Your Budget hopes and fears

We're a week away from the Budget. What do you hope or fear Hammond will announce?

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We are only a week away from Philip Hammond holding aloft the red Budget box. At this stage, that is the only thing guaranteed for this year’s Budget. Aside from Hammond’s “Tiggerific” pop culture references, he has served some unmemorable appearances short on big announcements.

But with Britain preparing to leave the EU on 29 March 2019, you have to think Hammond will announce something fairly substantial.  

So thinking about your clients, what do you hope will be included in Hammond’s Budget speech? And, wishing to avoid any post-Budget awkward conversations, what do you fear he will announce? 

Replies (13)

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By Tim Vane
22nd Oct 2018 16:26

Hopefully he will confirm MTD for VAT, slash the VAT registration threshold, accelerate MTD for income tax to go live in 2020 and at the same time abolish R&D tax credits, rent a room and the ridiculous new trading and property allowances. That, at least, would be a start.

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Replying to Tim Vane:
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By SXGuy
22nd Oct 2018 16:43

Tim Vane wrote:

Hopefully he will confirm MTD for VAT, slash the VAT registration threshold, accelerate MTD for income tax to go live in 2020 and at the same time abolish R&D tax credits, rent a room and the ridiculous new trading and property allowances. That, at least, would be a start.

I on the other hand hope not, to all of the above.

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By ireallyshouldknowthisbut
22nd Oct 2018 16:49

Id be happy to see the back of the trading/property allowances. Its just extra work for us to spot their use, and the chancellor losing money gain for people perfectly prepared to pay tax on it.

R&D tax credits just props up rubbish businesses farming it.

But Tim must be really short of work if he wants MTD for income to go live in 2020!!!

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Replying to Tim Vane:
ALISK
By atleastisoundknowledgable...
22nd Oct 2018 17:32

Tim Vane wrote:

Hopefully he will confirm MTD for VAT, slash the VAT registration threshold, accelerate MTD for income tax to go live in 2020 and at the same time abolish R&D tax credits, rent a room and the ridiculous new trading and property allowances. That, at least, would be a start.

Is that the ‘hope’ or ‘fear’ part of Richard’s question?

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Replying to Tim Vane:
Tornado
By Tornado
22nd Oct 2018 17:54

Yeah. Go for it Tim!

Why not just get rid of the VAT Registration Threshold and the MTD for Tax Threshold altogether and start at zero turnover?

Surely that would solve an awful lot of problems in one go.

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By ireallyshouldknowthisbut
22nd Oct 2018 16:48

I think he will do very little.

Or at least I can hope.

He isn't much of a tinkerer.

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Glenn Martin
By Glenn Martin
22nd Oct 2018 18:06

Throw both MTD and IR35 in the bin.

Remove all tax from craft IPA and industrial strength lagers.

I suspect the budget maybe a bit of a non event as he will be keeping his powder dry in case there is a need for a panic budget following a no deal wotsit in March 2019

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paddle steamer
By DJKL
22nd Oct 2018 16:56

"Honourable Members, with all this Brexit stuff am frankly a bit fagged out right now.

Tess keeps calling me saying can I redo this or that spreadsheet for Michel, and then she has me phoning round the Cabinet ensuring someone is bringing the biscuits for the next meeting and do I know what sort of present we should take over to Michel; we really are having difficultly understanding what it is he likes.

And when she is not bothering me with all this she keeps getting upset and tearful as some of the other boys and girls are being a tad nasty about her at the moment, but even then I am a bit stumped as with all the recent changes in the Cabinet, well frankly not that sure who the other members even are these days; and the really nasty ones are not even in the Cabinet ,so they are certainly not getting any of the biscuits

If they are going to take over Tess and I have agreed we are going to eat them all before we leave, stealing an idea from Labour , at least they had one, we can leave them a note, "All the biscuits are gone , even the custard creams"

Honourable Members, in light of the above and given I could well have my P45 by Christmas, I really could not be ar**d knocking up yet another Budget for your derision and am anyway really fed up with all the "boring" comments from the press, especially given most of it will likely be repealed as fast as it comes into law,so have decided this year to at last make my mark on history by presenting the shortest ever budget statement to this House,

Everything stays as it is, I am changing nothing.

Accordingly will see you all in the Members Bar in say 20 minutes at most as frankly not a lot that John Mac can say about this year's effort.

I commend this Budget to the House."

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By Matrix
22nd Oct 2018 17:02

What I would like to happen:

Increase tax on large corps

Incentives for small businesses such as increase in employment allowance/no change to dividend allowance

Cap on child benefit to 2 children

Better management of NHS so chancellor does not have to raid small businesses and middle earners to pay to keep it afloat (just a general non budget specific rant there)

No change to pension relief

What I expect will happen:

MTD as planned but maybe more carve outs to pretend it is ready

Off payroll rules extended to private sector

Abolition of dividend allowance/increase in tax on dividends (but would prefer off payroll rules instead since would only affect contractors and not all small businesses who take more risk)

Reduction in employment allowance

Freeze of personal allowance

Freeze of corporation tax rates at 19% or 18%

Some ridiculous measure to increase the take from small businesses and middle earners instead of large corps such as restriction of pension relief

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By CMPACDGDB
26th Oct 2018 12:36

Better management for the NHS.... Where do you think all the failed managers go for jobs? And if they get thrown out of the NHS what will they do? I speak from experience....

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By Adam12345
22nd Oct 2018 18:07

I would expect some easy tax grabs. Increase in SDLT for non-residents, a flat rate relief for pension contributions or at least a consultation, a freeze to the VAT threshold (I don't think he will be brave enough to reduce it) and maybe getting rid of the flat rate VAT scheme.

There is bound to be something about a 'Google' Tax.

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RLI
By lionofludesch
22nd Oct 2018 18:36

A new 99% basic rate tax for all MPs.

With a 10% surcharge for Chancellors of the Exchequer.

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Replying to lionofludesch:
paddle steamer
By DJKL
23rd Oct 2018 11:37

A touch of Ko Ko in the Mikado there with the punishment fitting the crime.

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