Updated: Aug 5
A Budget is around the corner, 3rd March.
Most tax advisers start positively salivating at the prospect of tax changes and a whole host of new technical material to digest. Many of us though have seen so many twists and turns over the last 11 months that we're feeling a bit punch drunk.
However, I'm sure there will be enough fiscal Viagra around on the day to get us all excited.
In advance of that, and with usual health warnings that my crystal ball is no better than anyone else's, is there anything that we should be thinking about?
- It seems almost inevitable that CGT rates will be going up, the smart money would be on matching it to income tax (where it always used to be). That could be a doubling of CGT rates - so if there are transactions that you are thinking of, try and get them through by 5th April (or if really worried, before 3rd March)
- I'm predicting a gradual increase in corporation tax rates from the historic low of 19%. This may be especially true for larger companies, who not that long ago were paying 35%. By 'not long ago' I mean in my career...although I am constantly reminded by my youngest daughter that it was last century...
- Will we see higher rates of tax on dividends ? In which case taking money out of companies sooner rather than later would be in order.
All a bit worrying , so what are the Positives ?
1. You still have time for the third round SEISS grant
But only just. If affected and eligible you have until midnight tomorrow night (29th) to claim. Beyond that, tough.
For more information see
2. There's more support coming
I was very interested in 'breaking news' from HMRC earlier this week that announced more support for businesses suffering from the crisis.
I was a little less impressed to see that the support consisted of a series of webinars educating the viewer in how to make claims under the furlough scheme, SEISS etc. The last time I saw overbilling like that was on a solicitor's fee note.
Anyway, the Chancellor has indicated that there will be additional support announced in the Budget, but not beforehand. I suspect exactly how this will work and how far reaching it is will depend on numbers between now and March.
3. We've almost finished the Christmas food
I hope it's not just our household that overdoes Christmas and ends up finishing it all a month later ?
Tonight it was the turn of the fruity, rich, German cake covered in icing sugar.
It came from Waitrose - I thought it would have been really expensive, but Debbie assured me it was Stolen.
And on that note,
Stay safe, stay positive