0161 928 3276



We understand our clients

Other Tax Changes Ahead

Newsletter issue - June 2010.

The Coalition Programme for Government also contains a number of other proposed tax and law changes that may impact on you or your business if they come to pass.

The business-focused proposals include:

  • Review of the IR35 rules as part of a review of all small business taxation.
  • Refocus R&D tax credits on hi-tech companies, small firms and new businesses.
  • Review the taxation of furnished holiday lettings so UK businesses are not penalised.
  • Encourage farmers to convert existing buildings into affordable housing.
  • Increase the threshold from which employer’s NI is payable by £21 per week, to £6,812 a year from 6 April 2011. The employees’ NI thresholds will not rise, so employees and the self-employed will bear the full brunt of the 1% increase in all NI rates.
  • Provide those out of work with business mentors and start-up loans to help them start their own businesses.

The proposals affecting individuals include:

  • No reduction in the imposition of Inheritance Tax in the foreseeable future.
  • No reduction in Income Tax rates until the Budget deficit has been reduced.
  • Increase the personal allowance significantly from 6 April 2011, but reduce the benefit of this allowance for those with high incomes. The personal allowance is currently tapered away for those with total income over £100,000, so this threshold may be lowered.
  • Introduce a transferable married couples allowance, but only for basic rate taxpayers.
  • Review of the taxation of individuals who are not domiciled in the UK, but who have a connection to the UK so they have some UK tax obligations.
  • End Government funding of Child Trust Funds from 1 January 2011, and reduce the value of vouchers given for new-borns from 1 August 2010.
  • Reform the administration of Working and Child Tax Credits to reduce fraud and overpayments.
  • Reduce the penalty for living as a couple in the Working and Child Tax Credits system.
  • Review the effectiveness of raising the Stamp Duty threshold for first-time purchasers.
  • Remove the requirement to purchase a pension annuity at age 75.
  • Phase out the default retirement age of 65.
  • Bring forward the increase in the State Pension Age (SPA), which is the age from which you can draw the State Pension. This will be 66 years for men from 2016 and 66 years for women from 2020. The SPA has already increased beyond 60 for women, and is set to rise gradually to 68 for everyone by 2046.

We expect more detail on these proposals to be announced in the Budget on 22 June.


To work Smarter in your Business Contact Beauchamp Charles

Contact Us

"Join our newsletter for hints, tips and tax advice"


What our clients say

Dakins Property Services

Great Results, Personable, High Integrity

Choice Events Limited

All at Beauchamp Charles are very helpful, approachable and easy to talk to. They keep me informed with key dates; I can feel totally confident that I won't ever miss any deadlines! Whoever I deal with, always deal with matters professionally and efficiently and if they are unavailable they get back to me promptly.

FT leisure Ltd

I have worked with Beauchamp Charles as our management accountants for over 20 years and have never received anything less than exceptional service. Their approach is both professional and personal. Finances and particularly tax strategies are a minefield for small businesses; Beauchamp Charles have in-depth knowledge of these area, which is comforting. They pay very close attention to our business activities and have provided financial strategies that have helped our company develop.

Fredrick Thomas Electrical and Maintenance

We have used Beauchamp Charles since company formation back in 1998. Beauchamp Charles offers us a one to one service as they are small enough to offer this dedicated service and large enough to do the work and offer best advice. They get to know us as individuals and a business, always giving sound advice. Frederick Thomas Electrical are in a stronger place thanks to the service we get from them.

Barnes Walker Landscapes Limited

We are a small business and had employed the same accountancy firm for many years. Two years ago we took the decision to switch to Beauchamp Charles after several othe local businesses recommended them very highly to us. We have not been disappointed with the service they have provided to us over these last two years.