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I note with interest the potential GAAR move,
combined with the potential for the government to ease the tax burden on those big businesses, along with the potential reduction in the 50p tax...it seems finally that we now know what direction the condems (got to be carfeul with that spelling!) are taking us in.
It seems Cameron/Clegg and the rest of the front bench millionaires are looking out for their own. The rest of us are merely statistics that get in the way.
nic limits
i am still shocked that there has not been a move to abolish upper NIC limits(to be inline with tax)
doing this together with:
reducing the 50p rate to 45p
and abolishing higher rate relief for charitable donations and pension contributions
would be more politically acceptable since our chancellor is a "loophole" filler.
Simplification would get my vote!
...but I don't see it happening any time soon. As for disincorporation relief, I'm not getting any demand from clients, and frankly I'm not sure what it would look like - or even if I'd need it - if we had it!
If the best the Office of Tax Simplification can come up with is simpler SME accounts, then they really don't have a clue what's happening on the ground with our clients! Still, keeping it complicated keeps us in work I suppose ...
Budget economic predictions
The OBR growth forecast is expected to be in line with increasingly optimistic private sector forecasts ahead of George Osborne’s third Budget announcement.
The Office for National Statistics (ONS) also revealed yesterday that inflation continued to fall in the last month – something that will be crucial to the economic recovery.
In February CPI inflation fell to 3.4% down from 3.6% in January, while Retail Prices Index (RPI) inflation - which includes mortgage interest payments - was 3.7% down from 3.9%.
Click here for a full range of economic predictions ahead of the Budget announcement.
This comes at a time when the government also announced a £20bn loan guarantee scheme offering cheaper credit to small companies, however many remain sceptical as to whether a 1% drop in rate will be enough to kick-start SME lending.
What are your economic predictions?