Loading Profile...
Pre-Budget report hopes/fears
So with the pre-budget report due any minute now, does anyone have any fears/hopes as to how it could affect them and their business?
My initial thought relates to extensively leaked VAT reduction. More specifically, I'm on the Flat rate scheme and I'm worried that if the chancellor doesn't reduce the flat rate values inline with the discount, I'll effectively be out of pocket to the tune of 2.5%!
On the Free Agent Central side, I'm more than confident that Free Agent are ready and waiting to make the required changes for a seamless transition!
My initial thought relates to extensively leaked VAT reduction. More specifically, I'm on the Flat rate scheme and I'm worried that if the chancellor doesn't reduce the flat rate values inline with the discount, I'll effectively be out of pocket to the tune of 2.5%!
On the Free Agent Central side, I'm more than confident that Free Agent are ready and waiting to make the required changes for a seamless transition!
I’m waiting in anticipation
1
person has this question
I have this question, too!
Tell me when someone answers.
The more people who ask this question, the more it gets noticed.
The more people who ask this question, the more it gets noticed.
-
Inappropriate?Seems that the Flat Rate percentages have been adjusted. My rate has dropped from 13% to 11.5%. I've done some quick calculations and I think I will still lose out slightly (my 'Flat Rate Surplus' will be less), but it could've been worse.
Corporation tax rise for 2009 has been postponed so that will probably more than make up for it!
http://www.hmrc.gov.uk/pbr2008/index.htm
I’m relieved - could've been worse
2 Comments
Add a comment
This answers the question
-
Where did you find the new Flat Rate percentages Daniel?
BTW you didn't think this statement would make you better off did you? LOL -
LOL, no I'm far to cynical to hold such ambitions! ;)
The Flat Rate percentages are in 'Annex E' of this document: http://www.hmrc.gov.uk/pbr2008/vat-gu... -
Inappropriate?At least income shifting has been postponed another year.
Income Shifting
The Government firmly believes it is unfair to allow a minority of individuals to benefit financially from shifting part of their income to someone else who is subject to a lower rate of tax, known as income shifting. The Government has consulted on this issue but, given the current economic challenges, the Government is deferring action and will not bring forward legislation at Finance Bill 2009. The Government will instead keep this issue under review.
http://www.hmrc.gov.uk/pbr2008/pn-all...
I’m ecstatic
-
Inappropriate?Computer and IT Consultancy has only gone down 1.5%, not ideal but I guess it could have been worse. -
Inappropriate?Tekin,
Just to confirm: a FreeAgent update will be released on sunday night to reflect all the changes announced in the PBR.
I’m glad I'm not writing shrink-wrapped software...
1 Comment Add a comment
This answers the question
-
Me too!
EMPLOYEE
