Budget Reports

AUTUMN BUDGET 2017

2018-07-05T22:23:02+00:00November 25th, 2017|Categories: Budget Reports|Tags: , , , , , , , |

AUTUMN BUDGET 2017 Chancellor Philip Hammond has delivered his first Autumn Budget under the new system he announced this time last year. The aim of the new system is for the Finance Bill, which is normally published after the annual Budget, to reach Royal Assent stage in the spring of each year, before the start of the following tax year. This change in the annual timetable is designed to help Parliament to scrutinise tax changes before the tax year where most take effect. The Finance Bill should be published on 1 December 2017. By the end of March 2018, [...]

Spring Budget 2017

2017-03-28T00:49:52+00:00March 28th, 2017|Categories: Budget Reports|Tags: , , |

SUMMARY Chancellor Philip Hammond has delivered his first, and seemingly last, Spring Budget Statement.  At the 2016 Autumn Statement, the Chancellor announced that, following the spring 2017 Budget, the government would be moving to a single major fiscal event each year. Future Budgets will be delivered in the autumn, which means there will now be a second Budget before the end of 2017 to switch to the new timetable. The aim of the new system is for the Finance Bill, which is normally published after the annual Budget, to reach Royal Assent stage in the spring of each year, before [...]

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Budget Summary 2016

2016-03-16T23:48:49+00:00March 16th, 2016|Categories: Budget Reports|Tags: |

  Summary This Budget was all about 'putting the next generation first'. The Chancellor said there are tough challenges ahead - financial markets are turbulent, productivity growth across the west is too low, and the outlook for the global economy is weak. However, the Government remains committed to its long term stability plan and will continue to put the next generation first - focusing on sound public finances to deliver security; lower taxes on business and enterprise to create jobs; reform to improve schools; investment to build homes and infrastructure; and help for working people who want to save for [...]

Summer 2015 Budget Summary

2015-07-09T21:48:09+00:00July 9th, 2015|Categories: Budget Reports|Tags: |

Chancellor George Osborne has delivered the first Budget by a wholly Conservative government in almost 20 years. The March 2015 Budget provided some clues as to possible new measures and of course, the Conservative election manifesto contained a wide range of commitments to be introduced during the course of the current parliament. The Chancellor said that this is a Budget for working families in a 'one-nation society'. In 'a big Budget for a country with big ambitions', he focused on how the government will continue with its deficit-reduction plans, whilst giving the promised support to 'hard-working families'. He said that [...]

Budget Summary 2015

2015-03-18T23:10:39+00:00March 18th, 2015|Categories: Budget Reports|Tags: |

  Summary This was a forward-looking Budget, with much of the content based on the assumption that the current Government will pick up where it left off, after the General Election on 7 May 2015. The sweeteners for voters include; a cut in duty on beer, cider and spirits, including whisky. The tax on road fuel is frozen, but the tax and NI charges for having the private use of a company car or van are set to increase above the levels which had already been predicted. There are two changes to entrepreneurs' relief which take effect immediately, but those [...]

Budget Summary 2014

2014-03-19T22:01:03+00:00March 19th, 2014|Categories: Budget Reports|Tags: |

  Summary This was a Budget for bingo-playing baby-boomers who have not started to draw their private pensions. George Osborne announced some sweeping reforms to the taxation of pensions and halved bingo duty. The traditional "sin taxes" on booze and fuel have largely been frozen or even reduced, although tobacco suffers a 2% above inflation tax rise. The new "sins" appear to be; owning a valuable home through a company and operating a high-stakes gaming machine. Most individuals aged under 67 will feel the benefit of an increase in personal allowance from £10,000 to £10,500 in 2015. A transferable married [...]

Autumn Statement 2013

2013-12-05T22:04:02+00:00December 5th, 2013|Categories: Budget Reports|Tags: |

  Summary This was a Budget for bingo-playing baby-boomers who have not started to draw their private pensions. George Osborne announced some sweeping reforms to the taxation of pensions and halved bingo duty. The traditional "sin taxes" on booze and fuel have largely been frozen or even reduced, although tobacco suffers a 2% above inflation tax rise. The new "sins" appear to be; owning a valuable home through a company and operating a high-stakes gaming machine. Most individuals aged under 67 will feel the benefit of an increase in personal allowance from £10,000 to £10,500 in 2015. A transferable married [...]

Budget Summary 2013

2013-03-20T22:05:41+00:00March 20th, 2013|Categories: Budget Reports|Tags: |

George Osborne announced a number of tax breaks and incentives for small businesses and employers in his Budget Statement, but many of these changes are not due to come into effect until April 2014 or later. The tax rates and thresholds for most taxes for 2013/14 were announced in December 2012. As always there are new rules to prevent tax avoidance, some of which may impinge on small businesses. This newsletter is based on the documents released on 20 March 2013. It is possible that a different position will be shown by the draft legislation which will be published on [...]

Budget Summary 2012

2012-03-21T22:09:10+00:00March 21st, 2012|Categories: Budget Reports|Tags: |

The Chancellor of the Exchequer: George Osborne, is an ambitious man; he wants to simplify the UK tax system as well as make it fairer, predictable and supportive of work. Some of those aims are contradictory. Simplification does not necessarily produce a fair position for everyone, and the blocking of tax loopholes must be done with little notice, so 'predictability' must be sacrificed. George has had a go at each of his aims for the tax system in this Budget, although many of the proposals will not become law until at least 2013, after consultation. There was an increase in [...]

Budget Summary 2011

2011-03-23T22:11:13+00:00March 23rd, 2011|Categories: Budget Reports|Tags: |

The Chancellor of the Exchequer: George Osborne, is an ambitious man; he wants to simplify the UK tax system as well as make it fairer, predictable and supportive of work. Some of those aims are contradictory. Simplification does not necessarily produce a fair position for everyone, and the blocking of tax loopholes must be done with little notice, so 'predictability' must be sacrificed. George has had a go at each of his aims for the tax system in this Budget, although many of the proposals will not become law until at least 2013, after consultation. There was an increase in [...]

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