A cut in corporation tax to 20%,
a new diverted profits tax against corporate tax avoidance and an increase in
the bank levy were amongst the tax changes introduced by the UK government on 1st
April 2015
Other UK tax changes include:
- New reporting requirements came
into force on 6 April 2015 for employment intermediaries and agencies that
engage and supply workers. They will now have to submit quarterly reports
providing details of all workers they place with clients where they do not
operate PAYE.
- Air Passenger Duty has been restructured,
abolishing bands C and D
- Hospice charities, blood bikes,
search and rescue and air ambulance
charities will be eligible for VAT refunds
- Business rates changes (England
only): 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.
- 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
- The business rates discount for
shops, pubs, cafes and restaurants with a rateable value of £50,000 or below
has increased from £1,000 to £1,500
- 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%
If you have any questions
regarding the above and how they affect you and your business, why not request
a free of change call back from our website?
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A cut in corporation tax to 20%,
a new diverted profits tax against corporate tax avoidance and an increase in
the bank levy were amongst the tax changes introduced by the UK government on 1st
April 2015
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