the tax and national insurance payable by you and your company.

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Apprentices grow with MJH Accountants

Apprenticeships are becoming more and more recognized and vital in gaining practical experience and achieving nationally-recognised qualifications. With many young people leaving school, college and even university still unsure what they want to do, an apprenticeship allows young people to gain a real feel for what they want to do, it’s a way of studying, and getting paid for it!

Come and join the team!

At MJH Accountants we believe in enabling young people to work within our busy team and also to study at the same time. We consider it is an up and coming area in the education system. Instead of people spending a lot of money on a degree for a profession where an equivalent qualification is just as recognisable, it seems much more suitable to gain those qualifications but at the same time gain that sought after experience which most employers want. Read More