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BACC Ohio - 2013 UK Budget Report

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A presentation by the accounting firm of Dyke Yaxley LLC on the 2013 UK Budget given to the British American Chamber of Commerce Ohio in March 2013. …

A presentation by the accounting firm of Dyke Yaxley LLC on the 2013 UK Budget given to the British American Chamber of Commerce Ohio in March 2013.

Reproduced and published by kind permission of Dyke Yaxley LLC

For more information, please visit www.baccohio.org

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Transcript

  • 1. UK 2013 Budget ReportPresented byRobert Whittall – Dyke Yaxley, LLCandIan Brander – Dyke Yaxley, Limited
  • 2. 2013 Budget Review
  • 3. Contents• Review of Debt and Growth• Budget Review for Corporations• Budget Review for Individuals• Pot Pourri of UK/US tax issues• Questions?
  • 4. Growth and DebtGrowth of GDP• Expectations for forthcoming years − 2013 – 0.6% − 2014 – 1.8% − 2015 – 2.3% − 2016 – 2.7% − 2017 – 2.8%
  • 5. Growth and DebtPublic Sector Net Debt as % of GDP• Expectations for forthcoming years − 2013 – 75.9% − 2014 – 79.2% − 2015 – 82.6% − 2016 – 85.1% − 2017 – 85.6%
  • 6. Business 2013-14Rates of corporate taxes and allowances from 1 April 2013• Main Rate − Profits over £1,500,000 − Taxed at 23%• Small Business Rate − Profits under £300,000 GBP − Taxed at 20%
  • 7. Business 2013-14Capital allowances (Annual Investment Allowance)• Increased from 1 April 2013 − Old Rate £25,000 − New Rate £250,000 (Capped for two years)• Writing Down Allowance (Plant and Machinery) − 18% Relief
  • 8. Business 2014-15Rates of corporate taxes and allowances from 1 April 2014• Main Rate − Profits over £1,500,000 − Reduced to 21%• Small Business Rate − Profits under £300,000 − Remaining at 20%
  • 9. Business 2015-16Rates of corporate taxes and allowances from 1 April 2015• Government scrapped the Upper Limit of Tax• All profits to be taxed at 20%Employment Allowance for Employer NIC• First £2,000 off National Insurance bill• Available for every Company in the UK
  • 10. IndividualsAllowances• Personal Allowance − Increased to £9,440 from 6 April 2013 − Increased to £10,000 from 6 April 2014• Capital Gains − CGT Holiday is to be extended
  • 11. What were they thinking…
  • 12. Something you can leave with Why does the UK Tax Year run from April 6th to April 5th?
  • 13. Something you can leave withWhy does the UK have a quirky tax year?In 1582 Pope Gregory XIII ordered a change from the Julian calendar to theGeorgian calendar.However due to other disagreements with the Catholic Church the UK decidednot to follow the rest of Europe and carried on with the Julian calendar for thenext 170 years.Until 1752 when they realised they would have to catch up with the rest of theworld and align their calendar. So in September 1752 the days went September2nd immediately followed by September 14th
  • 14. Something you can leave withIn the UK the four main Christian Holidays had been used as the Quarter daysfor businesses and so 25th March was the year end of a business.Concerned by loss of revenue the Treasury said the tax year still had to be 365days so business year ends moved to 5th April and in 1800 the Treasury addedan additional 1 day to take into account a lost leap year. Finally getting us to 6thApril.
  • 15. Tax Pot Pourri• US limited liability Companies• UK Pensions • 25% Tax-free• UK Units Trusts• UK SIP’s• UK ISA’s
  • 16. Tax Pot Pourri• Sale of UK house & payoff of UK mortgage• US income tax residency versus US “tax compliance” residency• FBAR versus Form 8938 • Foreign pensions • Life insurance • Rental agreement • Mortgage endowments
  • 17. Legal DisclaimerThe informal comments and the information presented in these slides shouldnot be construed as constituting tax advice applicable to any specific taxpayerbecause each taxpayer’s facts are differentTo ensure compliance with requirements imposed by the IRS, we inform youthat any U.S. tax advice mentioned in the presentation or contained in theseslides is not intended or written to be used, and cannot be used, for thepurpose of (i) avoiding penalties under the Internal Revenue Code or (ii)promoting, marketing or recommending to another party any transactions ormatters addressed herein.

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