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Whats your views on Budget 2015?

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    #81
    Originally posted by BolshieBastard View Post
    Yes if you want a knee jerk reaction to the budget which was just published a few hours ago.

    Alternatively, give your accountancy practice time to digest the budget and the inevitable clarifications and anouncements that will follow over the next few days, wait a couple of weeks then arrange a meet.
    I did mention this earlier in the thread, lets see what unfolds as March is a long way off.

    However, many people may see this as a perfect opportunity to start planning their exit before 5th April, in which case, speaking to your accountant now will help you to plan ahead.

    Looking at the numbers it doesn't look as material as first thought but there is no getting away from the fact that you guys, and many others, will be worse off due to this budget.

    All we can do is be positive and help mitigate the pain....

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      #82
      Originally posted by WordIsBond View Post
      Too soon to say, but I'll make a prediction anyway:

      January 2017 is going to be a very good month for George Osborne for tax revenues, as everyone who took really large dividends in late March / early April of 2016 files and pays their self-assessment.
      I read this post last night, you're spot on though, going to be one hell of a pay day for George!

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        #83
        Originally posted by Wijay@WISAccountancy View Post
        Yes definitely this is a worst budget for contractors - I didn't complicate calculations with CT (which I will do shortly). I was trying to highlight the fact that Net Vs Gross dividend impact. Thank you for your feedback.
        Looking for the positive angles, nice work Wijay...

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          #84
          Originally posted by Jessica@WhiteFieldTax View Post
          In my defence it was late...
          Also in your defence, it is also too early, since there are many specifics we don't know yet.

          Like whether the £5K for dividends comes on top of the £11K basic rate threshold....

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            #85
            The best evidence that this is a horrible tax system and a horrible budget is that no one can quantify the impact. Any good tax system should be clear and easy to understand so people can make good business and personal decisions without having to pay thousands of pounds for expert tax advice.

            This is great for accountants and lawyers but terrible for everyone else, and terrible for the economy. If you had a clear and simple tax system, companies would be more able to pay that living wage that the BBC is enraptured over, as if it is the only thing that happened yesterday.

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              #86
              Originally posted by WordIsBond View Post
              The best evidence that this is a horrible tax system and a horrible budget is that no one can quantify the impact. Any good tax system should be clear and easy to understand so people can make good business and personal decisions without having to pay thousands of pounds for expert tax advice.

              This is great for accountants and lawyers but terrible for everyone else, and terrible for the economy. If you had a clear and simple tax system, companies would be more able to pay that living wage that the BBC is enraptured over, as if it is the only thing that happened yesterday.
              Spot on. Simplification of the tax system is long overdue. However that process should NOT be a reason for raising the tax take. This budget is bad for contractors, yet again more tax taken from our pockets...it's disgusting how the media are spinning it.
              http://www.dotas-scandal.org LCAG Join Us

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                #87
                Originally posted by WordIsBond View Post
                The best evidence that this is a horrible tax system and a horrible budget is that no one can quantify the impact. Any good tax system should be clear and easy to understand so people can make good business and personal decisions without having to pay thousands of pounds for expert tax advice.

                This is great for accountants and lawyers but terrible for everyone else, and terrible for the economy. If you had a clear and simple tax system, companies would be more able to pay that living wage that the BBC is enraptured over, as if it is the only thing that happened yesterday.
                Believe me its not great for accountants. I was a million times happier at 12.29pm yesterday! (other than the irritation of the early wicket falls in the cricket)!

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                  #88
                  Originally posted by DanielGenieAccountancy View Post
                  Believe me its not great for accountants. I was a million times happier at 12.29pm yesterday! (other than the irritation of the early wicket falls in the cricket)!
                  Also our CEO here at Orange Genie is meeting with George Osborne this afternoon, he'll soon find out what us accountants think to his budget!!!

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                    #89
                    Originally posted by DanielGenieAccountancy View Post
                    Believe me its not great for accountants. I was a million times happier at 12.29pm yesterday! (other than the irritation of the early wicket falls in the cricket)!
                    Coupled with the additional complexity, any SME accountants that operate in a similar way to contractors will be double fecked.

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                      #90
                      Originally posted by WordIsBond View Post
                      Also in your defence, it is also too early, since there are many specifics we don't know yet.

                      Like whether the £5K for dividends comes on top of the £11K basic rate threshold....
                      Reading the detail, I think its safe to assume it does come on top...watch this space though.

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