The March 2015 Budget

Our live updates on the #2015Budget. With an election just weeks away, no rabbits or hats, but a bit of a bombshell on personal tax returns.......
Martin Gibbs Dafferns

2015 Budget: Our live Linkedin and Twitter Budget feed

Abolishing the annual tax return for self employed. Revolutionary digital tax accounts from next year. The rise of The Cloud, real time tax information and monthly tax bills for small businesses and the self employed

“via BBC” – George Osborne says the threshold at which people pay the higher tax rate is rising above inflation, not just with it. “It will rise from £42,385 this year to £43,300 by 2017-18,” he says.

First time Buyer ISA – help to buy your first home – If First time Buyers are renting now, can they afford to save another £250 a month under the proposed scheme?

The fully flexible ISA, take your money out and put it back in the same year

Aiming for Pie in the Sky? Personal allowances of £12.5k and higher rate tax from £50k – but by when…….?

Personal allowances rising to £11,000 over the next 2 years – But Nic will still hit the low paid

The end of the personal tax return for the self employed, but the data still has to come from somewhere and is still has to be correct…

‘Death of the tax return’ To support five million people who are self-employed, George Osborne announces, class 2 national insurance contributions for the self-employed are to be abolished entirely

Tax simplification for 5m self employed. Abolishing class 2 Nic

45 minutes in and no sign of any pre election rabbits or indeed hats

New rules on Deeds of Variation on Wills – this will be popular with the Milliband family

5 years income averaging for farmers – I remember Farmers Averaging from the 1980s!

Averaging for farmers, hitting deeds of variation, reducing the pension lifetime allowance – that’s about it so far

Heading for 40 minutes now and other than a great line about Agincourt, nothing of note yet #BandofBrothers

Automatic Gift aid extended from £5,000 to £8,000

Fixing the Church Roof Fund – phew

To ensure those still building up their pension pots are protected from inflation from 2018 Lifetime Allowance will be indexed

Cut in lifetime pension allowance from £1.25m to just £1m. Not good news

Penalties for professionals who aid Tax Evasion

A review of IHT avoidance by use of Deeds of Variation….. ouch

Closing loopholes on Entrepreneur’s Relief

BBC We’ve now heard the trinity: “hard working people”, “fixing the roof”, and now “we’re all in this together”.

The end of austerity in 2019…. Will he still be Chancellor I wonder?

The debt forecast statistics look like something quoted on Dragons’ Den.

The Sun is starting to shine and he’s fixing the roof. ?!

20 minutes in and The Chancellor has not really said anything new.

Optimism and Triumphalism. There’s an Election coming you know

Real increases in the National Minimum wage…aiming for £8 by the end of the decade

“Living standards higher in 2015 than 2010”

Unemployment to fall to 5.3% this year, “Britain is working again”

Having said 5 years ago he would clear the deficit within the lifetime of this Parliament, the news is he’s half way there…

The first of 2 or maybe 3 Budgets this year..?

The last Budget before the May Election

#Budget2015 ….and we’re off….