Budget 2015: How will it affect UK businesses?

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By BizBritain

over 3 years ago

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As we fast approach the 2015 general election, Chancellor George Osborne has unveiled his latest budget report; included in which are a number of announcements which will affect entrepreneurs and small business owners.
We’ve summarised some of the key points for you below:

George osborne

Annual tax returns Abolished

This will come as great news to all of you who hate completing an annual tax return. Plans were announced to replace the annual tax return with digital tax accounts by 2020.

Corporation tax cut

Starting from April, businesses with profits exceeding £300,000 will be taxed at a lower rate of 20%.

National Insurance cuts for the self-employed

Class 2 National Insurance contributions are to be abolished. They will be replaced by a reform to Class 4 National Insurance.

Increase in the National Minimum Wage

Plans were discussed to increase the National Minimum Wage from £6.70 starting in October. This is something to be aware of if you are currently employing staff at this level.

Fuel duty freeze

Fuel duty has been held steady again, which will make this the longest fuel duty freeze in over 20 years by the end of the 2015-16 tax year.

Investment in faster broadband

The government has announced its plans to invest up to £600m in improving mobile networks and ultrafast broadband, with minimum speeds of 100 megabits per second being available to almost all premises in the UK.

Support for creative industries

The next government plans to expand its support for the media and creative industries, by increasing film tax relief to 25% and extending high-end television tax. The video gaming industry will also receive up to £4m in investment.

You can read the Chancellor’s budget speech in full here: https://www.gov.uk/government/speeches/chancellor-george-osbornes-budget-2015-speech

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