Personal tax allowance raised to £10,500 March 19, 2014 The chancellor has announced a rise in the personal allowance from £10,000 to £10,500. However, there had been significant argument as to whether tax cuts would be most effective when directed at the personal allowance or national insurance contributions (NICs). According to polling from KPMG, more than a fifth of firms backed a reduction in [...]
Hardworking people, tie colour and other buzzwords from the Budget for a “resilient economy” March 19, 2014 Favourite (and very much expected) buzzwords and catchphrases we’ve heard so far: Hardworking people Hardworking families Resilient Putting Britain right Made in Britain And, We’re all in this together One of the most bizarre yet pedestrian bets placed on this afternoon’s events has to be “How many sips of water will George Osborne take?” At [...]
Chancellor slashes bingo tax March 19, 2014 In good news for Bingo enthusiasts the chancellor has announced a cut in tax on the profits of Bingo halls from 20 per cent to 10 per cent, five per cent lower than other forms of gambling. The chancellor gave credit to the campaign waged to cut the tax by Tory MP Robert Halfon. In [...]
Private jets to be subject to APD March 19, 2014 Stating that it’s time to reform Air Passenger Duty (APD), George Osborne has announced all long-haul flights will be subject to the band B tax rate, with private jets now being taxed. The standard rate for band B is currently £134. This'll now apply to all long-haul flights, with the higher bands C and D [...]
Osborne freezes carbon tax March 19, 2014 The chancellor has announced a freeze in the carbon price floor. Carbon will cost £18 per tonne from 2016 for the rest of the decade. Measures in the budget taken to bring down cost of energy amount to £7bn. This will be welcome to energy intensive industries that have been hardest hit by the rising cost [...]
Chancellor hopes for 200,000 new homes as a result of budget measures March 19, 2014 George Osborne has announced the government will be providing support to small housebuilding firms, with £150m used for new build housing. The construction of a new garden city at Ebbsfleet was also confirmed. The chancellor said the measures taken in the budget would support over 200,000 new homes, with 120,000 built as a result of [...]
Osborne to tackle tax avoidance with stamp duty hike March 19, 2014 Chancellor George Osborne has announced a series of measure to tackle tax avoidance. There will be a new rate of stamp duty of 15 per cent on properties worth over £500,000 purchased through companies, the 15 per cent had previously been applied to properties valued ar £2m or more. Chartered accountants HW Fischer & Company, [...]
Osborne caps welfare at £119bn March 19, 2014 George Osborne has announced a cap on welfare spending of £119bn in 2015/16 rising to £127bn in 2018/19. Only the state pension and cyclical unemployment benefits are excluded from the cap. Read our full summary of the budget here.
Growth revised up to 2.7pc, borrowing and deficit down March 19, 2014 Growth Following growth of a more sturdier kind than the Office for Budget Responsibility originally forecast last year, it’s nudged long-term growth forecasts higher, as the chancellor delivers something of a more confident Budget. The OBR’s revised its 2014 growth forecast up to 2.7 per cent – the biggest upwards revision to growth in 30 [...]
Everything revealed in the Budget March 19, 2014 Apparently this a budget for makers, doers, and savers. But enough of the buzzwords, onto the substance. GrowthThe UK grew by three times as much as the OBR predicted at the budget last year. Now the OBR has revised its growth forecasts up. 2014 should see growth of 2.7 per cent, up from the 2.4 [...]