Category: Budget

Spring Statement: How is your business affected?

Spring Statement: How is your business affected?

The Chancellor of the Exchequer, Rachel Reeves, delivered her Spring Statement last week in which she outlined the government’s economic plans, including spending decisions, tax policies and efforts to boost growth while managing public finances. The Statement came on the back of the latest forecasts prepared by the Office for Budget Responsibility (OBR).

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Pressure on chancellor despite government surplus

Pressure on chancellor despite government surplus

The latest figures show that the government had a surplus of £15.4 billion in January. This represents the difference between the tax it receives and what it spends.
Although this is the highest level of surplus for a January since records began over 30 years ago, it is lower than the £20.5 billion that was forecast.

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Scottish Budget announcement

Scottish Budget announcement

The Cabinet Secretary for Finance & Local Government, Shona Robinson delivered the 2024/25 Scottish Budget on 4 December. This Budget was centred on the following priorities to eradicate child poverty; grow the economy; tackle the climate emergency; and ensure high quality and sustainable public services.

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Autumn 2024 Budget speech: History in the making?

Autumn 2024 Budget speech: History in the making?

On 30 October 2024, Rachel Reeves delivered her first Budget speech. As the first Budget speech ever delivered by a female Chancellor of the Exchequer, the occasion was bound to be one for the history books regardless of what was said. The Chancellor’s speech lasted 76 minutes and right from the start she claimed that difficult decisions were having to be made because of the £22bn ‘black hole’ left in the public finances by the previous government.

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October budget to be “painful”

October budget to be “painful”

The Prime Minister, Sir Keir Starmer, speaking from Downing Street last Tuesday, has said that the budget in October will be “painful” and the government would be making “big asks” of the country. He said that the country would need to be prepared to “accept short-term pain for long-term good” and that those with the “broadest shoulders should bear the heavier burden”.

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Budget calculator

Budget needs to stimulate ecomonic growth

With the UK economy flat-lining the Chancellor is under pressure to announce measures to stimulate growth. There are even calls for him to cut corporation tax which is scheduled to increase from 1 April 2023. He may also extend the 130% super-deduction for investment in new plant and machinery which is due to end on 31 March.

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Computer at a desk

Don’t Lose Your 2020/21 Personal Allowance

For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid donations can help to reduce adjusted net income and save tax at an effective rate of 60%.

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