24 March 2010 Budget Report

The announcements made by Alistair Darling on 24 March 2010 are now included on our site. With the new tax year around the corner we are now working on updating all of the guides on our site. We expect this work to be complete by the start of the new tax year.

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Introduction and Budget Highlights

"This will be a Budget to secure the recovery, tackle borrowing and invest in our industrial future" was how the Chancellor, Alistair Darling summed up the last Budget before the next general election.

Business taxation

Increases in capital allowances and a raft of other changes

Company cars

The company car continues to be an important part of the remuneration package for many employees despite the increases in the taxable benefit rates over the last few years.

Mileage allowances

HM Revenue & Customs advisory mileage rates for employee private mileage reimbursement or employer reimbursement of business mileage.

Value added tax

Our extensive and detailed analysis and increases in registration and deregistration limits

National insurance contributions

No increases in this year’s rates and bands

Income tax and personal savings

Income tax rates, rate limits and personal allowances for 2010/11

Capital taxes

Budget changes to the capital taxes

Excise duties

Duties increases announced in this years budget

HM Revenue and Customs powers

HM Revenue & Customs powers are continuing to increase

Other measures announced

Further changes in particular to the operation of duties

The Economy

The recession has exerted enormous pressure on both businesses and consumers. Businesses have struggled to obtain credit; consumers have tightened belts. Here we look at some of the consequences of the worst economic downturn in generations.