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The Budget Podcast 2009

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ACCAUK
ACCAUK

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.

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The Budget 2009
From April 2010 a new income tax rate of 50% will apply to individuals earning in excess of 贈150,000. Phasing out of personal allowances of individuals earning more than 贈100,000 will start from 2010. INCOME TAX
Pension investment relief for those earning more than 贈150,000 will be restricted. This applies from 6/4/11. Anti-forestalling legislation applies from 22/04/09. PENSIONS
The ISA cash limit has increased to 贈5100 ISA limits to be increased from 贈7,200 to 贈10,200 INVESTMENTS
The higher 贈175,000 limit for Stamp Duty will be extended for a further three months to Dec 2009. STAMP DUTY
Loss relief for furnished holiday lettings will be removed from 2011. LOSS RELIEF
Individual partnerships and companies will be able to carry back losses for three years limited to 贈50,000 per annum. Carry back has been extended to 2010. This applies to: un-incorporated businesses from tax years 08/09 to 09/10 and incorporated businesses YE between 24 Nov 08 and 23 Nov 2010 LOSSES
Business Payment Support Service anticipated losses will be allowed to reduce the tax due on previous years profits. Conditions include: if you cant pay CT or IT is due on PU profits if you are likely to make a loss in the current year. LOSSES CONTD.
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
Cars costing over 贈12,000 will go into one of two pools: cars exceeding 160gm/kg into a WDA 10% pool cars under 160gm/kg add to the main pool VEHICLES
The VAT registration limit will increase by 贈1000 to 贈68,000 from May 1 2009. Deregistration can apply for turnovers of 贈66,000 VAT will change back to 17.5% from 1 st January 2010. VAT
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ACCA Technical Advisory 0207 059 5920 [email_address] www.accaglobal.com/advisory

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The Budget Podcast 2009

  • 1. 油
  • 3. From April 2010 a new income tax rate of 50% will apply to individuals earning in excess of 贈150,000. Phasing out of personal allowances of individuals earning more than 贈100,000 will start from 2010. INCOME TAX
  • 4. Pension investment relief for those earning more than 贈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 贈5100 ISA limits to be increased from 贈7,200 to 贈10,200 INVESTMENTS
  • 6. The higher 贈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
  • 8. Individual partnerships and companies will be able to carry back losses for three years limited to 贈50,000 per annum. Carry back has been extended to 2010. This applies to: un-incorporated businesses from tax years 08/09 to 09/10 and incorporated businesses YE between 24 Nov 08 and 23 Nov 2010 LOSSES
  • 9. Business Payment Support Service anticipated losses will be allowed to reduce the tax due on previous years profits. Conditions include: if you cant pay CT or IT is due on PU profits if you are likely to make a loss in the current year. LOSSES CONTD.
  • 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
  • 11. Cars costing over 贈12,000 will go into one of two pools: cars exceeding 160gm/kg into a WDA 10% pool cars under 160gm/kg add to the main pool VEHICLES
  • 12. The VAT registration limit will increase by 贈1000 to 贈68,000 from May 1 2009. Deregistration can apply for turnovers of 贈66,000 VAT will change back to 17.5% from 1 st January 2010. VAT
  • 13. 油
  • 14. ACCA Technical Advisory 0207 059 5920 [email_address] www.accaglobal.com/advisory