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The Budget March 2011
Andrew Hague Partner
Julie White Senior Tax Manager Mike Donnan Partner
Income Tax Reliefs Income   Tax   Reliefs ** Personal allowance reduced by £1 for every £2 of income over £100,000. ( reduce age allowance by £1 for every £2 of excess income over £24,000) 22,900 24,000 * Age allowance income limit 6,965 7,295 - 75 and over Married couple’s allowance (relief at 10%) 9,640 10,090 - 75 and over* 9,490 9,940 - 65 – 74* 6,475 7,475** - Under 65 Personal allowance 2010/11 £ 2011/12 £
Income   Tax Rates 50 # Over 150,000 50 # Over 150,000 *  Only applicable to dividends and savings income  Except dividends (32.5%) # Except dividends (42.5%) Other income taxed first, then savings income and finally dividends 40  37,401-150,000 40  35,001-150,000 20 0 – 37,400 20 0 – 35,000 10* 0-2,440 10* 0-2,560 % £ % £ Rate Band Rate Band 2010/11 2011/12
National   Insurance UEL 2011/12 - £817 pw (2010/11 - £844pw) 1% 2% Above UEL 8% 9% Up to UEL Self Employed 12.8% 13.8% Employers 1% 2% Above UEL 11% 12% Employees  Up to UEL 2010/11 2011/12
Tax Rates for individual earning £200,000 £’s
Impact on gross income £200,000 £’s
2012 /13 ,[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Corporation Tax Rates
[object Object],[object Object]
 
Bonus v dividend decision ,[object Object],[object Object],[object Object]
Potential future changes ,[object Object],[object Object],[object Object]
[object Object]
Research and Development Tax Credits for SME’s
R&D Tax Credits for SME’s ,[object Object],[object Object],[object Object]
Key Conditions ,[object Object],[object Object],[object Object],[object Object],[object Object]
Eligible Expenditure  ,[object Object],[object Object],[object Object],[object Object],[object Object]
Current relief ,[object Object],[object Object],[object Object]
Examples ,[object Object]
Proposed Changes ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Enterprise Investment Scheme
[object Object],[object Object]
Letter in the telegraph 28/3/11 ,[object Object],[object Object],[object Object]
EIS Overview ,[object Object],[object Object],[object Object]
Tax Reliefs ,[object Object],[object Object],[object Object]
Key Conditions ,[object Object]
Proposed Changes ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Entrepreneurs’ Relief
CGT – Putting it in context ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],CGT – Putting it in context
Entrepreneurs’ Relief ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Entrepreneurs’ relief - saving ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Capital Allowances ,[object Object],[object Object],[object Object],[object Object]
Capital Allowances – short life assets (SLAs) ,[object Object],[object Object],[object Object],[object Object],[object Object]
Employee’s cars ,[object Object],[object Object],[object Object]
Mileage payments ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Pension Reform ,[object Object],[object Object],[object Object],[object Object]
Pensions – Annual Allowance ,[object Object],[object Object],[object Object]
Pension Input Period ,[object Object],[object Object],[object Object],[object Object]
Lifetime allowance ,[object Object],[object Object],[object Object],[object Object]
Current options at age 75 ,[object Object],[object Object]
Proposals ,[object Object],[object Object],[object Object],[object Object],[object Object]
Proposals ,[object Object],[object Object],[object Object],[object Object]
Residence and domicile ,[object Object],[object Object],[object Object]
Charitable Giving ,[object Object],[object Object],[object Object],[object Object]
Tax Avoidance  - where are we now?
Defining Terms ,[object Object]
Defining Terms ,[object Object],[object Object]
Defining Terms ,[object Object],[object Object],[object Object]
Tax Avoidance ,[object Object]
Disguised remuneration Trading Company EBT Loan Funds
Anti Avoidance Legislation ,[object Object],[object Object],[object Object]
Now part 7A ITEPA ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Tackling Tax Avoidance ,[object Object],[object Object],[object Object],[object Object],[object Object]
Tax Avoidance ,[object Object]
Ailsa Cowdell VAT Manager
 
VAT ,[object Object],[object Object],[object Object]
Overseas Issues ,[object Object],[object Object],[object Object]
Charities ,[object Object],[object Object],[object Object]
VAT Visits ,[object Object],[object Object],[object Object],[object Object],[object Object]
What can you do? ,[object Object],[object Object]
Summary ,[object Object],[object Object],[object Object],[object Object],[object Object]
Questions?
Follow us on: www.howardworth.co.uk

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Budget presentation

  • 3. Julie White Senior Tax Manager Mike Donnan Partner
  • 4. Income Tax Reliefs Income Tax Reliefs ** Personal allowance reduced by £1 for every £2 of income over £100,000. ( reduce age allowance by £1 for every £2 of excess income over £24,000) 22,900 24,000 * Age allowance income limit 6,965 7,295 - 75 and over Married couple’s allowance (relief at 10%) 9,640 10,090 - 75 and over* 9,490 9,940 - 65 – 74* 6,475 7,475** - Under 65 Personal allowance 2010/11 £ 2011/12 £
  • 5. Income Tax Rates 50 # Over 150,000 50 # Over 150,000 * Only applicable to dividends and savings income  Except dividends (32.5%) # Except dividends (42.5%) Other income taxed first, then savings income and finally dividends 40  37,401-150,000 40  35,001-150,000 20 0 – 37,400 20 0 – 35,000 10* 0-2,440 10* 0-2,560 % £ % £ Rate Band Rate Band 2010/11 2011/12
  • 6. National Insurance UEL 2011/12 - £817 pw (2010/11 - £844pw) 1% 2% Above UEL 8% 9% Up to UEL Self Employed 12.8% 13.8% Employers 1% 2% Above UEL 11% 12% Employees Up to UEL 2010/11 2011/12
  • 7. Tax Rates for individual earning £200,000 £’s
  • 8. Impact on gross income £200,000 £’s
  • 9.
  • 10.
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  • 15.
  • 16. Research and Development Tax Credits for SME’s
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  • 47. Tax Avoidance - where are we now?
  • 48.
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  • 52. Disguised remuneration Trading Company EBT Loan Funds
  • 53.
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  • 57. Ailsa Cowdell VAT Manager
  • 58.  
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  • 66. Follow us on: www.howardworth.co.uk

Editor's Notes

  1. Compares tax rates for someone earning £200,000
  2. Liability for those earning £200,000