Pre-budget Report December 2009. What it means for your business.
Tags: business rates, company cars, corporation tax, holiday lettings, inheritance tax, national insurance, pensions, personal allowance, prebudget, property, stamp duty, tax relief, VAT
Welcome…There was good news and bad news for small businesses in this Pre Budget Report.
The good news is the freezing of the corporation and income tax rates, although personal allowances are also frozen at the 2009/10 levels. The promised 50% rate of income tax will be introduced for income over £150,000 and there are further anti-avoidance rules to prevent those high earners from gaining top level tax relief on pension contributions.
The bad news will come from April 2011 when NI rates are set to surge upwards. Corporation tax may also increase in this month. Businesses with empty commercial properties may … Continue Reading
