Another March, another Budget!

With less and less to give away, it has certainly been an interesting budget and discussion. As usual, many things seem to have been pre-announced, mainly through the Evening Standard!

The following is a quick reminder of the key contents:

• Income tax personal allowance to rise to £10,000 from April 2014;
• There will be a employment allowance to cut National Insurance bills by £2,000 for every firm, this is the employers national insurance only, and will be the first £2,000 of Employers national insurance for all employers;
• The main rate of Corporation tax will fall to 20% in 2015;
• There are new tax incentives for ultra low-emission cars;
• There is a new 20% tax relief on childcare up to £6,000 per child from 2015;
• There is a new Single flat-rate pension of £144 a week which has been brought forward a year to 2016;
• The VAT registration threshold goes up from £77,000 to £79,000 from 1 April 2013;
• The VAT de-registration threshold goes up from £75,000 to £77,000 from 1 April 2013;
• There is an extension to the CGT holiday on seed enterprise investment schemes allowing any investors making capital gains in 2013-14 to receive 50% capital gains tax relief when they reinvest those gains into seed companies in either 2013-14 or 2014-15; and,
• There’s a penny off each pint of beer as of 24 March 2013!

Over the next few days, we’ll be looking at how specific proposals could affect your business.