Michael Lewis LLP banner

The 2014 Budget

The big news is:

Personal tax


Pension rules relaxed so the exit charge of 55% is withdrawn and rules on drawdown relaxed so you can draw as much as you like each year (from 6 April 2015). Drawdown in excess of 25% is taxed at marginal rates of tax.

Employment taxes

A £2,000 credit against employers national insurance. Note that the employees NI is still payable in full and it does not apply to domestic staff or IR35 deemed salaries. Pension rules relaxed so the exit charge of 55% is withdrawn and rules on drawdown relaxed so you can draw as much as you like each year (from 6 April 2015). Drawdown in excess of 25% is taxed at marginal rates of tax.

In brief...

Tax Agent

My tax agent ID. You can appoint me online as your agent but you have to do it from the Government Gateway, not from the HMRC website. To do anything useful it has to be from the HMRC website. In full... »

Taxation

What tax returns do you have to prepare? As part of preparing your annual company accounts we will prepare a corporation tax computation and a corporation tax return and submit all of the required documents to the Inland Revenue. In full... »