Reply to: Budget today today

[DimPrawn]

3.19 From 1 April 2008 the Government will increase the VAT registration threshold in line with inflation from £64,000 to £67,000, maintaining the highest threshold in Europe and keeping around 6,000 small businesses out of the VAT system.

Including my plan b. Just.

[ratewhore]

More info re tax simplification:

Building on the Budget 2007 reforms, the 2007 Pre-Budget Report launched a
significant programme of tax simplification and announced three simplification reviews.
Following discussions with business and tax professionals, Budget 2008 announces the initial
outcomes of each review:

VAT rules and administration: the Government will consult on simplifying the operation of the partial exemption regime and the capital goods scheme, and explore the need for business to seek permission from HMRC before taxing otherwise VAT-exempt supplies of land and property;

anti-avoidance legislation: the Government will, as a first step, repeal certain outdated and complex anti-avoidance provisions on bond washing, employment securities and other transactions in securities; and

CT rules for related companies: the Government will, as a first step in simplifying associated companies rules, modify the current rules relating to the small companies rate where a director or shareholder is separately in a partnership.

3.17 Further work will continue to address other priorities outlined by business. Budget 2008 announces a new simplification review, which will look at how to simplify CT calculations and returns for smaller companies.Updates on all four reviews will be announced at the 2008 Pre-Budget Report.

3.18 Budget 2008 announces over 20 further tax simplification measures.

Alongside Budget 2008, HMRC is publishing details on how it is improving services for small businesses and an update on progress against its administrative burdens reduction targets.

3.19 From 1 April 2008 the Government will increase the VAT registration threshold in line with inflation from £64,000 to £67,000, maintaining the highest threshold in Europe and keeping around 6,000 small businesses out of the VAT system.

[Marina]

Something about 30% of govt contracts available to small businesses ?

Translation: Come and work for us so we know who you are, and we'll make your taxes "simpler" for you.

Yeah, right - Via the likes of EDS or Accenture, or some private sector intermediary, which the Government will instruct to ensure contractors are caught bang to rights by IR35.

[Hiram King Of Tyre]

"We are going to tackle tax avoidance"....what the feck does that mean?...

...some of you are managing your affairs in a tax efficient way and we are missing out so we are going to move the goalposts and tax you anyway through some ill worded legislation that we can interperet any way that suits us?

[ratewhore]

So his plan for 2008-2010 is to make them so tulip that they simply have to open to improve.

bear in mind the date of the next election...

[TheFaQQer]

Has he mentioned anything about income sh@fting yet...?

Delayed until the Finance Bill 2009 and will not be enacted in April 2008.

[techno]

The chancellor is the Prime Minister's creature

I only saw the first twenty minutes of the budget on TV and it looked as though he had been given the budget speech the night before. I can't believe how often he was tripping up over his words.

[Ruprect]

Not quite - it doesn't come in until April 2009...

By which time it should buy a couple of litres of diesel.

litre.

[TheFaQQer]

"I know he's minister for children but he doesn't have to behave like one"

A bit rich considering the "yahhhh..." that the opposition bench followed that up with.

[hyperD]

"I know he's minister for children but he doesn't have to behave like one"

Top rebuttal by Cameron! He certainly thinks on his feet.

I thought he absolutely floored McBroon, although the BBC highlights will show otherwise.

Compare that to Clegg now - he looks like a right muppet...

[TheFaQQer]

"The chancellor is the Prime Minister's creature...and I'd like to congratulate the Prime Minister, that during this act of ventriloquism, his lips hardly moved" - Nick Clegg.

[beaker]

"I know he's minister for children but he doesn't have to behave like one"

[Bear]

Groan

sorry - feeling a bit silly today

[chris79]

Something about 30% of govt contracts available to small businesses ?

Translation: Come and work for us so we know who you are, and we'll make your taxes "simpler" for you.

LOL, that is the funniest thing I've read on here

[beaker]

Go Cameron!