Budget 2009 - The Good, Bad & the Ugly

Ward Goodman, the Dorset based Business Support Group, presents the Good, the Bad and the Ugly from the 2009 Budget.

The Good

For business

Double the tax relief for businesses with a 40% first year allowance on capital expenditure
Three year carry back of business losses extended for another year

For people

£2,000 Car scrappage scheme to go ahead
Tax-free Individual Savings Accounts limit to increase in stages to £10,200
Stamp Duty Land Tax exemption for house purchases under £175,000 to be extended

The Bad

For business

Capital allowances on cars to be restricted by reference to their CO2 emissions
£80,000 benefit in kind value cap for high value company cars to be removed.
The reduced VAT rate of 15% is not due to be extended further beyond 31 December 2009.

For people

New tax rate of 50% for those earning over £150,000
Withdrawal of higher rate pensions tax relief for those earning over £150,000
Restriction of personal tax allowances for those earning over £100,000
Many trusts to suffer a new 50% tax

The Ugly

Taxpayers who understate their tax bills by £25,000 or more can be named and shamed
Financial officers at larger companies will be held personally liable for tax failures in their accounting systems

The team of tax experts at Ward Goodman are reviewing the detail in the Budget and a more detailed release will follow.


To discuss ways the budget will effect you and your business please click here.


To find out more about any of these stories or
Ward Goodman please contact 01202 875900