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
Most businesses should now be aware of the increase in the standard rate of VAT to 20% on 4th Janauary 2010, however, many are still unsure of the detail. Set out below are a few of the important issues for VAT traders:
Can I simply invoice now and receive payment later - In short yes,
The majority of sole traders are aware of their obligations to register for VAT when their business turnover has gone over a specific limit - called the 'VAT threshold' (currently £70,000), but few realise that it is not their 'business' that is registered but them personally.
Why does this matter?
Where an individual carries