2014-15 Tax Rates
The Budget announced or confirmed many of the figures fundamental to our business and personal lives and the main ones are summarised in our tax card. Listed below are a few examples of how it can be used.
A number of changes have taken place to the personal allowances over recent years, including increases in some and the freezing of others. Make sure you know the current state of play.
Rates for employees
This is always an area that is close to peoples’ hearts. Am I paying the right amount of tax?
- Benefits that employees’ receive from their job, like company cars and fuel, affect the tax that they pay. There are a number of changes to the company car benefit regime again this year, so our tax card explains how these are computed to help ensure that you are paying the correct amount of tax.
- Travel is a daily part of business life. If you drive your own car on business, HMRC allow certain tax free mileage allowances to be paid. If you are paid less than these rates, you may be entitled to a tax refund. Our tax card highlights the rates.
Rates for businesses
If you run a business, obtaining the right allowances on equipment that your business buys can affect the tax that your business has to pay each year. There are a number of changes this year, including potentially more relief for businesses on certain equipment due to the increase in the Annual Investment Allowance and so we have summarised the main allowances that are available.
Rates that affect us all
- Long term planning for a comfortable retirement can never start too early. Our tax card explains how much can be contributed to an approved pension scheme each year tax efficiently.
- Also included are the main inheritance tax rates and exemptions but early planning can mitigate these tremendously.
Our tax card is intended for use as a quick point of reference. Should you require any further information, have a simple question or require detailed advice the Princecroft Willis team are only a phone call away.