Accountancy for Business

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Budget 2008

 

Corporation Tax

For the financial year begining 1 April 2008, the corporation tax rate for large companies is reduced from 30% to 28% but the small companies rate rises from 20% to 21%. The not small companies rates will remain unchanged for the financial year 2009. The small companies rate will increase to 22% with efffect from 1 April 2009.

Income Tax

The basic rate for income up to £36,000 is taxed at 20%. Personal allowance has increased from £5,225 to £5,435.

Tax on dividends income remain at 10% for income up to £36,000 thereafter will be taxed at 32.5%.

The official rate of interest on staff loan remain unchange at 6.25%.

 
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Accountancy for Business

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We provide useful information to small businesses owners to assist them to fulfill their statutory obligations.

 
Things you must know as business owners ! - Take a 6 question quiz and see how you will score
1. What is the VAT registration thresholds from April 2007?
 
£58,000
£62,000
£67,000
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