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Watling and Hirst Limited, Chartered Certified Accountants and Registered Auditors - Chichester, West Sussex > News > Chancellor's Pre-Budget Report

Chancellor's Pre-Budget Report

Posted on Monday, 24 November 2008 04:42PM by W & H
The Chancellor delivered his long awaited Pre Budget Report on 24 November. Although the detail will only be clear once the press releases are available the main headlines are:

  • The VAT rate will be cut from 17.5% to 15% will effect from Monday 1st December and will stay in force until the end of 2009. The rate will then revert to 17.5%. If you have any queries concerning Value Added Tax, particularly with regard to how the change in rate will effect special schemes such as Cash Accounting or the Flat Rate Schme then please contact us.
  • A new 45% tax rate will be introduced for individuals will income in excess of £150,000, although this rate change will not come into force until April 2011
  • The temporary allowance given as compensation for the loss of the 10% tax band will be made permanent with the amount increasing to £145
  • The increase in the Corporation Tax rate scheduled for 1 April 2009 will be deferred until 1 April 2010, when the increase to 22% will now commence
  • From 24 November, the period for which companies can carry back Corporation Tax losses is increased to 3 years (subject to a cap of £50,000). The change comes into effect for unincorporated businesses from 2008/09
  • From April 2011 all NIC rates fo employees and employers will increase by 0.5%
  • From April 2010 those earning over £140,000 will not have a Personal Allowance 
 If you have any queries, with regard to the announcements made, then please do not hesitate to contact us.
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