How will the Autumn Statement Affect you?

In Tax Perspective

Many lower paid workers will find themselves paying less income tax. Well that is something good to start with. The personal allowance, the amount that most people can earn before they pay income tax, will rise to £9,440 in April 2013. That will be a rise of £235 more than the chancellor had previously said, and will represent a total rise in the allowance since April 2012 of £1,335.

Furthermore, those people whose incomes put them on the border of the higher-rate 40% income tax bracket will benefit a bit. The threshold for the 40% rate will rise by 1% in 2014 and again in 2015, from £41,450 to £41,865, and then to £42,285. There’s good news for investors as well. Investors will also see some benefit, with the annual exempt amount for capital gains tax rising by 1% to £11,100. The inheritance tax nil-rate band will rise from £325,000 to £329,000 in 2015-16.

Read more


For more information on the tax implications of the autumn statement and the affects to your business, contact your KVS Accountants on 020 7731 6131. KVS are tax consultants in Notting Hill, Holland Park, Kensington, Clapham South, Clapham Common, Balham, Chiswick and Richmond



Tags: , , , , , , ,