Budget 2015 – a quick summary

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Budget 2015 - a quick summary

The Chancellor, George Osborne, has just delivered his Budget 2015, the last Budget before May's general election.

Good-bye Tax Returns

One of the biggest changes in Budget 2015 that he announced was the scrapping of the Annual Tax Return. If you're interested to read more about this the Government have produced their rose-tinted view of the reasons for the change and what it means for you in this summary online brouchure called "Making tax easier".  

In reality what this means is that the Government is going to have a LOT more information on each and everyone of us.  They will require us to update our income and expenditure record on a real-time basis and, call me cynical, but I can only imagine they will use this information to identify unusal patterns of behaviour which will result in more enquiries (you won't find that mentioned in their online brochure)!

I'm sure the Government will try and sell this by saying that it's a much simpler system and it will result in reduced professional fees.  So does this mean that you'll see lot's of accountants in the job-seekers queue at the Job Centre?  I have to say that I have my doubts.  Why?  Most people are quite rightly cautious about what they report to the Government.  If they have to report in real-time to the Taxman on their income and expenditure then small businesses are much more likely to pass that reporting exercise to an accountant who can look over the submissions first to make sure they are not going to result in an enquiry.  So rather than saving costs I think this will result in an increase in professional fees for small business. Another big fail from the Chancellor then.   

Other main changes in Budget 2015

Here are some links to some of the other main changes in Budget 2015 - just click on the title to read more.

Income tax: personal allowance and basic rate limit for 2016-17 and 2017-18

Personal savings allowance

Capital Gains Tax: restricting entrepreneurs’ relief on associated disposals

Capital Gains Tax: entrepreneurs’ relief, joint ventures and partnerships

Capital Gains Tax for non-UK residents: sales and disposals of UK residential property

If you're a masochist and would like to read the full Budget, click here for all 124 pages.

Tax tip:- For a comprehensive round-up of all the changes from the Budget 2015, written in plain English that even I can understand, then use this link to read the St James's Place Budget 2015 summary.  It's so good you won't need to refer to any other Budget material.

If you'd like to download a budget commentary then try this from our good friends at Tolley Budget 2015 commentary.

Cannock Radio appearance

Please note that I'll be discussing the budget 2015 changes with Paul Woodhead on Cannock Radio at 12 noon on 24th March 2015, so tune in for some lively chat.  If you have any questions you'd like to put me why not tune in and call Cannock Radio on 01543 504604?

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2 Responses

  1. Great little report Paul. I love the real world view you give on matters.... :o)
    • Thanks Karl - that's my style - taking the sugar coating off the glossy nonsense that the Government likes the pedal :0).

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