George Osborne’s Autumn Statement had a few things in it that will impact small businesses and business owners.
The main ones that you may be interested in are:
- Personal tax allowance to increase to £10,600 in April 2015
- Higher rate income tax threshold to rise to £42,385 next year
- Inflation linked increases in business rates capped at 2%
- National Insurance on apprentices under 25 abolished
Other points of interest:
- Stamp duty has been reformed on residential property. Rates will only apply to that part of the property that falls within each band. So 0% is paid on the first £125,000 then 2% on the portion up to £250,000, 5% up to £925,000, 10% up to £1.5m and finally 12% on anything above that. Saving the averaged priced home £4,500
- ISA threshold increases from £15,000 to 15,240 from April 2015
- Spouses will be able to inherit their partners ISA tax free
- Fuel duty frozen
- Air passenger duty scrapped for under 12s from May 2015 and under 16s from May 2016
One historical event is that World War One debt will be repaid!