Following the start of the 2014/15 tax year, we’ve updated our ‘Tax Tables’ section with the latest rates, tax bands and allowances.
The main changes – some pre-announced, and others announced at the last Budget- include:
- The personal allowance for 2014-15 has been increased to £10,000, and will rise to £10,500 in 2015.
- The main Corporation Tax rate (paid by the largest companies) has been cut to 21%. It will fall to 20% next year (to match the rate paid by small firms).
- A new £2,000 Employment Allowance will reduce the amount of Employers’ National Insurance bills of eligible small businesses.
- The VAT registration threshold climbs to £81,000 this year.
- The New ISA limit will rise to £15,000 from 1st July 2014.
- The Annual Investment Allowance (AIA) has been doubled to £500,000 until the end of 2015.