Budget 2012

[Nixon Williams]

I have posted in the Accounting forum, but this is mentioned in the Budget Report:

2.207 Personal service companies and IR35 – The Government will introduce a package of measures to tackle avoidance through the use of personal service companies and to make the IR35 legislation easier to understand for those who are genuinely in business. This will include: strengthening up specialist compliance teams to tackle avoidance of employment income; simplifying the way IR35 is administered; and subject to consultation, requiring office holders/controlling persons who are integral to the running of an organisation to have PAYE and NICs deducted at source by the organisation by which they are engaged. (Finance Bill 2013)

[Sysman]

13:10 The headline rate of corporation tax will be cut to 22pc by 2014. This is 18pc lower than US, 12pc below France and 8pc below Germany, says Mr Osborne.

Never realised CT was so much higher elsewhere, do they have lower taxes elsewhere?

That makes the US rate 40%. No wonder Apple have left large chunks of their cash abroad. They have to pay CT on profits repatriated to the US.

[eek]

I have posted in the Accounting forum, but this is mentioned in the Budget Report:

requiring office holders/controlling persons who are integral to the running of an organisation to have PAYE and NICs deducted at source by the organisation by which they are engaged. (Finance Bill 2013)

So the easiest bit to implement and the one bit everyone is complaining about is the only bit they want to discuss? Give me strength

[pjclarke]

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

Assuming that's gross, and a 200 day working year, thats around £320/day.

Huh? There can't be many small companies with that turnover able to support more than one person?

[russell]

Milliband on top form.

[Lockhouse]

Houses bought by limited companies to pay stamp duty of 15% - does that mean that BTL via Ltds is now a no-no?

[d000hg]

Assuming that's gross, and a 200 day working year, thats around £320/day.

Huh? There can't be many small companies with that turnover able to support more than one person?

Here's a hint, small companies don't hire contractors on several £hundred per day. A boss with 2 employees on £15k each... small shop or a garage maybe.

But in addition, there are a massive number of 1-man businesses who are NOT contractors so this may be aimed at them.

[amcdonald]

Milliband on top form.

Great for insomniacs anyway

[RasputinDude]

Assuming that's gross, and a 200 day working year, thats around £320/day.

Huh? There can't be many small companies with that turnover able to support more than one person?

Newsagents and small independent coffee shops maybe?

[LisaContractorUmbrella]

All the tax plans for small businesses are for unincorporated businesses only at the moment