|
|
| |
Business tax
simplification |
| |
The Chancellor announced a number of measures aimed at tax
simplification, including: |
| |
Beginning this year, doubling the three line account threshold
to £30,000 and introducing shorter self-employment pages
for businesses with turnovers below the VAT registration threshold |
| |
For those self assessment payments on account due in January
2010 and July 2010 (ie for 2009/10), the threshold below which
taxpayers do not need to make payments on account will be doubled
from £500 to £1,000 |
| |
Consulting this Autumn on how best to collect tax on benefits
in kind and expenses through the payroll, removing the need for
a separate end of year process for many employers |
| |
Consulting on removing the £8,500 a year threshold
at which most benefits in kind become taxable, making it simpler
for employers when reporting benefits· Consulting on
how to improve the present separate systems for collecting
Class 2 and Class 4 national insurance contributions (NICs) |
| |
Repealing ‘outdated’ legislation relating to expenditure
on fire safety equipment from April 2008, making the tax code
easier to understand. |
|
|
| |
Corporation tax |
| |
The Chancellor confirmed that the main rate of corporation
tax will be cut by 2% to 28% from next year. |
| |
|
