The Budget

  • An extra year before Making Tax Digital becomes law

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    As part of the Spring Budget, the Chancellor Philip Hammond gave an update at the beginning of March on the plans for rolling out Making Tax Digital (MTD), the scheme by HMRC to make digital record keeping mandatory and implement a number of changes to modernise the tax system. The key announcement was that many unincorporated businesses will now h...
  • What do the changes in business rates mean for you?

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    One aspect of the Spring Budget which was welcomed by small businesses and pubs alike was the announcement by the Chancellor Philip Hammond that they will receive additional help with their business rates bills. All pubs whose rateable value is under £100,000 will receive a discount on their bills to the value of £1,000, meaning that nine out of te...
  • BUDGET PREVIEW FEBRUARY 2017

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    Introduction Let’s start this preview of the 2017 Spring Budget by looking back to the Autumn Statement of 2016 – Philip Hammond’s first major statement after replacing George Osborne as Chancellor of the Exchequer. In his first Autumn Statement, Hammond announced… the end of the Autumn Statement. Declaring that, “no other major economy makes hundr...
  • Tax cuts now, payback later – what will the Budget of 2019 look like?

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    The Chancellor will need to reduce borrowing by £32bn in 2019-20 – the biggest ever annual cash consolidation – in order to meet his Budget surplus target by the end of parliament, according to a new post-Budget briefing report published by the Resolution Foundation. The Foundation’s post-Budget report shows how the Chancellor has chosen to respon...
  • The ‘Brexit’ impact on your pension

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    In the lead up to the budget announcement, George Osborne seemed to bow to the pressure David Cameron and other members of the Conservative Party were putting on him to soften his approach when it comes to pensions and tax relief. Ahead of the announcement, treasury sources suddenly began to indicate that now is ‘not the right time’ to make such bo...
  • How long before pension tax relief fills the ‘Black Hole’?

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    Before the March 2016 Budget there had been much speculation that the Chancellor was planning big changes to the tax relief on pensions. However, just before the Budget, the Treasury scotched rumours of such changes and subsequently there were no changes to pension savings tax relief in the forecast Budget. But then came the ‘Black Hole’ when the o...
  • Tax cuts now, payback later – what will the Budget of 2019 look like?

    Posted on
    The Chancellor will need to reduce borrowing by £32bn in 2019-20 – the biggest ever annual cash consolidation – in order to meet his Budget surplus target by the end of parliament, according to a new post-Budget briefing report published by the Resolution Foundation. The Foundation’s post-Budget report shows how the Chancellor has chosen to respon...
  • Early Budget teasers, as the Prime Minister lays out plans for ‘an all-out assault on poverty’

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    Reported recently across the media, David Cameron has promised an ‘all-out assault on poverty’, with a series of social reforms to include better mental health services and mentoring schemes. The PM said new mothers and teenagers with anorexia were among those who would benefit from improved services. He also promised to flatten ‘sink estates’, hel...
  • BUDGET PREVIEW FEBRUARY 2016

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    Previewing the 2015 Budget almost exactly twelve months ago, we wrote: What now for the Chancellor as he starts to prepare for the Budget on March 18th? On the one hand, the UK is growing faster and recovering better than any other major economy. On the other, there are worrying clouds on the horizon. The victory of the left-wing, anti-austerity p...
  • How the Summer Budget changed the landscape for SMEs

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    Those who listened to the Summer Budget on 8th July for news affecting small businesses will no doubt have been glad to see corporation tax slashed and the employment allowance increased, but an article recently published by KPMG asked, did the Summer Budget go far enough in announcing measures to help small businesses grow? In the lead up to the...
  • Budget 2015: Are taxpayers really winners?

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     An analysis of the Chancellor’s Summer Budget recently published by ‘This is Money’ presents the outcomes for individuals and families in relation to broad categories of ‘Winners’ and ‘Losers’. One category labelled as winners are Taxpayers. The threshold at which workers start paying higher rate tax will rise for the first time in five years, li...
  • What did the Budget 2015 change for ISAs?

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    ISAs have been a hot topic for politicians recently, with multiple changes to the savings vehicles made over the last few years. The most recent major announcement, George Osborne’s 2015 Budget, was no exception, with several interesting new developments for ISAs announced as part of the Budget document. Help to Buy ISA Arguably the biggest ISA cha...
  • Second 2015 Budget Announced for 8th July

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    Chancellor George Osborne has surprised voters, political and business leaders alike by announcing that he will take the unusual step of delivering a second 2015 Budget on 8th July, just one hundred and twelve days after the Budget of 18th March. With an Autumn Statement also due later in the year, the second Budget will mean the Chancellor will de...
  • New civil penalties announced for those who facilitate tax avoidance

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    Revealed during the 2015 Budget, the government has introduced new measures to discourage tax avoidance. Headlining these measures are two new criminal offences and higher penalties, which cannot only be brought against those who avoid tax, but also those who enable tax avoidance. The two new headline measures introduced by the government include a...
  • Video: Looking ahead to the 2015 Budget

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    George Osborne will deliver the Government’s 2015 Budget Statement on March 18th, in just a couple of days time. What can we expect the statement to reveal or announce? Can we look forward to pre-election tax giveaways, or is the government likely to keep its line on reducing the deficit through austerity? In this short video, we look at some of th...
  • 2015 Budget Preview

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      It’s only two months ago – on December 3rd – that Chancellor of the Exchequer George Osborne delivered his Autumn Statement. But we’re now just a few weeks away from his last Budget before the General Election, which will be held on May 7th. When Osborne delivered his Autumn Statement he was relatively optimistic. Britain was recovering from...
  • The 8 most important points from the 2014 Budget

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    The Chancellor may have gone for the popular phrase from Chancellors of yore by taking ‘a penny off a pint’, but what were the real big announcements during The Budget 2014? We summarise the 8 main points: 1. Changes to pensions mean many more options than just buying an annuity In measures to be introduced in April 2015, pensioners will have compl...
  • Budget 2014 Overview

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    Whether you are a client based in the UK or abroad, we are sure you will be interested in learning how the UK Government’s 2014 Budget might affect you and your finances. George Osborne delivered the Budget to Parliament on 19th March and we have put together the following analysis and summary, which details all of Mr Osborne’s major announcements,...