Here are a few of the changes brought in by Chancellor George Osborne's 2010 Coalition Budget.
Personal Tax Allowances
An increase of £1000 in allowances for 2011/12 for those <65 years old.
Tax Rates
The Basic Rate limit and the Upper Earnings & Profit limits for NIC have been reduced for 2011/12.
National Insurance
NIC Primary Threshold to increase from April 2011 plus a 1% increase in Employer Costs and Self Employed contribution.
Corporation Tax
Main Rate down by 1%.
Capital Gains Tax
Higher Rate Taxpayers to pay CGT at 28% after 23 June 2010.
VAT
Standard Rate of VAT increases to 20% from 4 January 2011.
If considering tax planning measures based upon the above we would encourage you to talk to us about the implications before making decisions.
For more information, please follow the links below
Walker Thompson
HM Treasury
Showing posts with label George Osborne. Show all posts
Showing posts with label George Osborne. Show all posts
Friday, 6 August 2010
Tuesday, 18 May 2010
BUDGET DAY ANNOUNCED
Tuesday 22 June 2010 will see the first Budget of the newly elected (or perhaps not elected as such) Coalition Government.
George Osborne will deliver his Emergency Budget to the nation with explanations as to how the Government will address the £6billion hole in the year one forecasts.
It is interesting to observe that the Chancellor has delegated responsibility for budgetary forecasts to a new "Quango" - "The Office for Budgetary Responsibility". It is less than 12 months since David Cameron stated that vast numbers of Quangos needed to be cut back in order to direct money to front line services.
We can expect austerity measures to be implemented which could bring higher taxes on some sectors with the potential for lower level earners to gain more from increased personal allowances.
It will be an interesting period leading up to the Budget given that the Lib Dems will be seeking to assert a level of influence over Mr Osborne.
On a side note:
HM Revenue and Customs have now introduced a scheme for those taxed under Self Assessment to pay their tax early by direct debit. This must be seen as a desperation measure and something designed to prop up the Payment Support Office which is extending credit to taxpayers worth millions of pounds. Given the choice, would you pay tax sooner than necessary? That we suggest would take all of one second to contemplate.
George Osborne will deliver his Emergency Budget to the nation with explanations as to how the Government will address the £6billion hole in the year one forecasts.
It is interesting to observe that the Chancellor has delegated responsibility for budgetary forecasts to a new "Quango" - "The Office for Budgetary Responsibility". It is less than 12 months since David Cameron stated that vast numbers of Quangos needed to be cut back in order to direct money to front line services.
We can expect austerity measures to be implemented which could bring higher taxes on some sectors with the potential for lower level earners to gain more from increased personal allowances.
It will be an interesting period leading up to the Budget given that the Lib Dems will be seeking to assert a level of influence over Mr Osborne.
On a side note:
HM Revenue and Customs have now introduced a scheme for those taxed under Self Assessment to pay their tax early by direct debit. This must be seen as a desperation measure and something designed to prop up the Payment Support Office which is extending credit to taxpayers worth millions of pounds. Given the choice, would you pay tax sooner than necessary? That we suggest would take all of one second to contemplate.
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