Orange & Gold Blog

Emergency Budget Tuesday 22nd June 2010

Emergency Budget is on Tuesday. George Osborne has declared the date of his first Budget, Tuesday 22 June 2010. Find out how the budget will affect UK contractors and the likely VAT changes.

Reduction in Personal Tax Allowance

As part of the drive to increase tax revenues HMRC will be reducing your personal tax allowance of £6,475 in 2010-11, if your taxable income exceeds £100,000. They will knock £1 from your allowance for every £2 your income exceeds £100,000. Your personal allowance will be eliminated when your earnings reach £112,950.

On-line VAT and PAYE Processing

Based on past experience we anticipate early pain, followed by mid-term irritation leading eventually to long term benefit.

Pre-Budget Report 2009

Highlights affecting contractors from the Pre-Budget Report 2009

VAT Back Up To 17.5%

There are three important changes to the VAT system kicking in from 1st January 2010.