Pre-Budget Report 2009 - news just announced
The Chancellor has just announced that the increase in the corporate tax rate has been deferred. The 2010 tax rate will remain unchanged for small businesses.
Pre-Budget Report 2009 - Tories set date for next year's (second) Budget
Even before the Chancellor’s Pre-Budget Report 2009 on 9 December the Conservative Party has indicated that they will have an 'emergency' Budget within fifty days of winning the general election next year.
Highlights of their proposals are:
- a reduction in corporation tax to 25% (20% small companies)
- increasing the stamp duty land tax threshold to £250,000
- raising the transferable IHT nil rate band to £1million
- a simple annual levy on all non-domiciles who want to avoid paying tax on their offshore income, in return for a promise not to change their tax regime for a Parliament.
It remains to be seen whether the Pre-Budget Report picks up on any of these ideas.
We will be blogging on SME Plus Blog and Tax Plus Blog on Pre-Budget Report day. If you do not already subscribe to our blogs click here for SME Plus Blog or here for Tax Plus Blog to ensure you get our comment and analysis as and when it happens.
Barry Hallam is a senior manager at Mercer & Hole. If you would like to discuss the contents of this post with Barry you can call him on 020 7353 1597.
Pre-Budget Report 2009 - Chancellor's statement announced for Wednesday 9 December 2009
Chancellor Alistair Darling has confirmed that he will make his Pre-Budget Report statement on Wednesday 9 December 2009. We will be providing full analysis of Pre-Budget Report announcements on the day.
We will be blogging on SME Plus Blog and Tax Plus Blog on Pre-Budget Report day. If you do not already subscribe to our blogs click here for SME Plus Blog or here for Tax Plus Blog to ensure you get our comment and analysis as and when it happens.
Lisa Spearman is a partner at Mercer & Hole. If you would like to discuss the contents of this post with Lisa you can call her on 020 7353 1597.
Budget 2009 - Budget statement...what is in store?
With less than a week until Chancellor Alastair Darling’s second Budget statement the speculation as to what may be announced on Wednesday 22 April 2009 is mounting.
Political commentators such as www.politics.co.uk suggest that on one hand it should be a neutral Budget, but on the other hand spending is now part of the Government’s DNA. The British Retail Consortium (BRC), is reported in The Telegraph as saying that, “the high street is in need of some retail therapy”.
The Times reports that, “the Budget will make or break renewable energy” and the BBC is giving its own predictions here.
From a tax perspective much has already been announced in respect of the current tax year, but there may be changes announced for later years. Those dealing with the taxation of non-domiciled UK residents would welcome some simplification of the horrendously complex new rule introduced in Mr Darling’s first Budget last year.
As usual, we will just have to wait and see!
We will of course be blogging on SME Plus Blog and Tax Plus Blog, providing analysis on the key highlights next Wednesday.
If you do not already subscribe to our blogs click here for SME Plus Blog or here for Tax Plus Blog to ensure you get our comment and analysis as and when it happens.
Budget 2009
The Chancellor will make his Budget statement on Wednesday 22 April 2009. We will be providing analysis of Budget announcements on the day.
Taxman closes another tax avoidance scheme
HMRC Revenue & Customs announced yesterday that they are taking steps to close a “highly contrived” tax avoidance scheme. The arrangements involve complex structures including both companies and trusts (possibly offshore). Some details can be found on the HMRC website and a ministerial statement will be made in Parliament today.
Maybe this will help plug the shortfall in tax receipts discussed in The Times on Saturday. The article indicates that HMRC are stepping up there investigations into Self Assessment Tax returns. The returns for the year to 5 April 2009, if not already filed, are due by the end of the month.
New penalties for errors on tax returns and documents
Please find below a blog which you might find of interest from my colleague Cathy Corns, who writes for our sister blog SME Plus...
HMRC has published new guidance on the new penalty provisions that will apply from April 2008.
HMRC states that it has designed the new penalties so that:
- If people take reasonable care when completing their returns they will not be penalised.
- If they do not take reasonable care errors will be penalised, and the penalties will be higher if the error is deliberate.
- Disclosing errors before HMRC find them will substantially reduce any penalty due.
The new penalties initially apply to VAT, PAYE, National Insurance, Capital Gains Tax, Income Tax, Corporation Tax and the Construction Industry Scheme.
Further information can be found at:
http://www.hmrc.gov.uk/about/new-penalties/penalties-leaflet.pdf
http://www.hmrc.gov.uk/about/new-penalties/faqs.htm
Government retreat on key tax reforms
Below is a blog written my colleague and Mercer & Hole partner Cathy Corns on SME Plus blog, in relation to the government's retreat on key tax reforms.
According to The Times the Government are looking to mitigate the changes proposed in the Pre Budget Statement three weeks ago. Apparently the plan is to introduce a form of retirement relief of £100,000, aimed to assist small businessmen who are selling up and retiring. As of the time this was posted the HMRC website had no details on this and so we do not know if it is accurate and, if so what is meant by small or retiring or what tests have to be met to qualify.
Any mitigation of the tax is welcome and I will be in touch again when more details are available.
2007 Pre-Budget Report and Comprehensive Spending Review
As mentioned on my colleagues SME plus blog , The Chancellor of the Exchequer, Alistair Darling, will be presenting his 2007 Pre-Budget Report and the outcome of the Comprehensive Spending Review on the afternoon of Tuesday 9th October.
Cathy Corns will post details of important announcements here shortly after the end of his speech.
