The Budget 2016 - What does it mean for you?

March 23rd 2016

Tim Mallon, Head of Tax, Evolution LLP

Known as the lucky Chancellor, Mr Osborne has often been known to use the phrase fix the roof while the sun is shining. However, despite appearances, the numbers from the Office of Budget Responsibility suggest that his luck may have run out and that it's absolutely persisting it down!.

Much of the pre-budget talk was about the shackles that Osborne is constrained by. Slower global and UK growth, lower UK tax receipts, political constraints from the EU Referendum and his personal ambitions threatened by Bojo, aka Alexander Boris de Pfeffel Johnson.

The second Budget of the Parliament is usually the one in which the Government inflicts the worst pain on the basis that there will be enough time left before the next election to win voters back. Other than those producing sugary drinks, it doesnt seem that there is too much bad news to be had for owner-managed businesses. Business Rates have been reformed, Corporation Tax rates are set to go down in the future and CGT rates have also been reduced, which might encourage some to invest for the long-term.

From a regional perspective, other than proposed upgrades of the A66 and A69 and some relief for the oil and gas industry, there was precious little of specific interest for those of us in the North East.

Evolution's newsletter summarises the main points emerging from the budget as well as reinforcing some of the measures that had been announced previously, which are set to take effect from the start of the new tax year, which is only three weeks away.

In what remains of this tax year, we look forward to working with our client to make the most of the tax rules we currently have and we look forward to discussing in detail the impact that these latest announcements may have on their plans and ambitions.

Want to know more about what the budget means for you? Check out Evolution's Budget 2016 newsletter here http://ow.ly/ZyeAJ and give us a call on 01624 221 331 or email tim.mallon@evolutionllp.com if you would like to know more.  For more information on Evolution LLP and our services please visit www.evolutionllp.com.