June 2010 Budget Highlights
Tue, 22 Jun 2010 13:03:00
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Initial tax headlines from todays speech include: Corporation Tax Main CT rate to reduce by 1p every year for 4 years to 24% Small Companies Rate to be cut to 20% from 1 April 2011 Taxation of Foreign profits, IP and R&D to be reformed to make UK more business friendly Reduction in Capital Allowances from 20% to 18%, and from 10% to 8%, from 1 April 2012 Annual Investment Allowance reduced from £50,000 to £25,000 from 1 April 2012 Videogames relief will not be introduced VAT / Indirect Tax 20% main rate to be introduced on 4 January 2011, with continued exemptions for essential goods Insurance Premium Tax rates to increase from 5% to 6% and from 17.5% to 20% Capital Gains Tax Rate of CGT to increase to 28% for higher rate and top rate income tax payers (basic rate taxpayers rate to remain at 18%) with no tapering based on length of ownership New CGT rate to be introduced for gains made from midnight Annual exemption to remain unchanged at £10,100 Entrepreneurs' Relief will apply to first £5M of qualifying gains Income Tax Personal allowance to increase by £1,000 from 5 April 2011 - higher rate and top rate taxpayers will not benefit Higher rate income tax threshold to remain unchanged until 2013 Furnished Holiday Letting rules will not be abolished National Insurance Employers NIC threshold to increase above inflation as planned Up to £5,000 exemption from Employer's NIC for each of first 10 people employed by new businesses located outside South East Inheritance Tax No announcements in speech Stamp Duty No announcements in speech Other Introduction of a Bank Balance Sheet Levy, subject to a deminimis level, from January 2011 Landline Duty will not be introduced Freeze in Council Tax for 2011/12  |
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27 August 2010 08:21
As of this year, travellers are permitted to bring back VAT and duty free goods to the value of £390. This is a modest increase on the £340 limit in place but is a significant increase from the £145 limit that prevailed for many years prior to December 2008.br
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06 August 2010 10:28
The national minimum wage rates will increase for pay reference periods starting on or after 1st October 2010 onwards.Main rate for workers 21 years old and above £5.93 per hourRate for workers aged 18-20 years inclusive £4.92 per hourRate for workers under 18 years and
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04 August 2010 09:54
Marshall Smalley Accountants are specialists in dealing with HMR&C tax investigations. We are based in Nottingham but work thoughout the East Midlands and Nationally. We will work with you and negotiate with HMR&C for the best possible outcome.Contact the tax investigaion specialists on 0115 9565171img
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04 August 2010 09:38
The rules changed in April 2010, from now on you will have to submit your VAT returns online and pay any VAT due electronically if you have an annual turnover of £100,000 or more (exclusive of VAT).If you have registered for vat on or after 1 April
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