Here are five Key Tax Changes have or will shortly come into force in the 2014-15 tax year:
– the standard Personal Allowance has increased to £10,000.
– the new ISA annual allowances are £5,940 each for a Cash ISA and a Share ISA.
– from 1st July 2014, all ISAs will be converted to New ISAs (NISAs) with an overall unrestricted annual allowance of £15,000.
– the Capital Gains Tax Private Residence Relief period will reduce from three years to eighteen months with effect from April 2014.
– almost every business is eligible for the Employment Allowance that reduces Employer’s National Insurance contributions by up to £2,000 per year.