Budget 2015 – a quick summary

Share Button

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?

Share Button

21 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).
  2. Pretty nice post. I just stumbled upon your blog and wanted to say that I have really enjoyed surfing around your blog posts. In any case I will be subscribing to your rss feed and I hope you write again very soon!
  3. I'm not sure why but this web site is loading incredibly slow for me. Is anyone else having this issue or is it a issue on my end? I'll check back later and see if the problem still exists.
  4. Hi there colleagues, how is the whole thing, and what you would like to say regarding this paragraph, in my view its in fact remarkable for me.
  5. For latest information you have to pay a visit world wide web and on web I found this web site as a most excellent site for most up-to-date updates.
  6. I do not even understand how I ended up right here, however I assumed this submit was great. I do not know who you're but definitely you're going to a famous blogger in the event you are not already. Cheers!
  7. First of all I would like to say terrific blog! I had a quick question that I'd like to ask if you don't mind. I was curious to know how you center yourself and clear your head prior to writing. I have had a difficult time clearing my mind in getting my ideas out. I do take pleasure in writing but it just seems like the first 10 to 15 minutes are generally wasted just trying to figure out how to begin. Any ideas or hints? Appreciate it!
  8. Hey There. I found your blog using msn. That is an extremely smartly written article. I'll make sure to bookmark it and return to learn extra of your useful info. Thank you for the post. I'll certainly return.
  9. My spouse and I stumbled over here from a different website and thought I might as well check things out. I like what I see so now i am following you. Look forward to looking over your web page for a second time.
  10. For most recent information you have to pay a visit the web and on web I found this website as a best website for latest updates.
  11. I do not even know how I ended up here, but I thought this post was good. I don't know who you are but certainly you are going to a famous blogger if you aren't already ;) Cheers! asmr https://app.gumroad.com/asmr2021/p/best-asmr-online asmr
  12. Wow, incredible blog format! How lengthy have you been blogging for? you make running a blog look easy. The full glance of your website is magnificent, as well as the content material! scoliosis surgery https://0401mm.tumblr.com/ scoliosis surgery
  13. bookmarked!!, I love your blog! quest bars http://bit.ly/3C2tkMR quest bars
  14. Today, I went to the beachfront with my children. I found a sea shell and gave it to my 4 year old daughter and said "You can hear the ocean if you put this to your ear." She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is entirely off topic but I had to tell someone! cheap flights http://1704milesapart.tumblr.com/ cheap flights
  15. When someone writes an piece of writing he/she keeps the thought of a user in his/her brain that how a user can know it. Therefore that's why this article is perfect. Thanks! scoliosis surgery https://coub.com/stories/962966-scoliosis-surgery scoliosis surgery
  16. Ahaa, its nice discussion regarding this post here at this webpage, I have read all that, so now me also commenting at this place. quest bars https://www.iherb.com/search?kw=quest%20bars quest bars
  17. There's certainly a great deal to find out about this issue. I like all the points you made. ps4 games https://bit.ly/3z5HwTp ps4
  18. If you would like to grow your experience only keep visiting this web page and be updated with the hottest news posted here.
  19. I just like the helpful information you provide to your articles. I will bookmark your weblog and test again here regularly. I am rather sure I'll be informed many new stuff proper right here! Good luck for the following!
  20. Wow, that's what I was searching for, what a information! existing here at this website, thanks admin of this website.

Leave a comment