NEWSLETTER 78

BUDGET 2014

The Chancellor delivered his Budget Speech on Wednesday 19 March and set the scene for the announcements stating that: ‘If you’re a maker, a doer or a saver: this Budget is for you.’
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-78#BUDGET

CHANGES TO THE ISA REGIME

From 6 April 2014 the overall ISA savings limit will be increased from £11,520 to £11,880 of which £5,940 can be invested in cash.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-78#ISA

SAVINGS BAND AND RATE FOR 2014/15

The Chancellor announced changes to the maximum amount of an eligible individual’s savings income that can qualify for the starting rate of tax for savings.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-78#Savings

PENSION CHANGES

The Chancellor has announced a range of significant measures to bring greater flexibility to individuals who want to access funds in defined contribution pension schemes.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-78#Pension

PENSIONS - CHANGES TO COME

The Government plans to bring even greater flexibility into the pension system from April 2015.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-78#Changes

DOUBLING OF THE ANNUAL INVESTMENT ALLOWANCE

The Annual Investment Allowance (AIA) provides a 100% deduction for the cost of most plant and machinery (not cars) purchased by a business up to an annual limit and is available to most businesses.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-78#AIA

RESEARCH AND DEVELOPMENT (R&D) RELIEF

R&D relief gives additional tax relief to companies for expenditure incurred on R&D projects that seek to achieve an advance in science or technology.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-78#Research

NEW TAX-FREE CHILDCARE SCHEME

The Government has announced details of the new Tax-Free Childcare scheme which is to be launched this autumn.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-78#Childcare

SHARED PARENTAL LEAVE AND PAY

The Government has issued the draft regulations for Shared Parental Leave and Pay which are expected to become law from 1 October 2014 and will apply to babies due from April 2015.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-78#Shared

HMRC ISSUE GUIDANCE ON BITCOIN

HMRC have issued guidance on the tax treatment of income received from, and charges made in connection with, activities involving Bitcoin and other similar cryptocurrencies.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-78#HMRC

ADVISORY FUEL RATES FOR COMPANY CARS

New company car advisory fuel rates have been published to take effect from 1 March 2014.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-78#Advisory

PAYE PENALTIES

HMRC are to introduce further interest and penalties for the late submission of PAYE RTI returns and for late payment of PAYE liabilities.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-78#PAYE