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Budget 2021: What’s on your wishlist?

With this year’s Budget fast approaching, what are your predictions for the profession?

Didn't find your answer?

It’s that time of year again. As we head into the Budget build-up, what are you hoping to see in the Chancellor’s announcement? Is there anything you’re dreading?

In terms of investment, the last Budget saw the government announce their plans to increase Corporation Tax from 19% to 25% from 1 April 2023, and the more recent announcement to increase NIC by 1.25 percentage points from April 2022. What is this going to do to help businesses invest? Do you think this will encourage businesses to grow?

In view of the COP26 summit scheduled for the week after the Budget, what do you think the government could do to encourage businesses to save the planet? Do you think there will be a focus on investing in a greener way?

Now that Britain is well and truly out of the EU, VAT rules can be written solely by the UK government rather than aligning with Europe. What would you like to see changed?

Feel free to share your predictions and premonitions in the comments. 

Replies (21)

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Stepurhan
By stepurhan
22nd Sep 2021 14:51

Scrapping of MTD.

Saves the huge amount of money spent by governments and businesses.

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Replying to stepurhan:
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By Paul Crowley
22nd Sep 2021 16:02

An investment in the future of the whole British economy

The scapping of MTD leaves businesses able to run their businesses in the way that suits the business best

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By ireallyshouldknowthisbut
22nd Sep 2021 15:25

No new taxes
no major changes

HMRC simply cannot cope with what is there let alone making it even harder

3 year moratorium on anything other than changes in rates of taxes would be grand.

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By AdamMurphy
22nd Sep 2021 15:28

MTD needs scrapping as a compulsory matter. Businesses have been through enough with brexit and covid

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By Tax Dragon
22nd Sep 2021 16:07

Agree with changes to MTD.

But what I think the UK most lacks right now is an annual wealth tax. This would be funded by scrapping ATED etc.

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Replying to Tax Dragon:
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By Hugo Fair
22nd Sep 2021 19:36

I'm probably being particularly thick (or my 'humour' module has gone walkabout), but ... you're proposing a new Tax that (instead of raising revenues) needs funding?

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By bluebaron
22nd Sep 2021 16:34

Scrap MTD for Income Tax.

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My photo
By Matrix
22nd Sep 2021 16:38

Predictions for the profession?

We will be in high demand from both a compliance perspective and from a planning perspective - sole trader v limited company/ profit extraction etc is getting more complicated rather than easier.

In addition to the NI increase, I think there may be abolition of the dividend allowance, this government really don’t like personal service companies (although most owner managed businesses are not).

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By alialdabawi
22nd Sep 2021 16:53

Anyone reckon a silent 'End MTD' protest in the House of Commons on Budget day may help bring the issue to the public?

Imagine all the public gallery attendees with the same message? Bonus points for an XR-style 'strip-down-to-undies' protest to really ensure the message is noticed.

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Replying to alialdabawi:
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By AdamMurphy
22nd Sep 2021 23:18

Even a nude protest with our calculators in strategic places. Smartphone app lovers can use those, but make sure the camera is turned off for once. Not sure how your app of choice would analyse privates. Entertainment?

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Replying to AdamMurphy:
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By DKB-Sheffield
22nd Sep 2021 23:40

AdamMurphy wrote:

Smartphone app lovers can use those, but make sure the camera is turned off for once.

Now I'm starting to understand what receipt capture is all about! There's no wonder clients look gone out when I tell them to... take a photo, upload it to the app and it'll be the full package! Certainly explains some of the looks of horror when suggesting I can just show it all to HMRC!

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By Tax Dragon
22nd Sep 2021 16:59

Can I vote twice?

I've never liked NIC, seeing it (well, employer NIC) as a tax on employment. It should be being reduced, not increased, IMHO. Put other taxes up and be honest about it.

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paddle steamer
By DJKL
22nd Sep 2021 17:05

1.Requirement for cows to wear carbon impregnated underwear to absorb methane emissions is to become a COP99 commitment when it is held in 2022. ( But no ban on deep fat fryers to be announced at current COP 26)

2.A new reality game show where world leaders broker deals, ignore them, break them, broker different deals, love their neighbours, hate their neighbours etc, - effectively the country with the most chaotic foreign policy wins, bookies have UK and USA neck and neck.

