Welcome to the July edition from Inn-News. A few things have happened since I last wrote.England are out of the World Cup by our old rival Germany. I've already seen World Cup tops religated to sports bags what a shame! And the Budget 2010 has arrived with all it's diverse changes which I will talk about.
VAT goes up to 20%
It wasn't a big surprise that now David Cameron is in the hot seat taxes have started to go up. I suppose we had to do something about the deficit from all that borrowing and the first stage is VAT.
The increase in VAT to 20% on 4th Jan 2011 is going to hit everyone and of course the price of a pint will go up 6p and £1 of that is pure tax!
We have to look on the bright side at least income tax hasn't gone up for most of us, if fact...
Personal Income Tax allowance threshold raised by £1000
Instead of getting taxed on anything over £539.58 a month or £124.51 a week you can now earn up to £622.91 a month or £143.75 a week which is a nice increase for everyone effective from April 2011.
National Insurance changes
Your staff will now be able to earn up to £131 a week instead of £110 a week before they have to pay National Insurance. As an employer you won't have to pay N.I. until this increased threshold is reached as well so it's a win win situation for all.
New start up businesses can escape the first £10k of National Insurance contributions, providing they meetcertain criteria which is to be confimed in the near future. This is potentially good news for people going into a new pub business for the first time.
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