The Latest News and Events from Wilds Accountants
OUR MONTHLY NEWSLETTER
Please click here to view our monthly newsletter.
£29 BILLION
£29 Billion we were reliably informed by the press in the run up to the Chancellor’s budget was the amount of extra money he had to play with.
So lets start with two observations:-
- They were spot on
- OMG! Normally a chancellor tinkers here and there taking with one and hand giving with another, but no there was none of that.
So what did he do with the £29BN:-
- Kept £7BN to reduce debt
- Gave us £13.5BN of tax cuts
- Spent an extra £8.5BN
How did he spend £8.5BN
- An extra £2BN on defence
- An extra £4.5BN on energy support
- £300m extra to fill potholes (with tarmac for those of you who are searching for potholes filled with £10 notes)
- £600M on pension flexibility
- £1.1BN on sundry other measures
What you really want to know is where are the £13.5BN of tax cuts:-
- £8BN of Capital allowances relief to LARGE companies
- £4.9BN Fuel Duty Freeze
- £400M Alcohol Duty Freeze
- £200M on sundry other measures
I have to admit that the budget was given in good humour with more than the usual number of witty one liners, which to some extent alleviated my disappointment there was little in this budget for our clients.
The biggest items, was the one that wasn’t there, the Chancellor is not rolling back on the biggest hike in Corporate Tax rates due to commence from 1 April 2023.
The one item of good news is that the annual pension allowance is increased to £60,000 and the cap on the size a pension fund can reach is removed. For many years we have been touting the pension contributions as the most risk free tax saving vehicle and so these measures are very welcome. However as a grumpy old man I have to say that when I started in tax the amount one could contribute was based on age and earnings but the maximum contribution was £30,000 per annum, with no cap on the size the fund could grow to, now after 20+ years of tinkering by chancellors of all parties we are index linked back in roughly the same position, and I have to ask, was it really worth it.
There were measures on providing help for those with young children, health issues and also some niche targeted reforms, as well as the now de rigour talk of levelling up. All in all a very boring budget, matched by this boring review.
Capitalise Innovation Grants
https://capitalise.com/gb/advisers/knowledge/guides/innovation-grants
Download The New Business Kit
Wilds Ltd
Our priority is to deliver first class client service to all clients, whether you are a small start-up, large company, or simply looking for some personal tax advice.
Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales
© 2020 Wilds Ltd. All rights reserved.
Latest News
- National Living Wage and National Minimum Wage Increase14th March 2024 - 4:11 pm
- Making Tax Digital for VAT – New penalties for non-compliance24th June 2022 - 12:09 pm
- End of tax year payroll procedures13th May 2022 - 3:46 pm
- THEY TOIL FOR NOTHING – BUT YOU STILL PAY14th March 2022 - 11:31 am
- BEWARE THE SALES PERSON10th March 2022 - 9:52 am
- Where does the money go?25th February 2022 - 8:54 am
Company Details
Company No. – 3666585.
VAT – 63.4 1234 71.
Ridehalgh Ltd,
co number 04595967
Vat registration number 175026963
ICAEW firm number for
Bookkeepingzone Limited C003578343
Wilds Ltd C008951068