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Budget 2010 (March) - what can contractors expect?
Posted Mar 24, 2010
With the economy apparently on the mend at last, and a General Election around the corner, many pundits expect the Budget to be slightly more interesting than usual.
Of course, the Chancellor doesn't have a great deal of cash to play with, and will be keen not to upset any potential voters. At the same time, he will be keen to differentiate his policies from those of the Conservatives.
George Osborne has pledged to reduce both the main rate of Corporation Tax from 28% to 25%, and the small companies' rate from 21% to 20%. Darling will need to show his commitment to business via tax cuts, or other incentives.
Having already announced a new higher rate 50% income tax band from April for salaries over £150,000 - there may also be the temptation to lower the threshold, which would trouble a fair number of contractors.
We also already know that the personal allowance will be eroded by £1 for every £2 earned over £100,000 from April 2010.
Of course, Labour is more likely to keep the main taxable bands as they are, allowing the effects of 'fiscal drag' to pull ever more taxpayers into the higher rate bracket without too much fanfare. We already know that NI is due to rise again from April 2011, but will there be further rises so close to an election?
Naturally, we will update Contract Eye with the main relevant points of the Budget speech, together with comments from industry 'experts' after the event.
Handy Budget resources
Some of best places for Budget build-up and coverage are:
The Telegraph, The Guardian, and - best of all - the BBC.
For the 'official' version of events - published just after Alistair Darling has finished his speech - go to the HM Treasury microsite.
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