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What does the Budget mean for architects?

Clare Hartnell, head of the property and construction department at Grant Thornton, analyses the 2009 budget for architects

Heaviest losses:

  • Anyone earning over £150,000 will be hit by the 50 per cent income tax rate (hidden in the footnotes of the fine print is the assertion that this change will generate £32.4 billion in tax yield by 2012 /13)
  • Drivers, unless they are buyig a new car: fuel duty increase by 2p per litre (and up by a further 1 p per litre above indexation each April for the next four years)

Biggest giveaways:

  • Doubling of business capital allowance to 40 per cent coupled with a three year carry-back means that people can reclaim tax they have already paid. this may stimulate large-scale project work, particularly refurbishments.
  • For practices that rent or own their offices, the excess resulting from the extra business property rates payable since the beginning of April can be spread over a three year period.

And for some numbers…

  • Net change in income tax, tax credits and National Insurance contributions:
    - £119 if you are single, working full time, earning £34,000 with no dependent children
    - £637 if you are single, working full time, earning £34,000 with two depenedent children
    - £ 238 if you are a couple, both working full time, earning £51,000 combined with no dependent children
    - £ 238 if you are a couple, both working full time, earning £51,000 combined with two dependent children
  • Alcohol taxes up by two percent increasing the average price of beer by 1p
  • Tobacco taxes up by tow percent increaseing the price of a pack of 20 ciggarettes by 7p
  • Fuel duty up by 2p per litre

Find out exactly how the budget will affect you with these three budget calculators:

KPMG

WHICH?

BBC

 

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