As part of our editorial planning , I put together a preview blog of next week's Budget announcements, but even as I was writing the thing, new leaks and predictions were breaking cover.
Norman Younger and Duggimon are among those betting that Rushi Sunak will do his master's bidding and abolish entrepreneurs' relief.
As we head into the weekend, all the papers will go into overdrive with their predictions. There are only so many social feeds, blogs and internet sources a human can track, and in the absence of the ultimate AI content bot I was hoping that AccountingWEB members can help us track new rabbits set loose ahead of next Wednesday. So far, the measures most likely to affect small business and their accountants include:
- IR35 off-payroll rules for the private sector (a bit of last-minute tinkering)
- The loan charge – hints of further changes
- Digital services tax – is Sunak ready to take on Trump and the US tech giants?
- Business rates review – a hardy annual that has yet to blossom
- Inheritance tax reforms, perhaps?
As we digest all the rumours, which ones do you think will actually appear in the Budget paperwork and which will give you the biggest headaches if they actually appear?
With your help, we can liven up our coverage and bring a more rounded analysis to the overnight reactions.
As always, we're looking forward to next week and hope to see some of you on the site during the day.
Replies (14)
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I think there will be last minute changes as the Coronavirus situation evolves because this will affect not only business, but Government Departments as well. I can see tens of thousands of Civil Servants refusing to come into work or self-isolating as they are likely to be the ones to be better supported financially if they take time off work.
I would like to think that some of the predicted changes that make tax less complicated will be at the forefront of the Budget Proposals this time otherwise the Chancellor may find himself as the captain of a massive container ship with no crew in the engine room.
I predict the exact opposite on the basis that Tornado's post is sensible.
We have had little sensible coming out of No.11 or HMRC for some years, only more complexity, more rules and more vagueness and tax traps.
I predict things that directly helps Boris and his mates.
I may be wrong, but I think you'll find racism, i.e. the belief, isn't currently illegal, otherwise there'd be a hell of a lot of people in our jails. It is not a desirable quality in a person, I'll grant you, but it's not illegal.
Now abusing people in some form based on their race, now that would be illegal.
Are you suggesting that Boris is guilty of some form of criminal racist abuse?
Given the planned outgoings, I can only see tax increases (covertly done or otherwise)….which will be followed by much complaining from those who thought it was just labour interested in emptying their pockets of cash. Wonder whether the promised £90 of NIC saving will come through.....don't hold your breath....(well until maybe 2024 maybe)
Given the planned outgoings, I can only see tax increases (covertly done or otherwise)….which will be followed by much complaining from those who thought it was just labour interested in emptying their pockets of cash. Wonder whether the promised £90 of NIC saving will come through.....don't hold your breath....(well until maybe 2024 maybe)
It is already in place according to Employer Bulletin 82.
And gov.uk has the Primary Threshold as £9,500 for 2020/21.
I predict a restriction on tax relief for pension contributions.
As in the amount you can contribute or the tax rate you can receive relief at?
One seems easier to achieve than the other.
I stand by what I said on John's article earlier, I am virtually certain that with a substantial number of Limited companies winding up in 20/21, the government will see this as the ideal time to tax them double by removing ER.
The Conservatives are good for business. Unless you're one of the small minority of 99.3% of all businesses making up the small business sector, then they want you taxed the same, or preferably more, than people in secure salaried employment.
There are reports of a new Economic Crime Levy on businesses in the regulated sector (yes, that means us) in order to fund more financial investigators.
My guess is that there may be limited enthusiasm for that on AWEB!
David