Tax cuts for businesses in 2014-15
HMRC has issued a summary of (the favourable) tax changes coming into effect this year. These include:
- Cutting corporation tax from 23% to 21% from 1 April 2014 and to 20% in April 2015.Just to remind you, it was 28% in 2010.
- Increasing the Annual Investment Allowance (100% relief on qualifying capital spend) to £500,000 from 1 April 2014 to December 2015.
- Granting the employment allowance giving a cut in employer National Insurance Contributions up to £2,000.
This, at least, is good news.
Date: 17th April, 2014
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