The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> Professional Book-keepers in Practice -> Budget 2014
Post Info TOPIC: Budget 2014
Shamus


Forum Moderator & Expert

Status: Offline
Posts: 11981
Date:
Budget 2014
Permalink Closed

If anyone wants to read whats not being said it's all here :

https://www.gov.uk/government/publications/budget-2014-documents

Its the top document on the page.

You probably want to start reading at 2.64.

kind regards,

Shaun.

 

 

 

 



__________________

Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Shamus


Forum Moderator & Expert

Status: Offline
Posts: 11981
Date:
Permalink Closed

Nice to see class 2 N.I. contributions are to now be collected through self assessment (2.212). For once tax simplification seems to be doing what it says on the tin!

__________________

Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
StuartAnder


Senior Member

Status: Offline
Posts: 360
Date:
Permalink Closed

I was surprised at the £10.5k PA I thought it was only going up to 10k max

__________________
matt123


Senior Member

Status: Offline
Posts: 319
Date:
Permalink Closed

It is 10,000 as of next month. The 10,500 is April 2015.

__________________

Matthew
StuartAnder


Senior Member

Status: Offline
Posts: 360
Date:
Permalink Closed

Yes I no next yr but I was only expecting it to go up to 10k max

__________________
Don Tax


Expert

Status: Offline
Posts: 1716
Date:
Permalink Closed

You're right Stuart - 10k was Lib policy objective but they just reached it sooner than expected.

__________________
StuartAnder


Senior Member

Status: Offline
Posts: 360
Date:
Permalink Closed

Can anyone explain what this 40 something thousand threshold for 40% rate is?

__________________
MarkS


Expert

Status: Offline
Posts: 1501
Date:
Permalink Closed

StuartAnder wrote:

Can anyone explain what this 40 something thousand threshold for 40% rate is?

First £10k is covered by your personal allowance so is tax free

Next £31,865 is taxed at basic rate of 20%.

After that you pay tax at 40% (unless you are lucky enough to have additional income over £150k when you pay tax at 45%.

So it means you dont pay 40% tax until your total income exceeds £41,865 (£10k + £31,865).



__________________

Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
StuartAnder


Senior Member

Status: Offline
Posts: 360
Date:
Permalink Closed

I think I understand what is it now, they have added together the personal allowance and the 20% threshold I think

__________________
StuartAnder


Senior Member

Status: Offline
Posts: 360
Date:
Permalink Closed

Lol a minute apart Mark

__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> Professional Book-keepers in Practice -> Budget 2014
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About