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Budget 2014

piggy-bankHighlights from the March 2014 budget report

  • Personal allowances have now been increased to the £10,000 and they'll be increased to £10,500 next year. And the threshold for the 40% band will also be increased next month to £41,865 and to £42,285 in 2015
  • Septembers planned fuel duty increase has been cancelled
  • People who own a defined contribution (DC) pension plan will no longer be forced to buy an annuity, allowing them to spend and/or invest the monies as they see fit, but only after paying tax on it! Good news for pensioners but not so good for insurance companies
  • Cash and stock ISAs are going to be merged in July, with a new annual investment limit of £15,000
  • For those that have premium bonds, the CAP will be raised in June to £40,000 and again next year to £50,000
  • The alcohol duty escalator has been scrapped, freezing duty on cider and cutting 1p off a pint of beer
  • Introduction of plans attempt to block profits being moved between companies within a group to avoid tax
  • Budhets to tackle non-compliance have been introduced
  • HMRC will be given powers to collect debts directly from bank accounts for those who can afford to pay, but refuse to
  • Corporation tax will be reduced to 21% in April, high street stores have been promised £1,000 off their rates and every business in the country will get the new Employment Allowance, effectively £2,000 cash back on jobs
  • The of rate of R&D tax credit for loss making small businesses has been raised from 11% to 14.5%
  • On 1 January 2015, VAT on e-purchases will be charged based on the domicile of the purchaser, not the seller. For example, buying a e-book from Amazon in Luxemburg, VAT will be charged at 20%


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