Budget Summary

VAT REGISTRATION AND DE-REGISTRATION LIMITS The VAT registration limit has increased to:- Registration threshold now set at £90,000 Deregistration threshold now set at £88,000 PERSONAL TAX ALLOWANCE For the 2024-25 tax year the personal tax allowance remains at £12,570 ISA ALLOWENCES Tax Free ISA rate has increased from £20,000 to £25,000 CORPORATION TAX RATE The main rate of corporation tax has remained at 25% for profits over £50,000 and for profits under £50,000 it will remain at 19%. CAPITAL GAINS…

VAT REGISTRATION AND DE-REGISTRATION LIMITS No changes to the current limits which are:- Registration threshold remains at £85,000 Deregistration threshold remains at £83,000 PERSONAL TAX ALLOWANCE For the 2023-24 tax year the personal tax allowance remains at £12,570 CORPORATION TAX RATE The main rate of corporation tax has increased to 26.5% for profits between £50,001 – £250,000, this will be reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate. For profits under £50,000 it…

VAT VAT rate for hospitality and accommodation returned to 20% from 1st April 2022. VAT REGISTRATION AND DE-REGISTRATION LIMITS No changes to the current limits which are:- Registration threshold remains at £85,000 Deregistration threshold remains at £83,000 PERSONAL TAX ALLOWANCE For the 2022-23 tax year the personal tax allowance will remain at £12,570 CORPORATION TAX RATE The main rate of corporation tax remains at 19% until 1st April 2023. It will then increase to 25% for profits over £250,000 and…