Falmouth Chamber of Commerce | for Business in Cornwall

George Osborne presented his ‘Emergency’ Budget on Tuesday 22 June 2010, against a background of enormous Government debt. This is a budget that affects everyone whether in business or not and, whilst it could have been better, it could also have been a lot worse.

A lot of tax rates have remained the same or are being changed as already announced by the previous Government, such as the 50% highest rate of tax and the increase in the rates of national insurance.
The main tax increase in this budget is the anticipated rise in the VAT rate from 17.5% to 20% with effect from 4 January 2011.
The rise in Capital Gains Tax was not as bad as had been widely anticipated and is softened by an increase in the entrepreneur’s relief from £2,000,000 to £5,000,000.

Reductions in corporate tax rates will be welcomed by companies.
The retention, until at least 5 April 2011, of the special treatment of furnished holiday lettings is good news for the local area.
This summary focuses on the tax issues likely to affect you, your family and your business.
If you have any questions, please do not hesitate to contact us for advice.

Other items in this briefing are:

Personal Tax P.1
Capital Gains Tax P.1
Entrepreneurs’ Relief P.2
ISAs P.2
Tax Credits P.2
Child Benefit P.2
Corporation Tax Rates P.2
Capital Allowances P.2
Zero–emission vehicles P.2
R&D Tax Relief P.3
Employers Tax matters P.3
VAT P.3/4

Download the remainder of the report here:

Emergency Budget Report from Hodgsons – Chartered Accountants and Business Advisors

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