Budget 2014: what does it mean for you?

The media is full or reports and analysis around Budget 2014 and Chancellor George Osborne’s key announcements.

But although the Budget may be hitting the headlines, what does it really mean for you and your business?

With the Budget 2014 document coming in at 116 pages, there’s a great deal of small print…and the devil is in the detail.

At Robb & Co, we can provide expert advice on all issues arising from the Budget, including:

  • the doubling of the Annual Investment Allowance for investment in plant and machinery to £500,000 to the end of 2015
  • an increase in the rate of research and development tax credit for loss-making small and medium-sized companies from 11 per cent to 14.5 per cent from April 2014, to encourage innovative start-up and new businesses
  • simplifying national insurance for the self-employed by collecting class 2 contributions through self assessment from April 2016
  • where both partners in a marriage or civil partnership pay the basic rate of tax, one will be able to transfer ten per cent of their annual personal income tax allowance to the other from 2015-16, when the figure will be £1,050.

So if you’d like to be in the know about what Budget 2014 really means for you, please contact us.