Last weeks budget means alot of changes going forward for businesses, here are the key-facts which could affect you:
• The standard rate of VAT will be 20% from Tuesday 4 January 2011.
• From 23 June 2010, the rate of capital gains tax will increase to 28% for higher and additional rate taxpayers, but will remain at 18% for basic rate Taxpayers
• The small profits corporation tax rate will reduce to 20% from 1 April 2011.
• The annual investment allowance will be cut to £25,000 from April 2012.
• The personal allowance will rise by £1,000 in 2011/12, but higher rate taxpayers will not benefit because the basic rate limit will be cut.
• Entrepreneurs’ relief will continue at 10% and from 23 June 2010 the lifetime limit will be raised to £5 million per person.
• The main corporation tax rate will fall to 27% from 1 April 2011 and be reduced by 1% a year in the following three years.
• The writing down allowances for plant and machinery will also be reduced.
• The effective requirement to buy an annuity at age 75 will be scrapped from April 2011.
If you would like to discuss your organisations marketing strategy in light of these changes affecting business, please contact us to discuss on email or call 01246 287414
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