Gas guzzling motorists saw a temporary reprieve in the 2008 Pre-Budget Report. Reforms announced in the March 2008 Budget to incentivise the manufacture and encourage the purchase of more fuel efficient cars were reconsidered to soften the blow to motorists. However, the reprieve is only temporary. For those considering the purchase of a new car, it is still worth thinking green.
Archive | December, 2008
One of the major income tax announcements last month was the proposed increase in income tax and National Insurance rates for high income earners. A quick summary follows.
- 2009/10 – No change for this tax year!
- 2010/11 – If your earnings are between £100,000 and £140,000 you will lose one-half of your personal allowance. If your earnings exceed £140,000 you will gradually lose the remainder of your personal allowance.
inniAccounts have teamed up with the Professional Contractors Group (PCG) and are able to offer inniAccounts clients a generous 15% discount on the first years PCG membership fees. All you need to do is request the discount code for the PCG by emailing us at support@inniaccounts.co.uk
The PCG is a not-for-profit trade association that represents the interests of consultants, contractors and freelancers. It has evolved to become their champion, campaigning on issues that matter to the freelancing community, irrespective of industry focus.
Do you know how much your state pension could be when you retire? The Pensions Service will provide a forecast of this information either by letter or an online email service.
As detailed on their website a State Pension forecast gives you in today's money values:
- an estimate of basic and additional State Pension you may get based on your National Insurance Contributions so far and
- an estimate of basic and additional State Pension you may get when you claim your State Pension.
Are you planning a party for your staff? Then make sure you are clear on the tax implications.
The good news is that, unlike entertaining customers, the cost of employee entertaining is generally allowable against the profits of the business.
What about the employees themselves? Is it a perk of their jobs and will they be subject to tax?
The government has announced significant changes to the system of personal allowances and tax rates for the next few years. These mainly impact on those with higher levels of income.
Allowances and rates
The 2009/10 personal allowance will be £6,475. The basic rate limit will be £37,400. Therefore an individual will pay 40% tax rather than the basic rate of 20% when their total income exceeds £43,875.