By now I'm sure that most people will be reading the full budget report rather than listening to the rstricted commentary available in the media.
Still reading through it but one thing that jumped out at me that I don't remember being mentioned in the speech is that as of next month tax on overdrawn DLA's increases from 25% to 32.5%.
One thing that I absolutely approve of is the trashing of business rates for micro businesses. Will this be the death nell of every business in the high street being a chartity shop?
Also abolition of class 2... A long overdue change there
Right, lets have a read about loss reliefs...
Anyone who hasn't found it yet : https://www.gov.uk/government/publications/budget-2016-documents/budget-2016
Have fun...
__________________
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.
I've been watching it on BBC Parliament - he mentioned the DLA interest rise near the beginning of his speech - to help avoid avoidance.... Doesn't seem a bad budget - what I've heard. The poor will stay poor, and the rich stay rich lol. I agree with the sugar tax, something needs to be done, especially young kids who no longer know what a football and bike are. Abolishing of class 2 NI - will this just lead to an increase in class 4? Would have liked to have seen bigger Police budgets. Nice cuts to CGT. Corporation tax cut in the future looks interesting - assuming companies don't all disincorporate through new dividend rules. Yet as we all know, it's all in the details, I'll wait for the draft, which is the 24th???
__________________
Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
Actually I disagree with a sugar tax... I don't think raising the price of a bottle of pop by a few pennies is going to do anything to stop kids/parents buying it. There is a lot more to it than that!
I think we could do a lot better in reduction of marketing, restrict product placement in shops etc but that would be much more difficult to cost/manage. To be honest all it is is a publicity headline gracing policy that will do nothing.
It will also push people to aspartame riddle foods which is a million times worse! But that is a different topic.
Class 2 cancellation will affect those who are self employed but only earning a little. I know people who voluntary pay the class 2 to still be able to be entitled to pension and other benefits like maternity allowance.
Don't get me started on schools...
But there does seem to be some good for smaller businesses. Still not read through it all, my aat book arrived yesterday, started studying last night (mainly practicing double entry as I haven't don't that properly in a few years!)
I've not had the chance to read it yet after being knocked out for a minor procedure yesterday afternoon, so only saw the bits on the news which was repeated to death, but never gives clear detail. One for later today. Although I agree the sugar tax is a massive waste of time in that it won't solve the child obesity problem, but is a good way of raking in cash for the government. Oh yes, Lyndsey, the aspartame is a bigger time bomb for the NHS and frankly the substance should be banned. Sure there are better restrictions and laws that could be used to cut sugar in all our food, rather than just tackling soft drinks anyway.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Isn't the sugar tax on the company rather that the consumer? I know the price will trickle down to us, as per. I think the logic is to get them to alter their formulas. Whether or not they will I'm not sure - A UK version of Coca-cola...Maybe it would be better to tax gaming consoles further to combat kids sitting in front of them all day. They say this revenue will go towards cutting obesity. I think we can expect further taxes on fast foods in the future.
__________________
Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
Maybe it would be better to tax gaming consoles further to combat kids sitting in front of them all day.
Yep, tax the console peasants into oblivion (That is actually how PC gamers refer to them!).
The problem is not with the games that actually help develop children but rather with parents who hive their children away to their rooms rather than actually being parents to them.
I would never have a console in the house but have no objection to my boy from a very early age playing computer games on his PC. His keyboard skills are now far, far better than mine.
His PC is about six feet from mine and thats the furthest that its ever been so whenever he wants to discuss anything I'm always there.
The word "kid" is one of my pet hates. A kid is a baby goat and I've always felt that it's use in referring to children, although in common use, is a bit down market.
I think that this is the 4th of 5th time that there has been a sugar tax. If Mr Osbourne is going to go through digging up more old 17th and 18th century taxes it will probably be a window tax next (which is why many old houses have a few windows bricked up).
__________________
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.
About PC's vs Consoles or about not liking the misuse of the word Kid?
__________________
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.
I can't see anything about whether it is only big companies that will have the interest relief restricted to 30%, that seemed to be the inference but I don't see there being any further details?
The word "kid" is one of my pet hates. A kid is a baby goat and I've always felt that it's use in referring to children, although in common use, is a bit down market.
