Budget 2012

[russell]

What was that about small companies and cash.

[AtW]

What was that about small companies and cash.

Chancellor will take their cash.

The End.

[russell]

So expenses don't bring down corp tax? Can't be good.

[oversteer]

Small companies (less than £77k) to be taxed on turnover

Hmm, let's wait and see what percentage .. and see if it's "opt in" like flat rate VAT or not ..

[oscarose]

Family welfare grant and council tax relief for armed forces doubled. Extra £100m to improve military accommodation - funded by £2.4bn savings from ending combat operations in Afghanistan.

[d000hg]

Small companies (less than £77k) to be taxed on turnover

Hadn't heard about this before. How is this purported to be a good thing - what are the supposed benefits?

[vetran]

37p on fags - glad I gave up!

[russell]

Hadn't heard about this before. How is this purported to be a good thing - what are the supposed benefits?

It makes it easier for smaller business to complete their tax paperwork. Utter bollocks!

[d000hg]

It makes it easier for smaller business to complete their tax paperwork. Utter bollocks!

Right, but how does that work when one company has a margin of 10% and another 50%?

[vetran]

It makes it easier for smaller business to complete their tax paperwork. Utter bollocks!

Maybe making it like self employed but with ltd company protection? Allowances still permitted.

So it wipes out IR35? Just fill in a SA like form and pay tax.

If so a very sensible move.