The UK tax system should be simple, predictable, support work and fair, with the rich paying the most tax and the poor the least, Chancellor George Osborne said.
So where in the budget is this addressed?
Simple?Child benefit a very simple system if you have a child you get paid an amount of money each week. Lets change it to a more simple system, its not paid after £50,000 of earnings hmm thats adds complications as we have to work out who is earning more than £50000, Ok so lets make it more simple by tapering it after earnings of £50000. How much administration is that going to cost. What happens if it is overpaid? Who is going to collect the over payment? What happens if it is underpaid?
Predictable? Hmm Lets cut AIA and capital allowances. Well thats messed up any plans you may have had for investing in equipment for 2012/3.
Support work? NI cut for small employers... did you see one?
Fair? I just pity my aged retired parents already hit with low interest rates and now a restriction on age allowances. Oh yes perhaps Mr Osborn you should stop HMRC sending out letters to people who always get rebates telling them they do not have to submit a tax return any more!
This was a non entity of a budget, one that did nothing to stimulate the economy where growth is needed ie the SME's.
Mr Osborn this was a chance wasted. You have done nothing!
Posted by: Adrian Thompson, 22 Mar 2012 | 12:45
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.