There were no changes announced to the rate of VAT.
The VAT registration and de-registration limits have been increased with effect from 1 April 2012 to £79,000 and £77,000 respectively
There were no changes announced to the rate of VAT.
The VAT registration and de-registration limits have been increased with effect from 1 April 2012 to £77,000 and £75,000 respectively.
The Chancellor announced a number of changes to address some long standing VAT anomalies as follows:
There were no changes announced to the rate of VAT.
The VAT registration and de-registration limits have been increased in line with inflation, with effect from 1 April 2011, to £73,000 and £71,000 respectively.
The Chancellor also announced a change in the low level consignment relief level for VAT, from £18 to £15 from 1 November 2011. This is the threshold below which goods imported from outside the EU are VAT free.
Comment: This measure is mainly to target operators setting up in the Channel Islands to ship relatively low value items (such as DVDs) to the UK VAT free. If you ever wondered why companies such as play.com send everything you order in separate packges – here is your answer – if the value of each package is less than £18 (soon to be £15), they can ship it VAT free, giving them a price advantage over UK based suppliers.
The CGT threshold will in future increase with CPI rather than RPI.
For capital gains above the annual exempt amount the CGT rate for basic and higher rate tax payers will remain at 18 and 28 per cent respectively.
Gains made in respect of certain business assets may qualify for entrepreneurs’ relief.
The amount of an individual’s gains that can qualify for entrepreneurs’ relief was subject to a lifetime limit of £5 million before the Budget. This limit will be increased to £10 million for gains arising on or after 6 April 2011.
Gains qualifying for the relief will continue to be taxed at a 10% rate.
Walker Accountancy 