Budget 2010
Alistair Darling presented his third Budget on Wednesday 24 March 2010.
Annual investment allowance increased
Most businesses are able to claim an Annual Investment Allowance (AIA) on the first £50,000 spent on plant and machinery.
Close company loan write offs
Close companies, generally meaning family and owner managed companies, are subject to special rules in relation to loans or advances made to participators and their associates.
Entrepreneurs’ relief
The amount of an individual’s capital gains that can qualify for Entrepreneurs’ Relief are currently subject to a lifetime limit of £1 million.
Inheritance tax nil rate band frozen
As previously announced, the nil rate band for 2010/11 will be frozen at the current level of £325,000.
Stamp duty land tax and first time home buyers
At present the Stamp Duty Land Tax rate is 1% for residential property purchases where the consideration is more than £125,000 but does not exceed £250,000.
Payment of VAT
HMRC are advising businesses that from 1 April 2010 all cheque payments by post will be treated as being received by HMRC on the date when cleared funds reach HMRC's bank account. This change does not affect any cheque payments made by Bank Giro.
Employer supported childcare
In 2009 the government announced changes to employer supported childcare and HMRC have now issued further guidance on the changes.
National insurance - new EU rules
HMRC have released new guidance for employers about forthcoming changes to EU rules regarding national insurance for people moving around Europe for work.
Official rate of interest
From 6 April 2010 the official rate of interest applying to interest-free or low interest loans made to employees will be 4%.
Employment rate falls to 72.2%
The government has announced the latest employment statistics which show the number of people in employment has dropped by 54,000.
Fit notes
Fit notes will be brought into effect from April 2010 and are a replacement for sick notes.
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