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June Budget 2010

June Budget 2010

Tuesday, June 22, 2010

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Well, George Osborne delivered his Emergency budget in just under one hour - setting out some predicted changes, especially with regards to income and capital gains taxes. A quick breakdown of his speech is below: Tax From January 4 next year, the main rate of VAT will rise from 17.5% to 20%. The VAT rise will [...]

Emergency Budget 2010 Calculator

Emergency Budget 2010 Calculator

Tuesday, June 22, 2010

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The Chancellor, George Osborne, will be announcing the Con-Lib Coalitions first budget since the election at 12:30 PM today. A lot of speculation hints at an increase in the income tax personal allowance by £1000 to £7,475 - other tax changes are centered around Capital Gains and VAT. Remaining changes will be to expenditure on welfare, [...]

2011/2012 Tax Calculator

2011/2012 Tax Calculator

Thursday, March 25, 2010

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We’ve just launched another new tax calculator, but this one gives an interesting insight into the announced changes for national insurance from the 2011 tax year. Our 2011/2012 Tax Calculator is fully customisable and allows you to be the chancellor, as you can tinker with all the major income tax rates, allowances, bands and tapering limits. We [...]

Budget 2010 - Highlights

Budget 2010 - Highlights

Wednesday, March 24, 2010

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The last budget to be given by labour for a while? Possibly, but this budget could be seen as much a fiscal response as an election response. Read our highlights.

Budget 2010 Predictions

Budget 2010 Predictions

Sunday, March 21, 2010

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The chancellor has a tough schedule to keep to if he is making any major changes. With the General Election around the corner he wants to keep votes and may find it easier to postpone any hikes until after the election, it would also be difficult to push through the new finance bill before the election. A [...]

15 million people on wrong tax code leading to 240 million in tax overpaid

Sun, Aug 15, 2010

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Millions of people are being taxed more than they should due tax coding notice blunders by HMRC. People mainly affected include pensioners and those with more than one source of income where the taxation is more complicated to begin with. The tax coding notice provides each taxpayer with their tax code for a particular tax year [...]

HMRC Announces Extra Statutory Concession To Come To An End Next Year

Wed, Aug 11, 2010

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HMRC has announced that Extra Statutory Concession (ESC) B46 will come to an end on 31 March 2011. Businesses submitting Company Tax returns and employers’ end-of-year returns after this date must make sure the returns are submitted by the required dates to avoid fines. ESC B46 was a concession which meant people submitting [...]

Proposed Capital Gains Taxes - Do you stand to lose out?

Thu, May 27, 2010

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Anyone who sells assets (shares, land, buildings, parts of a business, jewellery) is liable to pay Capital Gains Tax. Introduced by the Labour Goverment of Harold Wilson in 1965, CGT was set at 30% - later increased to 40% by the Conservatives in 1985 and reduced to 18% by Labour  in 2008. When the Tories increased the [...]

New National Minimum Wage Rates

Wed, May 26, 2010

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National Minimum Wage rates will be increasing as of October 2010. The new rates are as follows: £3.64 - Workers aged 16-17 (up from £3.57) £4.92 - Workers aged 18 to 20 (up from £4.83) £5.93 - Workers aged 21 and over (up from £5.80) Also from October the £5.93 minimum wage kicks in at 21, previously the adult minimum [...]

HMRC set to start outing serious tax offenders

Sun, Apr 4, 2010

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As of April 1st 2010, Section 94 of the Finance Act 2009 is in force. This section provides HMRC with the power to publish details of taxpayers where it is proven they have committed certain serious tax offences. This only applies to offences committed for tax periods on or after the 1st April 2010.