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IN THIS ISSUE:

ACCA SAYS

Savings boost welcomed but fiscal drag is here to stay

GUIDANCE FOR YOU TO SHARE

Guide To... Budget 2014

BUSINESS

Sober and workmanlike Budget reflects more consistent approach
Annual investment allowance increased to £500,000
Cashback for loss-making SMEs
Seed Enterprise Investment Scheme made permanent
Access to finance and exports extended
RTI: reporting, payments and penalties
VCTs: anti-avoidance – return of capital
Enterprise Zones: enhanced capital allowances
Corporation tax: changes ahead
Bringing clarity to BPRA
ECA increases for green technology
Construction Industry Scheme
LLPs in the spotlight
Goodbye to PTS

CAPITAL GAINS TAX

Farmers: capital gains tax roll-over relief
Gaining ground: capital gains tax

IT’S PERSONAL

Pension flexibility increases
Pensions’ consultation: freedom and choice
Pension liberation
Free advice, at a cost, from 2015 for defined contribution pensions
Income tax personal allowances
New ISA
Childcare boost for parents
Transferable tax allowances
Upfront payment of tax associated with avoidance schemes
Starting tax rate for savings
All change for NNPs and high-value residential property
HMRC’s powers extended
Accelerated payments of tax-follower cases
New-look national insurance
Artificial dual contracts of non-domiciles
Scottish rate of income tax
Inheritance tax round-up

VAT

The latest VAT changes

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ACCA SAYS

Savings boost welcomed but fiscal drag is here to stay
Savings, pensions, stamp duty and tax avoidance all feature in ACCA’s response to the Budget 2014.

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GUIDANCE FOR YOU TO SHARE

Guide To... Budget 2014
ACCA's Guide To... Budget 2014 and Guide To... Tax Rates and Allowances 2014 summarise the key information you need from this year's Budget.

Read more»

BUSINESS

Sober and workmanlike Budget reflects more consistent approach
The Budget is increasingly being used to summarise the state of play and map out the next steps in an increasingly coherent work programme, writes Paddy Behan, independent tax adviser.

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Annual investment allowance increased to £500,000
Temporary increase sees AIA double to £500,000.

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Cashback for loss-making SMEs
Small and medium-sized enterprises that make a loss stand to benefit from an increase in research and development tax credits.

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Seed Enterprise Investment Scheme made permanent
The SEIS initiative to get equity investment into companies has been extended.

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Access to finance and exports extended
UK businesses are set to benefit from improved access, including a new wholesale guarantees scheme and a boost for alternative finance providers.

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RTI: reporting, payments and penalties
Employers who have not yet taken up real time information (RTI) reporting must take action now.

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VCTs: anti-avoidance – return of capital
New legislation around VCTs will counter particular forms of share buy-back arrangements.

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Enterprise Zones: enhanced capital allowances
The enhanced capital allowances regime for qualifying expenditure in Enterprise Zones has been extended.

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Corporation tax: changes ahead
Continued reduction in the corporation tax rate, removal of associated company rules, creative industries tax relief and a tightening of group profits movement were Budget highlights.

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Bringing clarity to BPRA
The Finance Act 2014 will clarify the scope of Business Premises Renovation Allowance.

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ECA increases for green technology
New legislation will extend the list of energy-saving and environmentally beneficial technologies and products that benefit from enhanced capital allowances.

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Construction Industry Scheme
Summer consultation coming on ways to improve the CIS.

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LLPs in the spotlight
Under the Finance Bill 2014, salaried members of limited liability partnerships (LLPs) will become employees under certain conditions, while excess profits in mixed partnerships will be reallocated.

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Goodbye to PTS
The Statutory Sick Pay Percentage Threshold Scheme will be replaced by the Health and Work Service.

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CAPITAL GAINS TAX

Farmers: capital gains tax roll-over relief
Budget 2014 introduced an update to EU legislation implemented in December 2013 which introduced a new agricultural subsidy, the Basic Payment Scheme.

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Gaining ground: capital gains tax
An increase in the annual exemption, reaffirmation that private residence relief will reduce to 18 months and confirmation that intangible assets will be treated the same as tangible assets were the main CGT announcements.

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IT’S PERSONAL

Pension flexibility increases
Individuals will benefit from changes to withdrawals from registered pension schemes. Saving was a theme of this Budget and the reform of pensions was a headline measure.

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Pensions’ consultation: freedom and choice
On 19 March 2014 the government issued a consultation entitled 'Freedom and Choice in Pensions’.

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Pension liberation
Steps have been announced in the Budget to prevent pension liberation and preserve pension savings.

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Free advice, at a cost, from 2015 for defined contribution pensions
Government to introduce new guarantee offering free and impartial guidance on pension choices at the point of retirement.

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Income tax personal allowances
Changes to personal allowances for basic and higher rate taxpayers revealed.

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New ISA
Changes will make ISAs more flexible and increase the annual subscription limit.

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Childcare boost for parents
The Tax-Free Childcare Scheme includes an increased costs cap and will support working families with children under 12.

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Transferable tax allowances
The transfer of a portion of personal allowances between spouses or civil partners has been announced.

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Upfront payment of tax associated with avoidance schemes
Taxpayers will be required to pay upfront tax disputed under schemes that fall within the DOTAS rules or are counteracted under the GAAR.

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Starting tax rate for savings
From 6 April 2015, the starting tax rate for savings will be reduced from 10% to zero, and the limit will be increased from £2,880 to £5,000.

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All change for NNPs and high-value residential property
Taxation of high-value residential property held by non-natural persons extends to properties between £500,000 and £2m.

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HMRC’s powers extended
The government plans to give HMRC the power to recover tax directly from debtors’ bank accounts.

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Accelerated payments of tax-follower cases
New legislation will place greater emphasis on previously decided tax cases.

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New-look national insurance
Class 2 abolition, the previously announced cashback for business and a new class of voluntary contribution means a shaking up of national insurance.

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Artificial dual contracts of non-domiciles
New measure will tax the overseas employment income of non-domiciles on the arising basis, rather than on the remittance basis, in the case of artificially arranged contracts with the same or associated employers.

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Scottish rate of income tax
Legislative changes resulting from the introduction of the Scottish rate of income tax.

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Inheritance tax round-up
Details of three changes to IHT.

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VAT

The latest VAT changes
Changes to the VAT registration threshold and other business-related VAT matters.

Read more»

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