Devil is, as always, in the details but the headline changes in the 2014 budget were:
For 2015 to 2016 the personal allowance for those born after 5 April 1948 will increase to £10,500 and the basic rate limit will be £31,785 for 2015 to 2016.
For 2015 to 2016 the starting rate for savings
HMRC has updated the advisory fuel rates applicable where employers reimburse employees for business travel in their company cars, or require employees to repay the cost of fuel used for private travel. From 1 March 2011 the rates are:
1400cc or less
1401cc to 2000cc
HMRC have confirmed that the official rate of interest applying to interest-free or low interest loans made to employees will remain at 4.00% for the 2011–12 tax year, subject to review in the event of significant rate
HMRC are tightening the rules on the payment of taxes. To avoid paying late employers must ensure HMRC have cleared funds by the due date or, if the due date falls on a non-banking day, by the last bank working day before the due
The Government is implementing a compulsory pension scheme from 2012.
From 2017 employers will need to contribute at least 3% of earnings. Employees will contribute 4% and HM Revenue & Customs 1% as tax relief.
Compliance will be regulated by the Pensions Regulator.
More details of the NESTS will be posted
Changes made to the taxation of company cars to fall in inline with the Government's green agenda mean that the once great perk of motoring at the cost of the employer is no longer the benefit it once was. To be given a company car is now the exception not the norm.