Twitter hashtags, Corporation Tax rates and Unfair competition actions were all included in an energetic evening hosted by Albert Goodman CBH, Chartered Accountants, on behalf of the Dorchester Chamber of Commerce Industry and Tourism. The meeting was held at the Kings Arms Hotel, in High East Street on Friday 27th April.
Michael Catovsky, Tax Expert from Albert Goodman used the volume of certain Twitter tags after the budget to inform the content of his presentation. Which meant we had a humorous and informative look at how the March 2012 budget will impact us.
From a personal perspective the good news seemed to be that we will have an increased Personal Tax allowance so reducing Direct Taxation, although Indirect taxation will increase – i.e. hot pasties at 20% VAT. From a business perspective the decrease in Corporation Tax rates for high profit businesses was noted, with no reduction for smaller profit business. This point was the subject of a discussion with Michael and was re-visited when Oliver Letwin arrived. Michael’s slides are available here.
The Right Honourable Oliver Letwin MP shared how he saw the mainly fiscally neutral budget fitted with the Government’s strategy. He explained that the budget was another step in the Government’s attempts to simplify rules and regulations. One example being the different regulations ships work under, depending whether you are North or South of a midpoint on the gangplank.
Mr Letwin took questions from the floor. These included querying the loss of VAT exemption for work on Listed Buildings and a possible competition issue raised by one of the guests. Mr Letwin was visibly taken aback and asked for details to be supplied to him so that he could pursue the matter further.
All those who attended appreciated the willingness of Mr Letwin to take questions from the floor and give them his full consideration.
The meeting ended with warm applause for Michael Catovsky and Oliver Letwin and some final networking between members. The meeting closed at 8.45pm.