budget 2011

Chancellor Boosts Apprenticeship Investment

In his speech in Budget 2011 yesterday, the Chancellor George Osborne announced the doubling in number of planned university technical colleges (UTCs) from 12 to at least 24 which will provide technical training for the ‘lost generation’ of 16-24 year olds who are experiencing the highest unemployment since records began in 1992 as it approaches the sensitive 1 million mark. The Chancellor said he would fund an extra 40,000 apprenticeships, plus 10,000 higher level training places. Additionally there will be 100,000 places on a new work experience scheme over the next two years, up from 20,000 previously stated. Mr Osborne is making £180m available for up to 50,000 additional apprenticeship places over the next four years which would provide additional capacity to support young unemployed ... »

Budget 2011 – Annual tax rates and allowances

Introduction George Osborne’s budget was touted as many things including "a Budget for making things, not making things up" and a "budget for growth". Of all the positives he aimed for, there were a number of economic ambitions in particular including: A simplified and one of the most competitive tax systems amongst the G20 nations For Britain to be the "best place in Europe to start, finance and grow a business" So what are the figures? Read on… NOTE: The figures contained in this article are subject to amendment as the Finance Bills pass through Parliament. This article is a guide only and advice should be taken before acting on its contents. »

Enterprise Budget will Deliver for “real businesses”, says Chancellor

Exemptions from red tape for the smallest firms, the creation of 21 Enterprise Zones and tax simplification measures were among the pledges made by the Chancellor in a Budget he said would provide the best conditions for “real businesses”. Outlining his plans to bring the economy back to stability and growth through enterprise, George Osborne said: “This is a Budget that encourages enterprise and that supports exports, manufacturing and investment ? a Budget for making things, not for making things up.” The Chancellor said his Budget speech would outline four economic ambitions for 2011, which are: To have the most competitive tax system in the G20 To be the best place in Europe to start, finance and grow a business To have a more balanced economy, by encouraging exports and investment To ... »

Entrepreneurs Get Helping Hand from Chancellor

Accountants sound note of caution about Enterprise Zones Enterprise Investment Scheme increase ‘very good news’ Moratorium of three years for SMEs on new domestic regulation welcomed Small and Medium Sized Enterprises (SMEs) have received a much needed boost from the Government at a time when they need it the most, says ACCA (the Association of Chartered Certified Accountants) in response to today’s Budget. Manos Schizas, SME policy adviser at ACCA, says: “The Government’s intentions were clear: to pile on what incentives it could afford in order to ensure the UK economy rebalances into one that is more reliant on enterprise and manufacturing. All of this is of course very welcome.” Advance figures from ACCA’s latest Economic Conditions Survey show that accountants working for ... »

FPB: Budget Small Business Growth Strategy Just First Step

Not-for-profit business group argues tax and red tape plans should have gone further One of the UK’s leading business organisations is welcoming several short-term measures to boost enterprise announced in today’s Budget – but arguing that more must be done in the long-term if small businesses are to truly drive economic growth and job creation. The Forum of Private Business (FPB) believes substantial measures on fuel duty – including an immediate cut from 6pm tonight and cancelling annual rises that had resulted from the introduction of the fuel duty escalator – should provide some cash flow relief for struggling small firms. Equally, the Forum is welcoming a range of small business tax breaks including lower rates for businesses based in 21 new ‘enterprise zones’, increasing tax relief a... »

ACCA Comment on Budget 2011

Middle earners squeezed this year, but some relief in 2012 43 reliefs scrapped – “good news” says ACCA Tax avoiders chased The Chancellor is performing a high-wire balancing act when it comes to taxation – both for individuals and for businesses, says ACCA (the Association of Chartered Certified Accountants) in response to today’s Budget. Chas Roy-Chowdhury, head of taxation at ACCA, says: “This high-wire act is being performed well by the Chancellor, but there could be a shaky future ahead. This shakiness comes from the fact that the Chancellor is giving with one hand and taking with the other – and that’s a tricky balancing act to maintain.” ACCA says that despite being previously announced last year, the tax changes due on the 6 April 2011 give a mixed message. Chas Ro... »

Top 10 “Known Knowns” in the Budget Today

By ACCA’s Budget team A lot of what will be announced today we already know about. ACCA, the Association of Chartered Certified Accountants, say they’ve got about 15 pages worth of budget pre-announcements that they could go through but for space reasons they’re going to go through their Top 10*: 1. Rates and allowances Income tax rates, allowances and thresholds for the 2011/12 tax year have already been announced. With effect from 6 April 2011, the personal allowance for those under 65 will increase by £1,000 to £7,475. The basic rate limit will also reduce by £2,400 to £35,000. The rates of employee’s and employer’s Class 1 and Class 4 national insurance contributions (NICs) will rise by 1% with effect from 6 April 2011. This will be partly mitigated by increases to the earn... »