3. A large national raffle where all children born in 2021 in the UK get to find out which one gets to marry one of Will and Kate's offspring in 17/18 years time, the build up and national unity it generates will be great for UK GDP says a Government spokesman; Sir Elton is being approached.

4. Oven Ready birds will be one of the major casualties from the supermarket shelves this Christmas, the government will accordingly invest in a Turkeys for Christmas venture with whichever country is at the time our bestest friend.

5. The new memory wiping vaccine has now been rolled out , a great boost for British science (developed in Uppsala) in essence by this time next year the public will have no recall what HMG have ever done which will of course allow them to do everything all over again.

6. The issue with labour supply shortages is to be addressed by a new campaign, "Bonk for Boris", effectively by going for a three day week and cutting electricity to households, HMG believes that the excessive procreation encouraged will assist the UK getting away from its current labour shortages. To avoid being accused of non joined up policies duties on contraceptives will be introduced and child benefit increased to those who have at least six children (acknowledged or otherwise)

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Replying to DJKL:
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By Tax Dragon
22nd Sep 2021 17:24

Re 3, the "large" national raffle... are you using "large" in order to include Scotland (as opposed to just Little England)? Whilst I agree Scots should have to buy tickets, I'm not sure they should be eligible for the main prize, or is that your grand reunification plan to repair the damage once Nicola gets her way?

The cry goes up: "DJKL for Chancellor!"

(Edit: I haven't forgotten NI or Wales, before anybody takes offence.)

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Replying to Tax Dragon:
paddle steamer
By DJKL
22nd Sep 2021 18:25

C'mon- ye got Jimmy VI (which ye then called Jimmy I) from us, we had him first, you whopped aw the heid aw his son, chased the rest away, invited in Mary with her bidie in then grabbed some German cousin when Annie cudnae get up the duff, but lets be clear, Lizzie's oors, ya chust hae her on loan, ye ken.

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By Paul Crowley
22nd Sep 2021 23:08

No budget needed
The new tax already declared
No money back, no guarantees

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Replying to Paul Crowley:
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By AdamMurphy
22nd Sep 2021 23:19

There’ll be even more Del Boys when MTD pushes micro businesses into cash or bartering

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Jason Croke
By Jason Croke
23rd Sep 2021 08:45

Free from the "shackles" of the EU, it would be good to see something creative in terms of VAT rates.

For example, if the big agenda is the environment and green, then why not have energy saving materials knocked down to 5% (as they were previously before the EU intervened), that'll please those folks who glue themselves to the M25 as well as the building trade which is always looking for new ways to suck money out of householders pockets and earn more profit at the expense of the environment (that is, whenever government offers grants for wall insulation or EV chargers, suddenly the price of everything goes up by exactly the same amount as the grant).

They could also introduce a new lower reduced rate of say 1% for domestic gas/electric, even as a temporary measure like they have done for catering/hospitality, to take the sting out of the current energy crisis.

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Replying to Jason Croke:
blue sheep
By Nigel Henshaw
23rd Sep 2021 08:49

Jason Croke wrote:

Free from the "shackles" of the EU, it would be good to see something creative in terms of VAT rates.

They could also introduce a new lower reduced rate of say 1% for domestic gas/electric, even as a temporary measure like they have done for catering/hospitality, to take the sting out of the current energy crisis.

I vote to zero rate it - 1% just makes life more complicated

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By Duggimon
23rd Sep 2021 09:47

The focus on here is always on the revenue raising side, naturally, but on the spending side I would dearly like to see us reverse our spending on defence and environmental issues. We don't need nuclear weapons, we don't need a large military, we do need to stop the planet from burning.

£44.6 billion spent on defence last year, compared with £12.6 billion on environmental protections. We can't just shoot climate change.

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Replying to Duggimon:
paddle steamer
By DJKL
23rd Sep 2021 14:44

We don't have a large military.

Why do you need to keep a core military, because if you don't ,and things kick off such that you need a larger one ,then if you do not have some critical mass it is very difficult to scale up . For example my Grandfather got called back into the RASC and commissioned before WW2 kicked off because after the far earlier Geddes cuts and those of the early 1930 they army was short of bodies with experience (He had been a WO1 in the late 20s/30s who had been with the army from 1908 )

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