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LEGAL INFOWe have received information from Tourism Alliance regarding the main tourism-related aspects of the pre-budget report.
£3bn of capital spending will be brought forward from 2010/11. This will include road projects.
VAT will be cut from 17.5 to 15% until the end of next year, coming into effect next Monday.
Alcohol, tobacco and petrol duty will be raised to offset the VAT cut.
From April 2011, a new 45% income tax rate will be charged to those earning above £150,000 a year.
Small businesses will have a temporary increase in tax relief thresholds for empty properties (threshold to be £15,000 rateable value)
HMRC will work with SMEs to spread tax payments (VAT, corporation and NI) to fit business cashflows
£1bn will be provided for a temporary Small Business Finance Scheme.
Air passenger duty will be reformed into a four tier system so that those who travel furthest pay most.
National Insurance will increase by 0.5% from 2011
We will release more information as it is announced.
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2 comments:
I let a cottage that is part of a farm business and therefore the rent is subject to VAT. I have already taken 25% deposits including VAT at 17.5%. How do I now apportion the VAT on the balance?
In answer to the pre-budget report and VAT query. Bishop Fleming have informed us of the following information that is available on their website.
http://news.bishopfleming.co.uk/rp//232/Content.clsp?ContentId=448
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