UK mini-Budget

The emergency mini-budget introduced by the new coalition government in the UK looks good for business and good for the economy.  Whilst the VAT rate will increase to 20% from 17.5% from 4 January 2011 and this will have some impact on retail demand, there are many other aspects that look encouraging for business.  For example, the reductions in corporation tax including those on small business and the concessions on national insurance should help reduce the cost and disincentive on SME's.

Akuna will be well placed (as usual) to update customers systems to reflect the VAT rate changes and other taxes well before the new rates are introduced.