A Budget 2015 Summary for Individuals

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UK Budget 2015 Summary For Individuals

Chancellor George Osborne described in his final Budget how thanks to the hardworking people of Britain, Britain is “walking tall again” and urged people not to return to the “chaos of the past”! He emphasised his commitment to helping those who “work hard and want to get on”. So how will George Osborne’s measures impact on our personal finances?

Here’s our Budget 2015 summary for individuals of the key announcements:

Minimum Wage

  • for 21+ year old workers, the rate will rise by 20p to £6.70p per hour from October 2015.
  • for workers aged 18-20, the rate will rise by 17p to £5.30p per hour from October 2015.
  • for workers aged under 18, the rate will rise by 8p to £3.87p per hour from October 2015.
  • people on minimum wage will be paid £8 an hour by 2020.

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A Budget 2015 Summary for Business

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UK Budget 2015 Summary For Business

The business community will welcome today’s Budget announcements with the continuing theme of growth, consistency and stability.

Here’s our Budget 2015 summary for business outlining the key announcements:

Corporation Tax

  • for small businesses, the rate of Corporation Tax remains at 20%.
  • the main rate will be cut to 20% from April 2015. The rules will be amended to prevent contrived loss arrangements.

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Self Employed National Insurance

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The government has announced plans to change how it collects Self employed National Insurance.  Class 2 National Insurance, which is payable by the self employed and currently £2.75 per week, is paid upon receipt of a quarterly bill from the National Insurance Contributions Office or you can apply to pay monthly or six monthly by direct debit.

The changes will mean that self employed people will pay their Class 2 National Insurance together with their Income Tax and Class 4 National Insurance which is payable on 31 January (and 31 July in some instances).

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Budget 2015

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The Budget 2015 – ‘The Chancellor’s last chance to make a difference?’

On Wednesday 18 March 2015, the Chancellor George Osborne will deliver his 2015 Budget speech which sets out the UK government’s plans for the economy and public finances.

It is a very important Budget this year due to the General Election taking place less than seven weeks after Budget Day. No doubt the Budget is going to be a highly political one and the main announcements are likely to have strong influence on the Election campaign.

So how will the announcements affect you? Who will be the winners and losers? How are the UK’s businesses going to be affected? SeavorChartered will be analysing what the announcements mean for both businesses and individuals so please visit www.seavorchartered.co.uk for our response and an understanding of how the changes will affect you.

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