New business and personal tax rules for 2015

Following the start of the current tax year (2015/16) a number of new tax rules have come into effect. Here is a useful summary of them:

• Business rates retail discount is now £1,500 for eateries, pubs and shops with a rateable value of up to £50,000.
• Corporation tax for U.K. businesses is now 20%.
• Diverted Profits Tax for multinational companies is now in effect.
• Employer National Insurance Contributions for employees under the age of 21 have now been stopped.
• Employment Allowance: individuals who hire a care worker or support worker can now save up to £2,000 on their National Insurance Contributions.
• Marriage Allowance: one partner can now transfer up to £1,060 of their unused allowance to their partner, provided that partner’s earnings are within the basic income tax bracket.
• Tax on savings interest is now 0% for savings up to £5,000, for individuals who earn less than £15,600 per year.

There are many more changes to come during this year, and a second budget is due to be delivered by the Chancellor on 8th July.