Not a joke – Tax changes that came in on 1st April 2015….

s300_HMT_buiding_plaqueOne of the only certainties in life, taxes are never great fun. However, it helps to know the latest developments and as a new tax year starts we thought we would give you the low-down. According to the Gov.uk website the following tax changes come into effect onWednesday 1 April 2015

1 The Corporation Tax rate has been reduced to 20%
2 The new Diverted Profits Tax has been introduced
3 The bank levy has increased from 0.156% to 0.21%
4 Air Passenger Duty has been restructured – abolishing bands C and D
5 Hospice charities, blood bikes, search and rescue, and air ambulance charities will be eligible for VAT refunds
6 The business rates multiplier has increased from 48.2p to 49.3p (47.1p to 48.0p for small business multiplier). This includes the 2% inflation cap
7 The Small Business Rate Relief scheme has doubled for a further year – providing 100% relief for businesses with a single property with a rateable value of less than £6,000, and tapered relief with a rateable value of £6,000 – £12,000
8 The business rates discount for shops, pubs, cafes and restaurants with a rateable value of £50k or below has increased from £1,000 to £1,500
9 The cultural test for high-end TV tax relief has been modernised and the minimum UK expenditure requirement for all TV tax reliefs has reduced from 25% to 10%
10 A new tax relief on the production of children’s television has been introduced
11 The amount of banks’ annual profit that can be offset by carried forward losses has been restricted to 50%
12 Two new bands for the Annual Tax on Enveloped Dwellings (ATED) have been introduced
13 Capital Gains Tax exemption for wasting assets will only apply if the corporate selling the asset has used it in their own business
14 An investment allowance for North Sea oil and gas, replacing the existing offshore field allowances and simplifying the existing regime, has been introduced
15 A reduced rate of fuel duty to methanol will apply – the rate is 9.32 pence per litre
16 Fuels used to generate good quality electricity by CHP (combined heat and power) plants for onsite purposes are exempt from the Carbon Price Floor
17 Climate Change Levy main rates have increased in line with RPI
18 The VAT registration threshold has increased from £81,000 to £82,000 and the deregistration threshold from £79,000 to £80,000
19 Scottish government’s Land and Buildings Transactions Tax (LBTT) will replace Stamp Duty Land Tax in Scotland
20 The associated companies rules have been replaced with simpler rules based on 51% group membership
21 The standard and lower rates of landfill tax have been increased in line with RPI

A long list, but soemthing in there for most of us….

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