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John M Taylor & Co | Accountants Paisley/Taxation/Vat Returns/Business Start Ups/Sage/Payroll/Bookkeeping

Budget 2013 Summary

George Osborne presented his Budget for the year ahead on Wednesday 20 March, maintaining that his Budget was for people who “aspire to work hard and get on”.  There were various measures announced in support of this, some of the key points being:

  • Personal Allowance to increased to £10,000 from 6 April 2014.
  • The basic rate tax band will decrease to £32,010 for 2013/14 and again to £31,865 for 2014/15.
  • The main rate of Corporation Tax to be cut further to 20% from April 2015.
  • £2,000 relief from employer’s NIC introduced for 2014/15
  • More detail of proposed ‘employee shareholder’ scheme
  • Increase in VAT registration threshold to £79,000.

We have now published our Budget Summary (on the resources section of our website) covering the key tax changes announced in the Chancellor’s speech and also including tables of the main rates and allowances. Alongside our text we have included tips and traps which you may want to consider. At the back of the Summary you will find a calendar of the tax year with important deadline dates shown.

As some aspects of the Budget will not be implemented until later in the tax year we recommend that you review your financial plans throughout the year.  We will, of course, be happy to discuss with you any of the points covered in this report, and help you adapt and reassess your plans in the light of any legislative changes. 

Posted - 21/03/2013

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