I take it you never called your wife Dear then
__________________
John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
The word "kid" is one of my pet hates. A kid is a baby goat and I've always felt that it's use in referring to children, although in common use, is a bit down market.
I take it you never called your wife Dear then
Ah, but that would be a homonym... Dear is very different to Deer. Kid would be ok to use both describing a young goat or joke but not a child.
Worst thing that I called one of my wives was one her predecessors names!.... And then there was another ex wife!! If wives were cars I would be uninsurable!
-- Edited by Shamus on Friday 18th of March 2016 10:27:41 AM
__________________
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.
Rob - As far as I am aware; At the moment this is to be used against the largest companies. Whether that be audit liable, or FTSE level only time will tell. More than likely trickle down in future years to small companies if it's successful. There seems to be a loophole for group companies.
__________________
Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
Just seen on the news that the proposal to cut PIP disability payments, announced by GO in the budget, is now just a "suggestion"
That's strange, I thought Budget announcements were what is actually intended by the Chancellor to account for Govt spending.
You're talking about Nicky Morgans ill conceived comments aren't you.
Think that she may be in a bit of trouble for that as, as you say, it's in the budget, not just a "suggestion".
Have you seen the downing street response that Mrs Morgan didn't "seem to understand" the proposals.
Now, I could be wrong but that seems to me like an MP's career defining statement from number 11!
I must admit that I am torn on this one as we have a clear duty to protect people within our own community but at the same time I have sat working on my Laptop in the Car Park in Cannock between meeting and that is right next to the DHSS offices. You see people go in on crutches and then the place must be a centre of miracles as lord be praised when they come out they can walk perfectly and unaided.
Its those people that the Government should be making life a misery for but unfortunately I fear that wide ranging cuts tend to have considerable collateral damage and even without a crystal ball I can tell that many who have quite legitimate issues will fall foul of changes caused by those harvesting the system.
__________________
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.
See section 4.22 of my link in the first post of the thread.
HTH.
__________________
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.
Yes, I saw afterwards that she has been "slapped down". There was actually nothing wrong with disability living allowance. It was a fair system that had just 0.5% fraud. I agree with you that efforts should be targeted at those defrauding the system but we are also in a situation where assessors are lying in order to deny people PIP, and this budget proposal is just another slap in the face for the disabled in our society.
__________________
John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
I see IDS has now resigned. If his version is true then I can't say I blame him. Universal Credit is an excellent idea (would have been better on a weekly basis) but I have read that it has been tinkered with to suit budgetary needs rather than the needs of claimants. I'm not a fan of the man, but did feel a great degree of sympathy when I read his letter. Again, from what I've read, it would appear that the intention was to kick the PIP reductions into the long grass then blame DWP, of which we was the head.
We're all normal round here Joanne, and my psychiatrist has given me permission to say that. Wibble wibble.
__________________
John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Interesting week in the political world. Don't quite understand why he resigned. He surely played a part in the initial withdrawing of the benefit payment(s). A potential revolt within. Team Cameron vs the ever growing team Boris. Initial thoughts were a no confidence after the EU referendum. Said it before, it makes no odds who the leader is, you upset the tory back bench folk - you're off.
__________________
Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
IDS will be back... Just maybe not on Mr Camerons watch.
Not sure whats happening with Mr Osborne. He was missing from the front benches today which is the one day that he really needed to be there... Unless of course the decisions being announced at the moment are being made over his head and he's being kept out of matters until they are resolved... Bit of a damage limitation excercise after his budget has caused such a bombshell.
The papers today were talking about a Cameron / Osborne supporters clearing of house (#1) come the 24th of June depending on how the vote goes so I suspect that we will see more of a survivalist movement now towards the side that people genuinely believe will win rather than simply voicing support for the EU based on who wields the power now.
As far as the party goes I think that Europe is the handgrenade that will rip through the party... But this budget was the pin.
#1 The papers (and we're not talking red tops) actually used the word Genocide but I think that word is too much to use for such light connetations and should not be wielded so easily by journalists.
__________________
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.
I like your use of grenade!! The news report tonight, suggest George will be in the big house tomorrow. I know again I'm referring to the EU, but, how can a pro EU PM lead a country, who, imo is heading towards an exit. Boris has played this to perfection.
__________________
Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
