| Is the Chancellor
just postponing the inevitable?
|
 |
Alistair Darling has taken a huge gamble to limit the effect of possibly the worst recession since the 1930s, with everything to be scraped back after the next election. Clearly the tax breaks and benefit increases, apart from the temporary VAT rate reduction, are targeted at those on the lowest incomes in the hope that they will spend the money immediately rather than put it in the bank.
Businesses have not been forgotten with a reduction in the expected rate of corporation tax for small companies - welcomed by those who have profits on which to pay tax! Extended loss relief and the ability for businesses to delay tax payments will be welcomed. In April 2011 the real reckoning will begin when the highest rate of income tax will exceed 40% for the first time since 1989 - but what will be the outcome?
To download our analysis of our Pre-Budget Reports, click on the bullet below:
Are you prepared for the VAT rate change-1 December 2008?
As previously heralded, the standard rate of VAT will decrease for 13 months with effect from 1 December 2008. The new headline rate will be 15%.
The period between now and 1 December will allow businesses to restructure their VAT affairs to reflect the change.
So what should you look out for? Click here to read more.
To read HMRC's Annex A: CRM Brief - Key Messages for Business, click here.
To download HMRC's revised fuel scale charges (Annex D), click here.
For HMRC's flat rate scheme charges (Annex E), click here.
To download the HMRC "A detailed guide for registered businesses", click here. |
