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The impact of this week’s Budget is “not as bad as it could be” for FMO members believes the industry’s trade association.
The rise in VAT to 20% “may do little to improve the flow of consumers visiting opticians’ practices, but having lived through a cut of 2.5% recently we have to ask how much this affected business,” says the organisation.
“The fact that consumers have six months to accept the rise before the new level is introduced in January 2011 may reduce the negative impact,” added Malcolm Polley, FMO Chief Executive.
Also increasing in January is the insurance premium tax from 5% to 6% which will affect optical businesses, but alongside this, the reduction in Corporation Tax is “encouraging news to entrepreneurs”, adds the FMO.
“Facing one of the largest Budget deficits in Europe we were never going to be celebrating great news from the Chancellor this week. Let us all hope that some within our industry will be able to make the most of the regional incentives on offer outside of the south-east,” added Malcolm Polley.
The rise in Capital Gains Tax by 10%, up to a new level of 28% for higher rate tax payers, has been seen as a relief by many with investment properties that they were considering selling, as a higher rise to 40% has been feared.
The Chancellor, George Osborne’s strategy to simplify the corporate tax system and to bring down the headline rate of corporation tax in the medium term has won praise from business leader, the CBI –
Will Morris, Chair of the CBI Taxation Committee, said:
"The coalition’s plan for corporate tax sets a very positive course for the future direction of tax policy. This policy framework, combined with a strong process for business input, will reassure companies in the tough times ahead."
On the tax policy-making process, he added:
"It is clear that, despite the talented people involved, the tax policy-making process is simply not working as it should, from formation through to final legislation. We welcome the Government's decision to consult on this in order to produce a better system for every stage of that process."
www.fmo.co.uk
NB: The next regional FMO meeting, with relevant industry speakers, will be held on 14 October at a sporting venue. To reserve a place call Sandie Fisher on 020 7298 5123
Issued for The FMO
By Janice English
01372 465265
24 June 2010
OPEN FOR BUSINESS BUDGET
The impact of this week’s Budget is “not as bad as it could be” for FMO members believes the industry’s trade association.
The rise in VAT to 20% “may do little to improve the flow of consumers visiting opticians’ practices, but having lived through a cut of 2.5% recently we have to ask how much this affected business,” says the organisation.
“The fact that consumers have six months to accept the rise before the new level is introduced in January 2011 may reduce the negative impact,” added Malcolm Polley, FMO Chief Executive.
Also increasing in January is the insurance premium tax from 5% to 6% which will affect optical businesses, but alongside this, the reduction in Corporation Tax is “encouraging news to entrepreneurs”, adds the FMO.
“Facing one of the largest Budget deficits in Europe we were never going to be celebrating great news from the Chancellor this week. Let us all hope that some within our industry will be able to make the most of the regional incentives on offer outside of the south-east,” added Malcolm Polley.
The rise in Capital Gains Tax by 10%, up to a new level of 28% for higher rate tax payers, has been seen as a relief by many with investment properties that they were considering selling, as a higher rise to 40% has been feared.
The Chancellor, George Osborne’s strategy to simplify the corporate tax system and to bring down the headline rate of corporation tax in the medium term has won praise from business leader, the CBI –
Will Morris, Chair of the CBI Taxation Committee, said:
"The coalition’s plan for corporate tax sets a very positive course for the future direction of tax policy. This policy framework, combined with a strong process for business input, will reassure companies in the tough times ahead."
On the tax policy-making process, he added:
"It is clear that, despite the talented people involved, the tax policy-making process is simply not working as it should, from formation through to final legislation. We welcome the Government's decision to consult on this in order to produce a better system for every stage of that process."
www.fmo.co.uk
NB: The next regional FMO meeting, with relevant industry speakers, will be held on 14 October at a sporting venue. To reserve a place call Sandie Fisher on 020 7298 5123
Issued for The FMO
By Janice English
01372 465265
24 June 2010
FREE LEGAL ADVICE FOR FMO MEMBERS