Accountants call for restraint in the Budget
MGI members look for help from George Osborne to continue economic recovery
MGI members look for help from George Osborne to continue economic recovery
In Partnership With
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.
The numbers you crunch tell a story. Your expertis...
14yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe amount of tax saved by businesses through HMRC’s Patent Box scheme has increased by 23% over the last five years, from £1.14 billion in 2017/18 to...
View articleUK Chancellor Jeremy Hunt has hinted at the possibility of further tax cuts in the upcoming spring Budget, during his time at the World Economic Forum...
View articleThe legislation, which introduces a global minimum tax of at least 15% for multinational enterprises, aims to limit tax competition and ensure large c...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleAccountants must stay vigilant, adapt their tax strategies to evolving regulations, prioritize transparency, and foster collaboration with tax authori...
View articleAs the government prepares for re-election, PM Sunak promises to control spending in order to bring forth tax cuts next year Read More...
View articleThe Office for National Statistics revealed that the UK economy shrank by 0.3% in March after the economy grew by 0.1% in the previous three months Re...
View articleAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View article