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Summer Budget 2015

Summer Budget 2015 Review


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Summer Budget 2015

George Osborne presented the first Budget of this Parliament on Wednesday 8 July 2015. The speech set out his plans for the next five years ‘to keep moving us from a low wage, high tax, high welfare economy; to the higher wage, lower welfare country we intend to create’. Osborne is confident his plans will boldly back the aspirations of working people and suit a country with big ambitions.

We’ve unpicked exactly what this means for contractors. Our summary focuses on the tax issues likely to affect you, your family and your business. To help you decipher what was announced we have included our own comments.

If you have any questions please do not hesitate to contact us for advice. If you are a client please call your Personal Accountant.

If you not yet a client speak to us today about how we can help you get the best from contracting on 01202 901385.

The Budget proposals may be subject to amendment in a Finance Act. You should contact us before taking any action as a result of the contents of this summary.

Main Budget tax proposals affecting contractors’ companies – key points

• New taxation system for dividends taken from companies.

• Reduced Corporation Tax rates from 1 April 2017.

• Removal of the Employment Allowance for companies where the director is the sole employee; but an increase in the amount where the allowance is retained.

• Publication of the awaited consultation on tax relief for travel and subsistence expense claims.

• A new review of IR35.

• Extension to the Office of Tax Simplification with a focus to look at small company tax matters.

• Proposals to restrict interest relief for ‘buy to let’ landlords, although this probably will not affect companies with buy to let investments.

• Extension to the inheritance tax nil rate band available.

 

For the full Summer Budget 2015 review, download it at the top of this page now.