The main rate of VAT was increased to 20 per cent from 4 January 2011. Rates and thresholds for the flat-rate scheme were also increased.
HMRC has recently announced changes to online filing of company tax returns and payment of corporation tax.
The recommendation by the Office of Tax Simplification (OTS) to abolish community investment tax relief has been ignored.
In chancellor George
Osborne 2011 Budget statement he declared ‘Britain is open for business’ and announced he is
Osborne declared ‘Britain is open for business’ and announced he is
cutting corporation tax by 2 per cent this year
The headline change for businesses in the 2011 Budget was the two per cent reduction in corporation tax, which was 1 per cent higher than the cut already announced.
While there has been ground given on income tax, primarily
for low-income earners, the main rate at which National Insurance is charged
has increased for the 2011-12 financial year.
The changes from the 2011 Finance Act UK are beginning to bed down.