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Successful Budget Seminar from Wilkins Kennedy
On Thursday 24th March 2011, UK top 25 chartered accountancy firm Wilkins Kennedy Chartered Accountants and Business Advisers held a lunchtime seminar at Brickendon Grange Golf Club for over 40 SME clients and professional contacts from the Hertfordshire and South East area, including businesses from London, Essex and Surrey.
WK partners Ian Jefferson and Alison Nayler gave presentations on aspects of the budget and were available to address questions and expand on points of interest. Businesses attending obtained a hard copy of the WK budget report.
Alison Nayler, partner at the Wilkins Kennedy Hertford office, commented: “The seminar was a great opportunity to give our clients a face to face overview of the budget and to directly address any concerns they had following the budget announcements from the previous day.”
“The government has stated that they are trying to reduce the red tape for businesses, but most businesses are sceptical and are unsure if the resulting legislation from the budget will encourage investment.”
Details discussed on the day:
Income Tax
Although the increase in personal allowances for under 65’s will help lower earners the same does not apply to those over 65 whose allowances only increased by £450.
National Insurance
Employees, employers and self-employed have been hard hit by a 1% increase in National Insurance.
Junior ISAs
ISAs will be available for individuals under 18 years from Autumn 2011.
Entrepreneurs
For anyone looking to sell their business the Capital Gains Tax liability will be lower than expected where the business is being sold for more than £5 million resulting in lifetime qualifying gains of up to £10 million being taxed at just 10%.
Inheritance Tax
Gifts to charities in wills is being encouraged through a reduction in Inheritance Tax of 4% where 10% or more of the net estate is left to charity.
Capital Allowances
Businesses with high capital expenditure such as farming and manufacturing businesses will continue to benefit for another year from full tax relief on expenditure up to £100,000 but this will be dramatically reduced to £25,000 from April 2012.
Therefore, businesses that are looking to invest in capital projects should do so before April 2012.
Petrol Prices
The 5p per litre increase on fuel that was planned from 1 April 2011 was abolished and a 1p per litre reduction was introduced which will impact on almost everyone. This will assist the cost of travel for families and businesses in particular haulage businesses. As will the freezing of road tax for HGVs.
Smokers
A packet of cigarettes will increase by up to 50p, which may encourage more people to stop smoking.
Pubs
The duty on alcohol has increased by 54p on a bottle of spirits, 4p on a pint of beer and 15p on a bottle of wine whilst reducing the duty on low strength beers that may have an impact on local pubs that are already struggling.
For further information, please contact:
Laura Hazell, Tel: 0845 226 7469, Email: laura@oxwichcommunications.com
or
Alison Nayler, Tel: (01992) 550847, Email: alison.nayler@wilkinskennedy.com23.05.11 | wilkins kennedy
