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The Pre-Budget Report 2009 |
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Your guide to the Chancellor’s Statement I 9th December 2009
Alistair Darling’s announcements include unexpected tax increases. In his final Pre-Budget Report before the next General Election, Alistair Darling faced the twin dilemmas of a soaring public finance deficit and a recession-driven reduction in Government income. While conceding that the economy in 2009 had shrunk by more than previously forecast, the Chancellor stuck to his predictions for a modest return to growth in 2010....
NIC Increase
Employer and employee national insurance contributions to rise by a further 0.5 per cent as from April 2011, although the threshold for NI is to be increased so that nobody earning less than £20,000 will face extra charges...
Corporation Tax
The Chancellor announced a one year deferment for the increase in the small companies’ corporation tax rate which remains at 21%...
Read the Budget Report >
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Standard rate of VAT to revert 17.5%
As previously announced, on 1 January 2010 the standard rate of VAT reverts to 17.5% after a period of 13 months at 15%. The reduction was welcome during a time of recession but now it is back to ‘as you were’...
Clearly, the main impact will be on private individuals, who are ‘final consumers’ in that they are unable to reclaim any VAT they pay on goods or services. However, retailers, exempt and partly exempt businesses will also be affected in real terms, but is there anything they can do to mitigate the impact of the rise?...
Read the Budget Report >
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Pensions: restricting tax relief for high-income individuals (anti-forestalling)
The 2009 Budget announced the Government’s intention to restrict tax relief on pension contributions with effect from 6 April 2011 for individuals with gross income of £150,000 or over. Anti-forestalling legislation was also announced at the same time. The parameters of this legislation have today been changed so that...
Read more... > |
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Furnished holiday letting
With effect from April 2010 (unincorporated owners from 6 April, corporate owners from 1 April) the favourable tax treatment of furnished holiday lettings (FHL) will be aligned with those for other property businesses. This change affects individuals, partnerships, trustees and companies who have income or capital gains from the commercial letting of furnished holiday accommodation...
Read more... > |
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