And now for the main course...
...the tax team at Henderson Loggie is now serving it's full Budget analysis. Get it while it's hot.
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Insight
Welcome to our regular
e-newsletter, 'Insight', highlighting current issues that could be affecting you and/or your business, as well as technical updates to recent changes in tax legislation. |
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For further information on any of these topics please get in touch with your usual contact at Henderson Loggie.
If you're not currently one of our clients and would like further information please contact our enquiries team. |
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Your Henderson Loggie Budget Analysis
The Henderson Loggie tax team have now fully digested yesterday's Budget. They have set out the key points below. To read the full analysis online click here.
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A Budget encouraging growth and investment
There was some encouraging news in this year’s Budget for businesses as well as individuals, for those either contemplating selling their business or investing. For companies, there was also a further additional 1% decrease in the main corporation tax rate which is now 26% from April 2011.
Companies involved in Research and Development (R&D) are expected to see an increase in R&D tax credits available (but subject to State aid approval). Individuals investing in companies qualifying for Enterprise Investment Scheme (EIS) relief will hopefully see the rate of income tax relief increasing to 30% from 1 April 2011 as well as the amount they are able to invest(up to £1m) (again subject to State aid approval) from 1 April 2012.
Entrepreneurs who have grown their businesses received a boost as the Chancellor announced an increase in Entrepreneur’s Relief from a lifetime limit of £5m to £10m, giving a significant reduction in tax for sizeable businesses sold after 5 April 2011.
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Assistance for charities
Some good news for charities as measures will be introduced to reduce the compliance burden for charities and to enable them to reclaim gift aid on donations that were previously not eligible for gift aid.
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VAT changes
As expected there were no major changes affecting VAT this year. The turnover threshold for VAT Registration will be increasing to £73,000 p.a. from 1 April 2011, whilst the turnover threshold for VAT Deregistration will increase to £71,000 p.a. from 1 April 2011.
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The 'full fat' Budget
To read the article in full click here.
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