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Budget 2009
 

Budget 2009

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A summary of the headline issues for the 2009 Budget

A summary of the headline issues for the 2009 Budget

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    Budget 2009 Budget 2009 Presentation Transcript

    •  
    • A summary of the headline issues for the 2009 Budget
    • VAT Income Tax Capital Allowances Business Support
    • Income Tax
      • For individuals earning in excess of £150,000:
      • from April 2010 a new income tax rate of 50% will be introduced
      • from April 2011 there will be a restriction on tax relief on pension contributions
      • For individuals earning in excess of £100,000:
      • there is a new restriction to their personal allowance
      • the 2009 Budget has tried to incentivise savers by increasing the ISA limit to £10,200.
      • the cash element has also been appropriately increased to £5,200
    • VAT
      • on 1 January 2010 the rate of VAT reverts back to 17.5%
      • the 2008 Pre-Budget report temporarily reduced VAT to 15% for a 13 month period
      • businesses should prepare for the change back
      • other VAT changes include the annual increase to the registration and deregistration thresholds
    • Business Support
      • Business Payment Support Service was introduced to assist businesses facing temporary financial difficulties
      • it has now been extended to businesses expecting to make a loss
      • this allows those businesses to offset these losses against tax bills on profits from the previous year which they are unable to pay
      • another help for businesses is an extension to the loss carry back rule
      • the 2008 Pre-Budget restricted these losses to £50,000
      • the £50,000 restriction remains. However, the relevant period is now for two years from 24 November 2008 for companies and 6 April 2008 for unincorporated businesses
    • Capital Allowances
      • this year’s major change to Capital Allowances concerns written down allowance
      • this is currently 20% on plant and machinery and will double to 40% from 1 April 2009 for companies and 6 April 2009 for unincorporated businesses
      • the Annual Investment Allowance of £50,000, introduced last year, remains unchanged
    •  
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