Well the Budget has been and gone, quite a boring Budget with absolutely no freebies. It will take some time to unpick the stealth taxes but at the moment the most interesting points seem to be few and far between but are:
- Top rate of tax slashed from 50% to 45% for those earning over £150,000 from 2013
- Thresholds under which you do no pay tax extended to £9,205 from 2013
- New personalised tax statements to be produced which will be much more readable and will tell you exactly where your taxes are going although this will not come into force for another two years.
- There will be a full integration of the tax and NIC systems which will be much more understandable
- A vastly simplified tax system will be brought in for small firms turning over less than £77,000
Of course there may be more but we will only find out on detailed reading of the 104 page document.
What’s more, Andrew’s many years of experience means that there are few situations that he has not encountered meaning the advice he offers is based on a working knowledge not text book learning.