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Clegg wants further tax cuts

28.11.13

Deputy Prime Minister Nick Clegg is trying to convince his Tory counterparts to agree to raise the Personal Allowance threshold by another £500.

For the current 2013/14 tax year, which ends on 5th April, you can earn up to £9,440 before being taxed. This will increase to £10,000 for the 2014/15 tax year, a target in which Mr Clegg has been aiming to achieve for several years.

The aim now for the leader of the Liberal Democrats is to raise the Personal Allowance by a further £500 to £10,500.

The tax cut will save everybody who falls into the ordinary tax rate bracket £100 per year, but it will cost the Treasury approximately £1bn.

As a self-employed contractor with Consort, you will benefit from any rise in Personal Allowance. You are also able to offset any work-related expenses against your income to reduce your tax bill at the end of the tax year. This includes any travelling to/from your work, any books, courses or a home office needed for work.

If you require assistance with your Self Assessment tax return, we have partnered with Taxback.com who will complete your tax return on your behalf for a reduced rate of £110 (normally £250). Click here for more details.

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