The Chancellor delivered his budget speech yesterday.  To save you having to trawl through hundreds of pages of Treasury and HMRC documents we have prepared a summary of the main highlights.  The summary is written in plain english and is broken down into the different areas of tax.  There are always fundamental changes that affect both business and taxpayers for the year ahead.  We therefore strongly recommend you read the summary.  If you have any questions on any of the points raised then please do not hesitate to contact us.

Please click the link below to read the summary.  It is available in PDF format.

Budget Summary 2013

What we need from this years budget is something radical, something brave, something different to turn the economy around.  Will we get it? Not likely.  What will we get instead?  Probably more of the same.  More support and reduced taxes for big businesses, more talk on anti avoidance with very little substance to actually back it up.

What we need is to encourage more spending.  If the government, businesses and individuals are all not spending where does the growth come from?  We need to encourage the banks to support small businesses, we need to encourage small businesses to invest in growth, invest in new equipment, invest in expansion plans and employ new people.  We need to make it easier for small businesses to do this, with less red tape.  We need to turn the current pessimistic view of the economy into optimism.

We need to encourage big businesses to pay their fair share of their taxes.  We need to encourage them to pump their stock pile of cash back into the economy.  We need to bring some of that “offshore” money back home where it is needed.

It will take a brave chancellor to admit that spending cuts haven’t worked and to come up with something radical to turn it around.  Thats why I don’t expect anything of the above from this week’s budget.  I would like to be proven wrong.

We will be providing live commentary and updates during the budget on our Twitter and Facebook feeds.  Drop us an email if you would like to receive our budget report as soon as it is available.

The Chancellor Mr George Osborne will present his budget next Wednesday 20 March.  For live commentary and highlights of his speech, particularly those that will affect taxpayers and small businesses, please follow our Twitter and Facebook feeds by following the links top right of this page.  We will have a full in depth budget report available on our website on Thursday morning.  If you would like to receive a copy via email as soon as it is available then please drop your contact details in the box on the right or email us at info@taylorroberts.biz.

The chancellor has just delivered his budget report.  Below is a quick summary of the main changes effected small businesses.  A more detailed summary will be available on our website tomorrow.  Drop us an email if you would like a pdf version emailed to you directly.

• 50p tax rate reduced to 45p from April 2013.
• Personal allowance increased to £9,205 from April 2013
• New General Anti Avoidance Rule to be introduced.
• Aged related allowances simplified.  Frozen at today’s rates.
• Child benefit to be phased out at £50k now not £40k and reduce by 1% for every £100 earned over £50k.  Only those earning over £60k will loose out completely.
• Corporation tax reduced to 24% from April and reduced to 22% from April 2014.
• Welsh enterprise zone to be introduced in Deeside.
• Simplified tax system to be introduced for businesses with turnovers less than £77k
• The Government are considering the introduction of business loans for young people who start their own business.
• 37p on a pack of cigarettes.
• No further changes to fuel duty other than those already announced.  Increase in August still stands.
• New cap on tax reliefs at 25% of total income  for those claiming more than £50k in 1 year.

This is a quick glance and we are yet to review the detail.  Please contact us if you would like us to look into how the budget will affect your personally.

The Chancelor will present his budget for 2012 on Wednesday 21 March at 12.30pm.

Tax

Taylor Roberts will be posting their budget summary on the website on the morning of Thursday 22 March.  If you would prefer to receive a pdf copy by email, then drop us an email to info@taylorroberts.biz and we will ensure you receive one.

Cant wait until Thursday?  Then follow us on Twitter @eportaccount, Facebook http://www.facebook.com/ellesmereportaccountant, or here on the news page of our website.  We will keep you updated as the Chancellor delivers his speech and will continue to update you as the day goes on once we have had chances to digest the details.

The Budget is covered extensively on the national news and in the press. We have prepared this summary to outline the issues that are most likely to be of interest to you. We have included informative comments to help you assess the likely effect that the proposed changes may have on you personally and their significance. We have also added possible action points to help you focus on specific areas. (more…)