This was a skilful and forward looking budget. George Osborne, acutely aware of the upcoming election has had to look at; reducing the staggering national debt caused by the last Governments policies, whilst giving us hope for our personal futures, addressing the North South Divide and the increasing gap between the very rich and the rest of us.
He has kept taxes low, significantly increased personal allowances, that stop the poorest of us paying tax at all. We have increasing levels of employment with the highest proportion of those jobs coming in the North of England, and he will be stopping tax breaks for non resident taxpayers, ie overseas investors, who invest in the UK property market. These investors have been driving up London Property prices which whilst that has helped the banks with their loan to asset ratio’s has caused people to be priced out of the London market and move to the counties resulting in demand for more houses. The Outstanding areas are Business Rates which are now being reviewed but should be abolished, Immigration and Europe. So we will see if he has done enough in those areas on May 7th.
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Mark Novitt is a local Chartered Accountant and Tax advisor.
As is Penny Barr of Barr and Associates
If you are looking for a turnaround expert try Norman Cowans of Wilder Coe in Stevenage
Incidentally be wary of the “Good” news that you will no longer have to fill in your personal Tax return because the Revenue are going to do it for you. If its anything like Tax Credits it will be a shambles that you will end up sorting out. So we wish them well, but keep an eye on it.