Not had time to read it all yet but already found an Interesting line in there about IR35 (section 2.207) :
office holders/controlling persons who are integral to the running of an organisation to have PAYE and NICs deducted at source by the organisation by which they are engaged.
I though that this Government were supposed to be repealing it rather than making it worse!
Please post in here any other little gems that you encounter whilst reading the document.
Have fun!
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Although it's not really an accountancy/book-keeping thing I'm a bit miffed about the scrapping of the age allowance for pensioners, don't the government realise that OAPs already spend a disproportionate amount of their fixed income on necessities such as utilities and council tax which increase at a greater rate than pensions and that to take away more of their money in by reducing their tax allowance will only exacerbate this.
Also to my mind, and I've never heard it discussed, if we're talking about fairness in the tax regime then surely the way to ensure "the rich" pay their fair share as a proportion of their income NI contributions should not be reduced to 2% on income over £42484 per annum. By all means do away with the 50p rate on earnings of £150,000 but retain NI contributions at 12.8% on all income above the £5564 then everyone would be paying the same percentage of tax of their income. Maybe then the 13.8% employment tax (which isn't reduced on higher earnings) could be reduced which would encourage employers to employ more people and help to reduce unemployment. This seems so simple to me but then I'm not a politician who has never worked in the real world.
I'd not been reading the speculation so abolishing the higher age allowance was a shock. I'd been wanting the 'Office of Tax Obfuscation' to abolish the Abatement of Age Allowance but should be careful what I wish for. Still, as everyone's personal allowance will rise, I broadly welcome the objective.
I was hoping they'd abolish the daft 10% savings rate, but guess they're not serious about simplification.
To be honest i've never been interested in the budget before i started studying but now i can make a little sense of what it is trying to achieve it makes for semi interesting reading. ( I needed a break from IFRSs )
So fags go up, booze goes up, fuel goes up........blah blah blah, that was my pre-study budget analysis. Apart from the Poll Tax, my life has never been drastically changed by having a Labour or a Conservative government.
To be honest i did well out of Thatchers 'right to buy' but got nailed with the Poll Tax lol
I never been a fan of budgets myself but on the last one I placed a few bets and they paid out very well...How many times the Speaker has to say 'order,order' zero or one or more? Four times it was £15 each in my pocket....also the Exchequer said the word 'tax' something like 118 times (the bet on this one was more or less times than 92), that is the double of last years so tax was on his mind. I actually love this budget. Advice for the future ones: place bets, there are always kind of safe ones, so you can earn in advance what they are taking away in the budget - that is regardless of which government :)
