Yesterday George Osborne proved that Budgets aren’t always borning and predictable. His proposed shake up and simplification of the tax system in Briatin is wide reaching and will offer many pros (and cons) to business owners looking to cut their tax bills.
Lesley Stalker gave her views on the matter to Businesszone’s editor Dan Martin. You can read the full article here.
Leave a Comment March 22, 2012
It’s almost Christmas and the end of another busy year. It’s one many of us will be glad has passed, with business conditions continuing to be difficult due to a lack of available finance and uncertainty over the Euro and Europe affecting demand.
So what have we got to look forward to in 2012 by way of tax breaks and opportunities. Here are our picks of what was announced in the November Autumn Statement. As is becoming customary with this government, the draft legislation has already been issued, which means the changes will go ahead as suggested. (more…)
Leave a Comment December 15, 2011
Before we give the lowdown on the Chancellor’s autumn statement, it’s worth mentioning that pithy overviews of pre-Budget announcements such as this are easier to do when there are some upbeat headlines as well as the inevitable sharp intakes of breath and economic tightening of belts, says Paul Webb, tax partner at Surrey accountant RJP. Not so here. In his speech, Osborne said he would do ‘whatever it takes’ to protect Britain from the ‘debt storm’ in Europe. (more…)
Leave a Comment November 30, 2011
Enhancements to the Enterprise Investment Scheme (EIS) is one of the most useful policies introduced in the 2011 Budget – for business owners and tax payers looking to shelter their income from the current 50% tax rate. In addition to the increase in income tax relief from 20 per cent to 30 per cent making it more valuable to higher rate tax payers, access to the EIS scheme has also been widened.
Now it has been confirmed the 50% tax rate will be lifted in the not too distant future, how might it be possible to avoid paying it al together? Taxtalk explores some relevant tax planning opportunities.
There was nothing unduly generous for individuals in this Budget in spite of the increase to the personal allowance.
Continue Leave a Comment March 23, 2011
We predict business and personal tax announcements in the coming Budget 2011. Overall whatever we get, business owners really need a ‘roadmap’ to understand how the tax system will develop over the coming years. Then they can start making planning decisions for their business. In particular having a long range view will help with longer term workforce planning, deciding whether to hire new staff, where to locate offices and important investment decisions.
Continue Leave a Comment March 18, 2011
One of the most significant changes announced in the Budget was the increase in the rate of capital gains tax and the extension of entrepreneurs’ relief. But the extension isn’t as generous as might first appear and will affect small and medium sized business owners if they aren’t aware of the tax planning opportunities available.
Continue Leave a Comment August 11, 2010
Yesterday’s Budget was the first decent budget for entrepreneurs and business owners for some time and it’s exactly what the country needs to help rebuild economic activity.
Continue Leave a Comment June 23, 2010
The weekend papers were full of news about the planned increases to capital gains tax (CGT) announced by the new government. Some commentators have argued that this change has been on the cards for some time, although during the Election campaigning it was only the Lib Dems that formally announced their intentions. Subsequently incorporated into the coalition’s policies, we can expect CGT rates for top earners to more than double for non business assets and the exemption threshold to be cut from £10,100 to between £1,000 and £2,000.
These changes will be painful, especially since for the past 2 years, the flat rate of 18% has been extremely generous. But given the poor state of the Treasury’s coffers, the disparity between income and capital tax rates cannot be sustainable.
Continue Leave a Comment May 27, 2010
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