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Autumn Statement 2013

2019-09-01T11:33:22+01:00December 5th, 2013|Categories: Budget Reports|Tags: |

Summary This was a Budget for bingo-playing baby-boomers who have not started to draw their private pensions. George Osborne announced some sweeping reforms to the taxation of pensions and halved bingo duty. The traditional "sin taxes" on booze and fuel have largely been frozen or even reduced, although tobacco suffers a 2% above inflation tax rise. The new "sins" appear to be; owning a valuable home through a company and operating a high-stakes gaming machine. Most individuals aged under 67 will feel the benefit of an increase in personal allowance from £10,000 to £10,500 in 2015. A transferable married [...]

Budget Summary 2013

2019-08-23T16:35:04+01:00March 20th, 2013|Categories: Budget Reports|Tags: |

George Osborne announced a number of tax breaks and incentives for small businesses and employers in his Budget Statement, but many of these changes are not due to come into effect until April 2014 or later. The tax rates and thresholds for most taxes for 2013/14 were announced in December 2012. As always there are new rules to prevent tax avoidance, some of which may impinge on small businesses. This newsletter is based on the documents released on 20 March 2013. It is possible that a different position will be shown by the draft legislation which will be published [...]

Budget Summary 2012

2019-08-23T16:34:53+01:00March 21st, 2012|Categories: Budget Reports|Tags: |

The Chancellor of the Exchequer: George Osborne, is an ambitious man; he wants to simplify the UK tax system as well as make it fairer, predictable and supportive of work. Some of those aims are contradictory. Simplification does not necessarily produce a fair position for everyone, and the blocking of tax loopholes must be done with little notice, so 'predictability' must be sacrificed. George has had a go at each of his aims for the tax system in this Budget, although many of the proposals will not become law until at least 2013, after consultation. There was an increase [...]

Budget Summary 2011

2019-08-23T16:34:40+01:00March 23rd, 2011|Categories: Budget Reports|Tags: |

The Chancellor of the Exchequer: George Osborne, is an ambitious man; he wants to simplify the UK tax system as well as make it fairer, predictable and supportive of work. Some of those aims are contradictory. Simplification does not necessarily produce a fair position for everyone, and the blocking of tax loopholes must be done with little notice, so 'predictability' must be sacrificed. George has had a go at each of his aims for the tax system in this Budget, although many of the proposals will not become law until at least 2013, after consultation. There was an increase [...]

Budget Summary – June 2010

2019-08-23T16:34:28+01:00June 22nd, 2010|Categories: Budget Reports|Tags: |

We all knew that Chancellor George Osborne was going to announce an increase in Capital Gains Tax (CGT) today, but we didn't expect the rate to rise immediately. Other surprises included reductions in the rates of corporation tax for both small and large companies and in the rates of capital allowances for all businesses. A rise in the standard rate of VAT to 20% was widely expected, but this increase has been delayed until 4 January 2011, which is the first working day after the Christmas break. The 1% point increase in NI rates from 6 April 2011 is [...]

Budget Summary 2010

2019-08-23T16:34:15+01:00March 24th, 2010|Categories: Budget Reports|Tags: |

This was a pre-election Budget but without many give-away prizes. Many of the standard allowances and thresholds have been frozen for two to five years, which introduces hidden tax rises by way of fiscal drag. This summary concentrates on the main tax issues affecting our clients. The good news points for small businesses are the extensions of entrepreneurs' relief and the Annual Investment Allowance. The bad news includes the new anti-avoidance rule for loans provided to participators in private companies. There are also a large number of complex measures which may not pass into law before this Government runs [...]

Pre-Budget Summary 2009

2019-08-23T16:33:59+01:00December 9th, 2009|Categories: Budget Reports|Tags: |

There was good news and bad news for small businesses in this Pre Budget Report. The good news is the freezing of the corporation and income tax rates other than the promised 50% rate of income tax which will be introduced for income over £150,000 and personal allowances are also frozen at the 2009/10 levels. The bad news will come from April 2011 when NI rates are set to surge upwards. Corporation tax may also increase in this month. Businesses with empty commercial properties may qualify for an exemption from business rates but only until 31 March 2011. There [...]

Budget Summary 2009

2019-08-23T16:33:46+01:00April 22nd, 2009|Categories: Budget Reports|Tags: |

The perilous state of the UK finances meant that tax increases were almost inevitable, but a 50% rate of income tax for those earning over £150,000 coupled with a complete withdrawal of personal allowances once earning over about £113,000 was not expected. Higher rate tax relief for pension contributions is also restricted, and the favourable tax regime for furnished holiday lettings will be withdrawn from April 2010. Some businesses will benefit from an extension of loss relief and a limited increase in capital allowances, whilst individuals will be able to put more into ISA's but otherwise tax breaks are [...]

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Pre-Budget Summary 2008

2019-08-23T16:33:34+01:00November 24th, 2008|Categories: Budget Reports|Tags: |

This was a tax cutting mini-budget covering everything from Air Passenger Duty to UK REITS. However, there is plenty of warning of specific tax rises to come in future years - should this Government still be in power! We have pulled out the matters that are most pertinent for small businesses, but as with any Budget further details are likely to emerge in the next few days so please contact us if you have specific queries. VAT In order to boost consumer spending across all sectors the standard rate of VAT will fall from 17.5% to 15% for a [...]

Budget Summary 2008

2019-08-23T16:33:20+01:00May 13th, 2008|Categories: Budget Reports|Tags: |

Mini Budget - 13 May 2008 Please note the provisions of the main budget were changed in the Mini Budget on 13 May 2008 when a compensation package for low earners was announced to compensate low earners for the abolition of the 10% tax band. The personal allowance for 2008/09 was increased by £600 to £6,035 and the basic rate limit is reduced from £36,000 to £34,800 so that higher rate taxpayers do not benefit. The original budget is shown below and all other provisions remain unchanged. This was billed as a 'no-surprises' budget by Treasury insiders, which it [...]

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