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'Biggest tax cuts in two decades'

The Chancellor George Osborne is set to claim that UK workers and businesses will benefit from the biggest tax cuts in a generation.

On Tuesday April 1st, the corporation tax rate will be cut by 1% to 21% and reforms to business rates will be introduced. The annual investment allowance for firms will be doubled to £500,000.

On Sunday April 6th, other measures including the rise in the income tax personal allowance to £10,000 and the employment allowance which cuts employers' National Insurance contributions by up to £2,000, will come into effect.

Mr Osborne says that Sunday will be "the culmination of this week that sees the biggest reduction of business and personal tax in two decades".

Lavinia Newman, founder of ABDS comments:
“The Chancellor has also highlighted welfare measures which include the Help to Work scheme, which requires the long-term jobless to work for their benefits. This is designed to encourage people without jobs to find them."

But shadow Treasury chief secretary Chris Leslie accused Mr Osborne of "giving with one hand, but taking away much more with the other".

He said: "Analysis of figures from the IFS (Institute of Financial Services) shows that households are already £900 a year worse off because of all tax and benefit changes since 2010."

For those who are looking for a more personal approach on a range of business related issues, contact us at ABDS.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients
Mindful of our client’s long term strategic goals

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