Posted by Zak
23/06/2010
10:49
The Budget Effect
The emergency budget is in and its effects will be far reaching. The chancellor said the 'unavoidable budget' requires a VAT rise from 17.5% to 20% next January. What do you think will affect you most as a small business? VAT increase, Corporation Tax change, NI? Share your thoughts. We'd love to hear your opinions.
Replies
The corporation tax reduction surely is positive news for small businesses and if your business is outside of London then no national insurance for up to 10 employees is also positive! The VAT increase..well at least it is a nice round number now...easy to work out in your head!?!
Reply by Catherine Armstrong on 23/06/2010 at 16:48
We all thought it was going to be really horrible...and then it wasn't so bad! Lots of devil in the detail no doubt, but 3p on a litre of petrol and 1% more nic won't be a killer.
One commentator called the budget a flesh wound...and I agree. Yes its going to hurt, but by summer 2011 we will be over it!
Reply by joanthan vowles on 24/06/2010 at 11:41
I want to know if we can pre-pay a monthly charge in December 2009. Quickbooks had moved to monthly billings for support services and I would like to pay all or part a year in advance if allowed. In the recent past they have not allowed that. What about it, Quickbooks? Can we pre-pay part of 2011 service fees to avoid higher VAT? It would help a number of businesses.
Reply by Linda Mattson on 24/06/2010 at 11:48
Hi Linda, thanks for your question. You do make a really good point about avoiding the VAT increase and helping businesses. QuickBooks customers who receive monthly billing for our support & services are invoiced each month as part of their agreement. These agreements don't allow payments to be made in advance at the moment unfortunately.
Reply by Zak on 29/06/2010 at 11:53
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