Phone: 01206 273908
Email: info @ tayloranddavis.co.uk

Pre-Budget Report 2008

The Pre Budget statement was announced on Monday 24 November. All the predictions on which the March 2008 budget was based have been revised and some important tax changes have been announced.

  • VAT standard rate is reduced to 15% from 1 December 2008 until 31 December 2009. Please call us for advice in charging your calculations.
  • The flat rate percentages for VAT are being changed to fit the new 15% rate.
  • Zero and reduced (5%) rates of VAT are not changing - that means no change to most food, transport and domestic gas and electricity.
  • Corporation Tax for small companies was due to rise to 22% next April; this has been postponed for a year.
  • Legislation on 'income shifting' already delayed from April 2008 has been deferred again, but will be "kept under review".
  • There will be extra personal allowances from April 2009 but more income will be subjected to National Insurance.
  • Businesses making losses in 2008-09 will be able to get more generous relief - a reversal of one of Gordon Brown's earlier changes; but it's only a one year change.
  • To pay for the immediate cuts substantial tax rises have already been announced for 2011 (after the next general election) and the Government forecasts are that the nation's finances won't be back in balance until 2015.
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