Holden Associates – Accountants & Business Advisers Blog

Well that is it, we have now had the Pre-Budget Report 2008.

From 1 December 2008 VAT to be reduced from 17.5% to 15%, but only for a 13 month period, small business given extra time to pay their tax bills, a delay in increasing the small business rate of corporation tax to 22%, but only until 2010.

Then we have increases in 2011 in National Insurance, a 0.5% increase for both employee and employer.

Higher rate taxpayers will see personal allowances cut (for those earning over £100,000) and eliminated (for those earning over £140,000). In addition, there will be a new 45% rate for those earning over £150,000.

I am sure you can work out how this affects you without me putting it into print.

For our Pre-Budget Report 2008 please click here or to view any of the previous Budget and Pre-Budget Reports including yesterdays please visit our Budget page on our main website.