HM Treasury Press Notices

PN01 A fairer personal tax and benefit system

The Government proposes the following measures under this heading:

• personal allowance for those aged under 65 up by £1,000 to £7,475 in 2011–12;
• capital gains tax rate increased to 28 per cent for higher rate and additional rate taxpayers;
• 10 per cent rate for entrepreneurial business activities

George Osborne’s Emergency Budget has been announced. We’ve been through it with a fine tooth comb. Here’s what it means for contractors.

The Good News…

• Reduction in main rate of Corporation Tax by 1% per year until it reaches 24%
• Increase in personal allowance by £1,000 to £7,475 in 2011-12 for under 65s
• Increase in threshold for employer National Insurance contributions by £21 a week

BUDGET: Small companies tax rate cut

20% from April 2011

The chancellor has announced that the small companies tax rate will be cut to 20% from April 2011.

It had been due to rise to 22% next year.

The rate, currently 21%, applies to companies with profits of £300,000 or less.

BUDGET: Employers’ NI threshold rise

The chancellor has announced that… Continue reading

so what did the power review ever do for us??

Electronic filing of VAT returns

Online only. Compulsory electronic filing of VAT returns for periods starting after March 31 2010 will apply to all new businesses, and existing ones with an annual turnover greater than £100,000. Those with a turnover of less than that can continue to send paper returns until 2012.

Transitional period. As a concession, three further paper returns after April 1 will be permitted but… Continue reading

The practicalities of claiming a tax refund

(04-06-2010)

There are a number of reasons why you might pay too much tax and have to claim a refund.

Here we look at the practicalities of claiming tax back and give some tips on how to make sure yours is processed as quickly as possible.

Confusingly, if you are not in… Continue reading

Are you running your business or is it running you?

Ever feel like you would you like to spend more time on the business, rather than in the business?

Now there’s a Business Mentoring programme that will enable you to do just that.  Designed specifically to help leaders and senior managers of small businesses to… Continue reading