Budget key points: At-a-glance

The key points of Chancellor George Osborne's first Budget, delivered on 22 June, 2010.


HMRC to stop sending VAT return postal reminders

HMRC will soon stop sending reminders to those who file online to inform them that their VAT returns are due. It is important to have a system to remind you that your VAT return is due or register to receive email reminders from HMRC.
The message from HMRC states:
Important information about VAT Return reminders for online customers

Soon we will stop sending postal reminders that your VAT Return is due. If you want to receive email reminders when your returns are due, you should:

1. Log in to the VAT Online service.
2. On the ‘Your HMRC Services’ page, go to the ’VAT’ section and select the link ‘Access Service’. This takes you to the ’At a glance’ page.
3. From the ‘Maintain email address’ section select the ‘Add email address’ link.
4. Select the link from the ‘VAT messages’ section.
5. We will send you an Activation Code by email. When you get this, select the ‘Confirm email address’ link from the ‘Maintain email address’ and input the Activation Code as directed.

Clegg signals backtracking on CGT

Liberal Democrat leader Nick Clegg appears to have conceded that proposals for an increase in capital gains tax will have to be tempered to meet angry criticism from Tory right-wingers. During an interview on BBC's Radio 4 he declined to be drawn on exactly what form concessions might take but indicated work is under way and that some form of tapering is among options being considered.


SMEs face double whammy in tax avoidance clampdown.

The government’s announcement of a crackdown on tax avoidance will see the UK’s 4.8m-strong small businesses forced to use vital funds to bankroll expensive tax disputes with HM Revenue & Customs, advisers fear.


HMRC lending skews insolvency figures

Corporate insolvencies may have fallen as the taxman has become the lender of last resort, according to the latest insolvency data.


Care home residents could be caught in CGT trap.

Elderly people living in care homes may be caught in the capital gains tax trap, advisers have warned. The coalition government is gearing up to raise CGT from 18% to possibly 40% for non-business assets such as second homes.


HMRC moves to simplify helplines

The taxman has heeded the calls of advisers and reduced the number of helplines from 12 to just one.