Budget Update: Mr Umar Memon
When I first joined Jack Ross, it was a ritual that on Budget day, the partners huddled round the radio listening to the Chancellor and trying to instantly work out the effects of the proposals on our client’s finances. Sometimes rushed calls would take place, and there was a “buzz” across the whole day.
That tradition is now gone. Not because we don’t enjoy having lunch together, but because the Budget has less relevance to our clients. Brexit, overall performance of the economy, and microeconomic factors are more relevant to our clients than tax rates.
I admit that this year I watched “Spreadsheet” Phil on one screen, whilst I checked my emails on another. I heard nothing to entice me away from my Outlook pane. And that is good. Very good. Businesses need stability and clarity and a boring budget is good for businesses.
When I went through the 31 Page Summary from the HMRC website, I was glad that there were no changes to:
- Income tax rates
- Corporation tax rates
- Capital gains tax rates
- Inheritance tax rates
- Pension relief
- VAT rates
In fact the only major tax that changed rate is the zero rate of Stamp Duty Land Tax for first time buyers of property up to the value of £300,000.
Of course the devil is in the detail and after analysing the small print we will update you on matters of relevance in due course. In the meantime, it is “as you were”.
Contact a member of our team today on either 0800 020 9542 or email us on firstname.lastname@example.org.