So.. tomorrows the day, tax tax tax

sjr4x4 · #1 (**permalink**) 21-06-10, 04:14 PM

I wonder how badly business owners will get hit tomorrow during the emergency budget.

Looks like VAT's on the rise, making all of our products and services that bit more expensive, and the fuel dearer for us to get to work.

CGT is a given, but interested to see what else is in store for us all, corporation tax maybe?

sjr4x4 · #2 (**permalink**) 22-06-10, 02:56 PM

No great surprises then?

VAT goes upto 20% in Jan
CGT goes to 28% (must admit was expecting 40%)
Child benefit frozen for 3 years
Tax credits cut for familes earning £40k
Public servants get a 2 year pay freeze (awwww )
Benefit cuts - no doubt this will get most of the criticism.

Businesswise
Corporation Tax is set to reduce to 27% next year, then falls 1% per year until it reaches 24%.
NI for employers set to rise from April.

Any thoughts?

tomsk · #3 (**permalink**) 22-06-10, 05:43 PM

I like the no company NI contributions for first 10 new employees

mrb · #4 (**permalink**) 22-06-10, 05:46 PM

Quote:

Originally Posted by sjr4x4

Any thoughts?

Yes...

Quote:

Originally Posted by sjr4x4

No great surprises then?

You've answered the question as I see it.

sjr4x4 · #5 (**permalink**) 23-06-10, 11:12 AM

Saw Osborne on the BBC this morning, and thought he came over quite well.

Alistair Darling came over as sour grapes, reckons he wouldn't have put up VAT, and has accussed Osborne of taking a huge gamble.

Guess time and political historians will tell !!

BBC News - Budget: Osborne rejects Labour 'carping from sideline'

CareersPartnershipUK · #6 (**permalink**) 23-06-10, 05:15 PM

It's an interesting Budget but the more I look at it, the more dangerous it seems to be.

There was a slow, fragile, insecurely based recovery of confidence underway. I think that'll halt now, until the next change of course.

VirtuallyMary · #7 (**permalink**) 23-06-10, 06:47 PM

Most of it was hits we were already anticipating. Can't say I'm happy but I also can't say I'm surprised.

As someone on my Twitter feed put it, at least we were expecting it from the Tories.

Paula · #8 (**permalink**) 24-06-10, 10:55 PM

it seemed fair in the circumstances, but I suppose we will only know next year when food petrol and everything else is that little bit more

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