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TAX – 2014 BUDGET

Tax

The budget, as usual had some changes to personal tax when earning, saving, investing, or spending your money.

Below is a very simple summary of the main points that might affect the tax of the average man on the street.

Tax Avoidance

HMRC have put resources aside to challenge avoidance. They intend to increase powers to be able to directly collect taxes from bank accounts for those due taxes.

Corporate Property Purchase

Anyone buying a residential home for over£500,000 through a corporate buying scheme will pay 15% stamp duty (on property purchase).

Earnings Estimates

The Chancellor predicted that earnings will rise faster than inflation this year.

At Connect, we review all the possible solutions and options for taxation and can ensure we review your finances to provide you the best solution, including tax advice, whilst always remaining 100% on the right side of the most up-to-date rules.