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12/10/2009
Chancellor Alistair Darling presented his Pre-Budget Report on Wednesday 9 December 2009.
Mr Darling spoke of the Report taking place at ‘a critical time for our economy’ and that the task was ‘to secure the recovery and promote long-term growth’.
This summary concentrates on the main tax measures which are being introduced:
• a 1% increase in the NIC rates payable by employers, employees and the self-employed from April 2011
• freezing the personal allowances and tax bands at the 2009/10 amounts for most taxpayers
• the introduction of a 50% additional rate of tax for those with the highest income levels
• changes to the complex rules for the Special Annual Allowance charge which affect those with substantial income, making significantly higher pension contributions in anticipation of the removal of higher rate tax relief which will occur in 2011
• the deferral for a further year of the planned increase in the small companies corporation tax rate, maintaining the current rate of 21% for a further year
• the standard rate of VAT will return to its former rate of 17.5% on 1 January 2010
• a temporary bank payroll tax of 50% is to apply to certain bonuses (in whatever form).
If you have any questions please do not hesitate to contact us for advice.
12/10/2009
Hello and welcome to the latest edition of Smith Cooper's E-newsletter for clients and contacts.
Our continued aim is to advise you about any issues which may affect you or your business and also update you on any developments within our firm.
We are keen to ensure that you receive only the information that is relevant to you, and for that reason we have provided functionality which allows you to access your own profile and select the topics you are interested in. Simply click on "change my preferences" at the top of the page.
Please get in touch if you wish to discuss any of the issues raised.
Regards
Andy Delve
Managing Partner
11/12/2009
Hello and welcome to Smith Cooper's E-newsletter for clients and contacts.
Our continued aim is to advise you about relevant issues or changes and update you on any interesting developments within the firm.
I hope you find this information useful and informative. Please get in touch with any feedback or if you wish to discuss any of the issues raised.
Regards
Andy Delve
Managing Partner
8/24/2009
We are currently discussing a number of tax planning strategies with clients and can help in the following scenarios:
• clients with large pre tax profits wishing to mitigate their corporate and personal tax liabilities
• companies looking to dispose of property pregnant with large gains
• clients who own shares in a trading company that also owns investment assets
• clients wishing to extract cash from the company in a tax efficient manner
• clients wishing to manage their potential exposure to the 50% tax rate
We are able to deliver bespoke planning schemes that will meet your commercial and personal objectives. If you would like to discuss these please do contact a member of the tax team.
Further matters that may interest you are:
6/8/2009
Hello and welcome to the first of Smith Cooper's monthly E-newsletters for clients and contacts.
We believe that good communication is the key element in any successful business relationship, and we know how important it is for our clients to keep abreast of any changes which may affect their business. We aim to advise you about relevant issues or changes, inform you about our events and seminar programme and update you on any interesting developments within the firm.
We also realise that, if you're anything like us, you'll already receive huge amounts of "junk" mail into your inbox every day. We're keen to only send you information that is relevant to you, and for that reason we have provided functionality which allows you to access your own profile and select only the topics you're interested in receiving. Simply click on "change my preferences" at the top of the page.
I hope you find this information useful. If you have any feedback, or if you require more detail about any of the issues, please don't hesitate to get in touch.
Regards,
Andy Delve
Managing Partner
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