The Conservative Party manifesto contains some detail on their tax policies if they are elected.
- Main rate of Corporation Tax reduced from 28p to 25p
- Small Companies rate of CT reduced from 21p to 20p
Both of these will be funded by “reducing complex reliefs and allowances” – no mention of what these are. But don’t be suprised if the Annual Investment Allowance (AIA) on capital asset purchases is reduced – reducing your businesses tax allowances when you buy computers, machinery and vehicles for your firm.
The manifesto does not mention income tax or VAT, however we do know that
- An independant Office of Tax Simplification will be created to suggest reforms for the tax system
- SME’s will be paid a bonus of £2,000 for every apprentice they hire
- There will be an emergency budget within 50 days if the Conservatives are elected