The chancellor’s maiden Budget
growth forecasts downgraded
The main thrust of the chancellor Alistair Darlings first Budget speech was to increase borrowing and raise taxes on drinkers, motorists and business with an ultimate goal of plugging the void in the public finances. Read More... |
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The Budget at a glance
Key announcements
UK growth forecast for 2008 has been reduced to between 1.75 per cent and 2.25 per cent, compared to previous forecasts of between 2 per cent and 2.5 per cent. Read More...
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News in brief
Tax simplification measures
SiSmall businesses have welcomed the announcement to delay “income shifting” legislation by a year. These anti-avoidance rules for family-run businesses have been highly controversial because they would impose a big administrative burden on small companies. Read More... |
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Softer approach adopted for non-doms
Further concessions announced
The chancellor Mr Darling has announced further concessions relating to his proposals for a tax clampdown on high-earning "non-domiciled" residents in Britain. Read More...
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Tax-free loophole closed
New rules apply to the estates of pension scheme members
A loophole which allowed pension funds to be passed on tax-free at death has now been closed. The announcement made by the chancellor Mr Darling during his first Budget speech. Read More...
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Safeguarding basic rights
Charter to provide a good reference point for taxpayers
The government has recently agreed to a list of basic rights in a taxpayers' charter. HM Revenue & Customs (HMRC) said the charter would cover everyone who pays tax and would. Read More... |
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2008/2009 tax year
What the numbers really mean
Trusts established after 22/03/06, accumulation and maintenance trusts from 6 April 2008, Read More...
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Tax calendar 2008/2009
Dates for your diary
Payment of any tax due in respect of CT61 for quarter to 31 March 2008. Company CT61 return for the quarter to 31 March due. Read More...
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Husband-and-wife firms get a reprieve
Income-splitting legislation for small business taxation plans delayed
The Treasury has signalled that it was willing to amend the current draft legislation for tax rules that govern the way family businesses distribute their profits. Read More...
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The Budget and business
The key announcements at a glance
Draft legislation for tax rules that govern the way family businesses distribute their profits delayed until 2009. Read More...
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Life insurance bonds
No change following CGT reform
The government has announced that it "does not see the need for any change to the taxation of life insurance bonds as a result of CGT reform." Read More...
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10-year initiative
Smaller businesses targeted to provide extra help
The Department for Business, Enterprise and Regulatory Reform will target smaller businesses to provide extra help in a 10-year initiative to make the UK “the most enterprising economy in the world.” Read More... |
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HM Revenue & Customs’ extension of power
Spot-checks for companies and self-employed people who run their businesses from home
From next April tax inspectors will be able to carry out spot-checks on all companies and self-employed people who run their businesses from home. Read More...
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Tax Task Force delivers findings
Radical overhaul of the UK's corporate tax system is needed
A radical overhaul of the UK's corporate tax system is needed urgently if the country is to regain its status as an internationally competitive location, a new report argues from the CBI. Read More...
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The Saving Gateway
First accounts available to savers from 2010
Following the pilots in promoting saving and financial inclusion, the Saving Gateway will be introduced nationally, with the first accounts available to savers from2010. Read More...
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Retirement matters
Commitment to help pensioners
New rules announced in the Budget will allow small pension benefits to be paid as a lump sum where the value is below £2,000. Read More...
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News in brief
Fight against child poverty
The government is to bring forward an increase in child benefit to help in its fight against child poverty, Mr Darling announced during his Budget 2008 speech. Read More... |
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Incapacity benefit reform
From late 2008, an integrated and simplified Employment and Support Allowance (ESA) will replace the current system of incapacity benefits for new claimants. Read More... |
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Budget 2008 property matters
The proportion of stamp duty payable on the shared equity Open Market HomeBuy scheme will no longer be required until buyers own 80 percent of the equity in their home. Read More... |
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Revenue actively pursue offshore bank accounts
Around 5000 UK taxpayers come under scrutiny
Around 5,000 UK taxpayers believed to hold offshore bank accounts are being written to by Revenue and Customs requesting them to pay the unpaid tax they owe. Read More...
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Company fleet vehicles
Changes will influence purchasing choices
Changes announced in Budget 2008 will mean that from April 2009 vehicles with emissions of 160g/km of CO2 or less will suffer no rental disallowance and could encourage more fleets to consider contract hire and leasing. Read More...
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Tax returns
New measures could lead to penalties
Taxpayers could pay penalties of up to 30 per cent of any unpaid tax if they mistakenly mis-state their income in self-assessment returns, according to new measures introduced in the Budget. Read More... |
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Capital gains tax
What a relief!
The capital gains tax (CGT) annual exempt amount is increased in line with statutory indexation to £9,600 for the tax year 2008-09 for individuals, personal representatives of deceased persons and trustees of certain settlements for the disabled. The annual exempt amount for most other trustees is increased to £4,800. Read More... |
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Non-payable dividend tax credit
Further extension for investors
There is currently a one ninth non-payable dividend tax credit available for UK individuals receiving dividends from UK resident companies. Read More...
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Capital allowances
Reducing your tax bill
As a business you can claim tax allowances, called capital allowances, on certain purchases or investments. This means you can deduct a proportion of these costs from your taxable profits and reduce your tax bill. Read More...
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News in brief
Tackling DTA tax avoidance schemes
The government has announced measures to tackle an avoidance scheme that seeks to use the UK's Double Taxation Agreements (DTAs) to avoid UK tax. Read More... |
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Budget Day trivia
Fascinating facts
Governments have budgeted for a thousand years, and many Budget traditions date back hundreds. Read More... |
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Transfer of a going concern
VAT obligations
One of the perennial problems with the sales of businesses has been the requirement by HM Revenue and Customs (HMRC) that where such a sale constitutes a Transfer of a Going Concern (TOGC) Read More... |
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Changes to the guidelines on tips and tipping
Tronc’s to be counted as paid by the employer
The Central London Employment Tribunal’s decision that discretionary service charges and credit card tips paid via the tronc are to be counted as paid by the employer. Read More...
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Increases to the National Minimum Wage
Changes apply from 1 October 2008
The government have announced the annual increase to the National Minimum Wage (NMW) to apply from 1 October 2008. Read More...
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Changes announced to the treatment of input VAT
Businesses will be affected that make exempt as well as taxable supplies
HM Revenue and Customs (HMRC) have announced changes to the treatment of input VAT that will affect businesses which make exempt as well as taxable supplies. Read More...
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Serviced building plots
Ruling will affect developers of properties of various kinds
HM Revenue and Customs (HMRC) have announced changes to the VAT treatment of serviced building plots. A serviced building plot is a plot of land on which the civil engineering works have been carried out in order to facilitate construction. Read More...
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