TaxCorporate TaxAccountants call for restraint in the Budget

Accountants call for restraint in the Budget

MGI members look for help from George Osborne to continue economic recovery

Accountants at small firms have urged restraint from chancellor George
Osborne in his first Budget on 22 June in order to avoid damaging the fragile
economic recovery.

While members of MGI UK and Ireland are anticipating tax rises, especially in
CGT and VAT, as the government attempts to address huge debts, they are hoping
for some help to counter any damaging consequences of the moves.

“I would like to see the complete abolition of employer’s national insurance,
which would encourage employment and the loss of revenue would be more than
compensated by increased income tax and reduced benefit payments in relation to
the hundreds of thousands of formerly unemployed individuals who will find work
as a result,” said Andy White, tax partner at Carter Backer Winter.

Simon Denton, tax partner at Milsted Langdon, said: “I’d like to see
corporate tax rates cut, especially the small company rate, a drastic overhaul
of the unworkable IR35 legislation and the extended use of consultation groups
to address the complexity of legislation.”

“I hope higher-rate relief for pension contributions will not come under any
further attack and while an increase in VAT to as much as 20 per cent has
already been factored in by many people, I certainly wouldn’t want it to go any
higher as that really would kill off any potential recovery,” said Peter Bond,
tax partner at Midgley Snelling.

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2m Alia Shoaib, Reporter
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

2m Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

2m Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

3m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

3m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

4m Emma Rawson