Budget July 15 - Have your say
George Osborne has taken the unusual step of announcing a second budget this year on Wednesday 8th July, just four months after his last under the coalition. He has stated that he doesn’t want to wait to deliver on the commitments they have made to working people during the election campaign and that this budget will continue with the balanced plan to deal with our debts, invest in our health service and reform welfare to make work pay.
With £12bn of planned cuts, the Institute for Fiscal Studies (IFS) has renewed calls for the Government to spell out exactly where those cuts will fall. It has been widely suggested that the focus will be on the welfare system to make it ‘fair to the people who pay for it’, whilst tackling tax avoidance and aggressive tax planning.
In any budget, the key elements we look out for are changes to Capital Gains Tax, Corporation Tax, Personal and Business Allowances and of course VAT. Although further scrutiny of the proposed changes to pension tax relief will also be on our radar.
It is likely that all businesses will be affected to some degree, but whatever scenario develops we will be closely analysing the detail to ensure our clients are fully informed on the salient facts and figures, providing much need clarity on what the tax implications are for both individuals and businesses.
If you want to have your say on the budget and offer some advice to Mr Osborne, you can take part in their online survey by clicking here (closing date 5th June 2015) https://www.gov.uk/government/news/budget-july-2015-have-your-say
Depending on the content of this budget, we may host various breakfast seminars - keep up to date with all of our seminars and events here: