Posts Tagged ‘tax’

The Budget 2011- Budget Busting Top Ten Titbits

This is a guest post by Simon Thacker of Willis Cooper Chartered Accountants

 

Hi Folks Yes, it’s that time of year again; the days are getting longer, spring is in the air, Arsenal are wobbling and it’s budget time. I ask you, can life get any better? So let’s celebrate with our annual budget busting top ten tax titbits which, as usual, are designed to help guide you, dear reader, through all the flannel and filling to get to the heart of what you really need to know. And this of course comes with our usual guarantee, which it’ll all fit onto a side of A4.

1. First up; mileage. Did you know that mileage allowance has remained at 40p per mile (on the first 10k business miles) since 2002? At that time fuel was 70p per litre. Well finally, with fuel now approaching £1.40 per litre, the mileage rate is being raised to 45p per mile from the beginning of next month. Hallelujah to that, we say; but what about the old 25p rate for mileage beyond 10000 miles? Surely it makes sense for that to increase as well? As if.