The Emergency Budget’s Main Bulletins – What Will Effect You

22 06 2010

‘I will not hide hard choices from British people’ – George Osbourne


On the 4th January 2011, VAT will rise to 20%. This will earn £13bn a year by the end of parliament.

Capital Gains Tax

The higher rate of Capital Gains Tax will be increased to 28% from Midnight tonight. The lower rate will remain the same, as will the Capital Gains Tax allowance (£10,100)

Entrepreneurial Relief

Instead of £2m of lifetime gains, the first £5m of lifetime gains will qualify for Entrepreneurial relief.

Income Tax

There is no increase in the rate in which Income is going to be taxed; but the personal allowance will raise to £7,475 a year from April 2011. This is one step towards gradually increasing the allowance to £10,000.

Public Sector Pay Freeze

There will be a 2 year pay freeze for Public Sector employees

Tax Credits

Tax credits for families earning over £40k a year will be reduced.

Child Benefit

Child benefit will be frozen for 3 years.

Housing Benefits

Maximum limits on housing benefits will be introduced.

State Pension Age

The plans to raise the State Pension age to 66 will be accelerated.

Corporation Tax

Corporation Tax will be reduced by 1% each year for the next four years, bringing it down to 24% by the end of parliament.

Bank Tax

Starting in January 2011, there will be a bank tax. This tax, by the end of parliament, is expected to raise £2bn a year.

Why not visit the best Tax Accountant in Sussex’s website?


What Will The Coaltion Government’s First Budget Bring?

26 05 2010

Last week, our new Chancellor, George Osbourne, announced that his first budget date will be on the 22nd June. Since then, there has been much speculation as to what this has in store for us. Below are just a few things I’ve come across: Read the rest of this entry »

Why You Need An Accountant

19 02 2010

By law, you don’t need an Accountant, but in this post, I am going to tell you why you need an Accountant to support your business.

When people think of Accountants, the normal image that comes into their heads is someone sat at a desk behind a pile of paper, completing Tax Returns. However, while that may have been true in the past, a new age is upon us. Read the rest of this entry »

What will the Effects of the National Insurance rise mean for you?

8 01 2010

On Wednesday 9th December 2009, Alistair Darling delivered his Pre-Budget report. In it, he mentioned a 0.5% rise in National Insurance.

Currently, National Insurance is currently charged at 11% for those earning between £110 and £844 a week, and anyone earning over £844 a week, has to pay an additional 1% National Insurance on the earnings over £844. For example, if someone earns £1000 a week, the National Insurance would be worked out like this; Read the rest of this entry »

All About Us

2 11 2009

This is just a quick post to tell you a little bit about ourselves. Ever since Keepers Accountancy started in 1989, our philosophy has always been closely aligned to this Chinese proverb:

“A man without a smiling face

should not open a shop”

Read the rest of this entry »

National Insurance – A Map through the maze

21 10 2009

All rates in this article are for 2009/10.

NIC for Employees

For employees Class1 National Insurance (NI) primary contributions are deducted from their salary each month as part of the PAYE system.

They are paid on earnings between £110 and £844 per week at 11% and then an extra 1% on any earnings above this. Read the rest of this entry »