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:
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
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
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
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
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