Autumn Statement 2013 – Start ‘Planning’ Now For 2015 – Part 2
In keeping with his fiscally neutral stance, George Osborne gives very little away.
There has been so much media coverage about bringing back some form of married couples allowance. Now that we know what it is, it was hardly worth the wait for the announcement and we can definitely wait for the implementation in 2015.
£1000 transferrable allowances for basic rate taxpayers. So, if your spouse isn’t using all their personal allowance, you can have £1000 of it.
If you are self-employed, you may have the first £11000 of profits free of income tax.
If you run a company on a personal allowance salary + dividends combo, life gets a teeny weeny bit more interesting. You can’t increase your wage, because national insurance is not going up and NI is the only reason you suppress your wage in the first place. You need to find other ways of boosting your taxable income without it being a wage. Favourite ideas are charging interest on monies lent to the company, rent on office space in your own home, and hold a business asset personally and then rent it to the company.
Plenty of time to get your planning right.