The Finance Act 2009 introduced the necessary legislation to enable the top rate of tax to be increased to 50% on taxable income in excess of £150,000 in any tax year. (more…)
Posts Tagged ‘UK Corporation Tax’
New tax rates
Monday, January 11th, 2010Tags: HMRC, Income tax allowances, Personal tax return, tax relief, UK Corporation Tax
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New Tax penalties for 2010
Saturday, January 9th, 2010There are a number of new penalty regimes coming into force, and for business owners and private taxpayers alike the new message from the tax authority is, ‘Take care to avoid a penalty.’ While penalties for inaccurate returns started in 2009, the regime is extended in 2010 to all taxes and duties, and some other tax obligations such as registration for VAT. (more…)
Tags: HMRC, tax relief, UK Corporation Tax, UK VAT
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Pre Budget Report 2009 – a personal view
Monday, December 21st, 2009More tinkering with the economy = Another missed opportunity
One simple measure could have been taken to reinforce the elements of cost control and economy – like actually raising the VAT rate to 20% (rather than just back to 17.5%). (more…)
Tags: Gordon Brown, Income tax allowances, Inheritance Tax, Kevin Beare, National Insurance Contributions, national minimum wage, tax credits, tax relief, UK Corporation Tax, UK VAT
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Pre-Budget Report 2009
Thursday, December 10th, 2009Your 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.
The Chancellor also outlined Government ambitions to reduce the budget deficit by half within four years. Some spending cuts were put forward, including a planned public sector pay settlement cap. As for boosting Government income, VAT returns to a standard rate of 17.5 per cent (though no higher as some feared) and there is to be a further increase of 0.5 per cent in employers’ and employees’ national insurance contributions as from April 2011. Time will tell whether Mr Darling’s final Pre-Budget Report speeds the slow economic recovery. (more…)
Tags: Gordon Brown, HMRC, Income tax allowances, Inheritance Tax, National Insurance Contributions, Pensions, tax credits, tax relief, UK Corporation Tax, UK VAT
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