April 2015 tax changes – five things small businesses need to know

APRIL MON TUE April 2015 tax changes WED 30 31 1 2 3 4 5 6 78 13 14 15 16 17 18 19 THU FRI SAT SUN Five things you need to know 9 10 11 12 20 21 22 23 24 25 26 Every April, the UK government rolls out new taxation changes - so what do small business owners need to know about for 2015? 27 28 29 30 123 1 VAT thresholds increased Who it applies to: anyone who is approaching the VAT registration threshold 1st April 2014 - 31st March 20 From 1st April 2015 £81,000 of VATable sales VAT registration £82,000 threshold of VATable sales VAT deregistration threshold £79,000 £80,000 of VATable sales of VATable sales Personal allowance increased Who it applies to: any individual 6th April 2014 - 5th April 2015 From 6th April 2015 Personal allowance £10,000 £10,600 3 National Insurance thresholds increased Who it applies to: anyone employing staff 6th April 2014 - 5th April 2015 from 6th April 2015 Employee's National £153 a week £155 a week Insurance threshold Employer's National Insurance threshold £153 a week £156 a week (employee over 21) Employer's National Insurance threshold £153 a week £815 a week (employee under 21) Important! New for ao15 Class 2 National Insurance increased I Who it applies to: Sole traders and partners in a partnership 6th April 2014 - 5th April 2015 from 6th April 2015 Class 2 £2.75 per week £2.80 per week National Insurance Re ced tax on savings income Who it applies to: all individuals 6th April 2014 - 5th April 2015 from 6th April 2015 Starting rate band for savings tax savings up to £2,880 savings up to £5,000 Rate of tax for savings 10% 0% on starting rate band More details at www.freeagent.com/central/april-2015-tax-changes MediaNode My Money Raniing Tas - Accounting - Раyroll 2015/16- Continue Merh 2 Payrail RTI Report Unfiled Your paalea heve been ceated, but your RTI report heant vet been fed with HMRC. Consnue Month 2 payrl Flirg deadline 06 kn 15 PAYENI Due 0 Dete Tax Employee N Nat Pay Employer N Due to MnO Monh Pain-free payroll with FreeAgent Free gent www.freeagent.com Disclaimer: Emily is a great accountant, but this infographic is not a substitute for advice from your own accountant, tailored to your own business. This information does not constitute accounting advice.