Jackson Stephen's 2014 Budget Summary - Made in Britain

Jackson Stephen's 2014 Budget Summary - Made in Britain

The message in George Osborne’s Budget 2014 speech was clear, the economic measures he has introduced over the last five budgets are working, but the job is not yet done.  Despite the fact that economic conditions are improving in the UK, there are no plans to slow down these measures.  Public spending will continue to be under scrutiny, with the emphasis on helping the private sector to grow to support jobs and training to deliver continued economic growth.

The speech focused heavily on making the UK economy more resilient by introducing reforms to assist manufacturers, savers and pensioners.

We are pleased to attach our initial summary of the Budget 2014 and 2014/15 Tax Rate Card, which you can access by clicking the links above.

Over the coming weeks, our tax experts will review the details of the Budget in full in order to draw out the main implications which will affect you and your business in the future.

The culmination of this will be our Tax Planning Seminar, to be held in late spring where we will provide tips and guidance for this coming tax year and beyond.  Look out for your invitation to this event within the next week.

As anticipated, the measures announced in the Autumn Statement 2013 will go ahead as planned.  The main items to take effect from 6 April 2014 include:

    •     The changes as to how fixed profit share partners of LLP’s are taxed in future.
    •     The constraints to be placed on the sharing of profits and losses within mixed partnerships.
    •     The rules regarding self-employment via intermediaries.
    •     Alterations to the Capital Gains Tax (CGT) regime. 

If you would like to discuss these measures, or your tax affairs in general please don’t hesitate to contact our Tax Partner, Chris Barrington on the details below:

Chris Barrington
email: chris.barrington@jsllp.co.uk
telephone: 01942 292505