Business taxation overview - May 2010
Perhaps the biggest giveaway is the increase this year in Entrepreneurs' relief from £1,000,000 to £2,000,000. Many clients will be very happy with this gift, worth up to £80,000 in Capital Gains Tax savings on the sale of a business or other qualifying disposals.
The Annual Investment Allowance will be doubled from £50,000 to £100,000 for qualifying expenditure from April 2010. Unless clients are planning to spend more than £100,000 on plant and machinery they should now be able to claim 100% against taxable profits.
The VAT registration threshold has increased from £68,000 to £70,000.
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