Budget Report 2010

Are you ready for the budget

With the UK Budget 2010 announced today, ensuring your business is prepared for the coming tax year is essential. From having to declare your offshore accounts to HMRC, to benefiting from a 2.5% increase in your state pension, 2010/11 is destined to be an eventful year in the tax world…

In anticipation of the impact the Budget will have on your tax planning opportunities, each of our offices is running a seminar on March 25th to examine the key elements. We will also be publishing a dedicated Budget Report 2010 on our website on the 25th so make sure you bookmark this page now, and feel free to book onto one of our budget seminars before they reach capacity.

For those of you who need a quick recap of the topics discussed in the pre-budget report published in December, the main announcements were as follows:

The deferring of the increase in the small companies rate of corporation tax from 21% to 22% until 2011

The increase in NIC rates by 1.0% in April 2011 for employers, employees and the self-employed

The Basic State pension increasing by 2.5% in April 2010, despite 1.4% falls in the RPI. NOTE: other benefits and tax credits will also rise by 1.5%

The rules which currently limit pension contributions tax relief have been modified with immediate effect, with revisions including introducing a new income threshold of £130,000

The personal tax allowance and threshold at which 40% tax is charged will remain unchanged throughout 2010/11

All taxpayers who open an offshore bank account in certain jurisdictions must report them to HMRC. Failure to do so will result in a 200% penalty

From December 2009 there is to be a temporary bank payroll tax of 50% where banks, building societies and other financial businesses provide a bonus of over £25,000 to an employee

For a more detailed analysis of the pre-budget report please download our pre-budget summary document via the link in the green box below.

We will be recording one of our Budget Report 2010 seminars and publishing it on the website.

If you would like us to notify you when this recording is released please register your interest below and let us help you to prepare your company for the coming tax year.

Simply enter your contact details below and we will be in touch as soon as it is ready to watch.

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A recording of our Pre-Budget 2009 seminar is already available to view.

Click here to watch our Pre-Budget 2009 Seminar.

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