Alistair Darling brought his second full budget to the commons on April 22nd. The 2009 Budget brought with it very few tax relief's for small business. This short podcast, presented by Paul Soper, will look at the more relevant changes and how they will impact on you. Paul Soper FCCA Lecturer, Broadcaster and Consultant Since 1992 Paul has specialised in continuing professional development lectures and seminars, and monthly and quarterly updates for qualified accountants and solicitors. Paul has lectured at all levels on taxation, management and related subjects with organisations including ACCA, the Institute of Chartered Accountants in England and Wales, the Institute of Chartered Accountants in Ireland, the Chartered Institute of Taxation, as well as commercial training organisations such as Chart Foulkes Lynch, Accountancy Tuition Centre, Financial Training , BPP Group, CPE Courses (now BPP Professional Development), PASS Training Ltd, PTP, Accountancy Tutors and TSS Accountancy Tutors. He has also lectured to solicitors and barristers on taxation and finance matters with Cadmus Ltd and BPP Professional Development.

2. The Budget 2009

3. From April 2010 a new income tax rate of 50% will apply to individuals earning in excess of £150,000. Phasing out of personal allowances of individuals earning more than £100,000 will start from 2010. INCOME TAX

4. Pension investment relief for those earning more than £150,000 will be restricted. This applies from 6/4/11. Anti-forestalling legislation applies from 22/04/09. PENSIONS

5. The ISA cash limit has increased to £5100 ISA limits to be increased from £7,200 to £10,200 INVESTMENTS

6. The higher £175,000 limit for Stamp Duty will be extended for a further three months to Dec 2009. STAMP DUTY

7. Loss relief for furnished holiday lettings will be removed from 2011. LOSS RELIEF

10. Budget Note 62: large companies will have to identify a senior accounting officer and notify HMRC. This is backed by a penalties regime. Corporation Tax remain at 28% for larger companies and 21% for smaller companies. COMPANIES

12. The VAT registration limit will increase by £1000 to £68,000 from May 1 2009. Deregistration can apply for turnovers of £66,000 VAT will change back to 17.5% from 1 st January 2010. VAT

14. ACCA Technical Advisory 0207 059 5920 [email_address] www.accaglobal.com/advisory