Tax Changes That Have Come Into Effect on 1st April 2015

Although most tax changes are applied at the start of the new tax year on 6th April, some changes have come into force on 1st April 2015. The main changes that affect businesses are:

The Corporation Tax rate has been unified at 20%.
The VAT registration threshold has increased from £81,000 to £82,000 and the deregistration threshold from £79,000 to £80,000.
Business Rates changes in England:
- The business rates multiplier has increased from 48.2p to 49.3p (47.1p to 48.0p for small business multiplier) which includes the 2% inflation cap.
- The Small Business Rate Relief scheme remains doubled for a further year providing 100% relief for businesses with a single property with a rateable value of less than £6,000 and tapered relief where the rateable value is between £6,000 and £12,000.
- The business rates discount for shops, pubs, cafes and restaurants with a rateable value of £50,000 or less has increased from £1,000 to £1,500.
The new Diverted Profits Tax has been introduced.
Associated Companies rules have been replaced with simplified system based on 51% group membership.

If you would like any further information or clarification on these or the other tax changes that have come into effect, please email us at welcome@cooperfaure.co.uk.

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