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 Chancery Tax LLP WWW.CHANCERYPARTNERSHIP.COM1 CHANCERY TAX LLP & NEVER SECOND THE UK BUDGET – A QUICK SUMMARY PITCHING FOR WORK IN BRITAIN 7 APRIL 2011.

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Presentation on theme: " Chancery Tax LLP WWW.CHANCERYPARTNERSHIP.COM1 CHANCERY TAX LLP & NEVER SECOND THE UK BUDGET – A QUICK SUMMARY PITCHING FOR WORK IN BRITAIN 7 APRIL 2011."— Presentation transcript:

1  Chancery Tax LLP WWW.CHANCERYPARTNERSHIP.COM1 CHANCERY TAX LLP & NEVER SECOND THE UK BUDGET – A QUICK SUMMARY PITCHING FOR WORK IN BRITAIN 7 APRIL 2011 MARK STEMP SIMON NOAKES DAVID YEOWARD

2  Chancery Tax LLP WWW.CHANCERYPARTNERSHIP.COM2 Main rate of CT n rate of CT was28% 2011/1226% 2012/1325% falling to23% by 2014 Small Business Rate20% But IT highest rate 50%, NIC & Non-Dom rules The UK – open for business 02 February 2011 BUDGET 23 MARCH 2011

3  Chancery Tax LLP WWW.CHANCERYPARTNERSHIP.COM3 BUDGET 23 MARCH 2011 OTS – Review of small business tax Recommendations for Budget 2012 Business Rates Relief – extended 1 more year Entrepreneurs Relief £1,000,000pre 6 April 2010 £2,000,0006 April 2010 - 26 June 2010 £5,000,00026 June 2010 – 5 April 2011 £10,000,0006 April 2011 onwards

4  Chancery Tax LLP WWW.CHANCERYPARTNERSHIP.COM4 BUDGET 23 MARCH 2011 Foreign branch exemption Increase in mileage allowances 40p up to 45p for 10,000 miles. 25p thereafter unchanged EIS Enhanced IT relief – from 20% to 30% From 2012/13 – larger businesses qualify

5  Chancery Tax LLP WWW.CHANCERYPARTNERSHIP.COM5 7 April 2011 Chancery Chancery Pavilion Boycott Avenue Oldbrook Milton Keynes MK6 2TA T: 01908 699600 F: 01908 699699 E: tax@chancerypartnership.com


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