22 April 09 - Budget 2009
There are a few headline grabbing measures in todays budget, the big one being that the top rate of tax will rise to 50% for the 350,000 people earning over £150,000 - from April 2010. At the same time, those earning over £100,000 will lose all personal allowances
This will cost about 700,000 people something like £220 pm. Tax deductions for pension contributions for those earning over £150,000 will be limited to basic rate - from April 2011, with some rules to stop early contributions. These measures are expected to raise £7 billion pa.
A scheme for the automotive industry, which will offer those who buy a new car £2000 for scrapping the old one.
There are important new powers in relation to tax evasion and tax reporting. There will be a defaulters list, so that those who deliberately evade tax of £25,000 will be named. Finance directors will need to take personal responsibility for company tax filings.
We update our news page with key changes to legislation relating to contracting, including IR35 and s660a, as well as other important accounting and taxation changes.
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