Please, Sir, I Want ...More

摘要

The 2012 Budget saw some welcome proposed changes for business. There were striking moves on the taxation of businesses. The cuts to corporation tax will be quicker and deeper than other tax changes. Corporation tax was reduced to 24% (from 26%) in April 2012. It will be 23% in 2013 and 22% in 2014. This is planned to give the UK the lowest corporation tax rate in the G7; and the fourth lowest in the G20. The Enterprise Management Incentive Scheme, designed to help SMEs recruit skilled employees will be expanded. Research and Development tax credits for SMEs will go up from 200% to 225% and the limit on SME payable credit is to be abolished. Moreover, there will be no change to the Seed Enterprise Investment Scheme announced in the Autumn Statement. From May 2012 the scheme will give 50% income tax relief to anyone investing up to ￡100,000 in a qualifying start-up as well as a one-yeaer waiver on capital gains tax. Surely, for all of this, the increased company car tax rates and charges on fuel are worth paying?