 |
|
|
|
|
|
||||||||
|
|||||||||||||
|
Web design by GCL |
|||||||||||||
|
|
 |
|
|
|
We have highlighted key changes below. For more details click here For tables of rates and allowances for 2004/05 and 2003/04 click here For tables of rates and allowances for 2005/06 and 2004/05 click here For tables of rates and allowances for 2006/07 and 2005/06 click here KEY CHANGES
COMPANIES / EMPLOYERS This has been a low key budget with only a few announcements relevant to small companies. The most relevant announcement was the abolition of the starting rate of corporation tax of Nil% for profits up to £10,000. As this only affected companies whose total profits were less than £50,000 and who did not pay out retained profits as dividends it will in fact have very little effect on most companies. INDIVIDUALS
COMPANIES / EMPLOYERS National insurance No increase in the rates of national insurance have been announced but the earnings levels have increased slightly. Corporation tax rates The nil rate for profits up to £10,000 has been abolished. All profits up to £50,000 will now be taxed at 19%.
INDIVIDUALS Income tax The starting rate, basic rate and higher rate are unchanged on the previous year. Personal allowances The tax free allowance for all individuals has increased slightly. Employer provided vans New rules for the taxation of company vans come in to force in April 2006 Child Tax Credit There is an increase of £45 in child element of Child Tax Credit from April 2005
|
|
||
|