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KRW Tax news

21 March 2013

50% Capital gains holiday where gains reinvested in SEIS shares

on Thursday, 21 March 2013.

The existing 50% Capital Gains Tax relief for gains reinvested into small start-up companies through the Seed Enterprise Investment Scheme (SEIS) will be extended to cover capital gains made in the 2013/14 tax year that are reinvested in SEIS shares in either 2013/14 or 2014/15. This is in addition to the ongoing 50% income tax relief for qualifying SEIS investments.

21 March 2013

Employment allowance to save employers £2,000 pa in NIC from april 2014

on Thursday, 21 March 2013.

From April 2014 all businesses and charities will be eligible for a new £2,000 Employment Allowance, which will reduce their employer's NIC bill by £2,000 per annum. This measure will be welcomed by all businesses that employ staff, while potentially allowing a higher optimum salary level for the Directors of small companies with no employees from April 2014 onwards.

21 March 2013

Main rate of corporation tax cut to 20% from april 2015

on Thursday, 21 March 2013.

It had previously been announced that the main rate of Corporation Tax paid by larger companies will reduce to 23% in April 2013, then to 21% in April 2014, and it has now been confirmed that it will reduce further to 20% with effect from April 2015. As a result a single rate of 20% will apply to companies of all sizes and profit levels from April 2015, greatly simplifying the current system.

21 March 2013

Tax-free childcare scheme from April 2015

on Thursday, 21 March 2013.

George Osborne confirmed that the government will support working families by funding 20% of their childcare costs, with the contribution capped at £1,200 per child per year. This new scheme will eventually replace the current childcare voucher scheme, and will be available to all working families, providing neither parent earns over £150,000 per annum.

21 March 2013

Personal allowance to increase to £10,000 from April 2014

on Thursday, 21 March 2013.

The coalition will fulfil its promise of an eventual tax-free personal allowance of £10,000 earlier than planned, with the personal allowance due to increase to £10,000 from April 2014. This follows the previously announced increase to £9,440 (currently £8,105) which comes in next month.
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