Leading Welsh independent accountancy firm, Bevan Buckland LLP, is offering its reaction to today’s spring Budget.

Chancellor Jeremy Hunt has set out his first Budget, which provided a clear overview of the Government’s plans for tax and spending in the coming months.

Following the announcement, Jack Parker, Senior Executive at Bevan Buckland shares his thoughts.

He said: “The measures announced today are not as severe as first predicted, however they will impact millions of people across the UK.

“The Chancellor’s announcement to extend the Energy Price Guarantee for a further three months will be welcome news for homeowners, who have been increasingly concerned about energy price hikes and a reduction in Government support from April.

“Energy support is also being offered to millions of people on pre-payment meters to bring their payments in line with those paying via direct debit.

“It’s also positive news for motorists with the 5p fuel price cut maintained for a further 12 months and fuel duty frozen, saving drivers hundreds of pounds.

“The announcement of £80million of investment into 12 investment zones for businesses, which could see them paying a lower tax rate while they operate within these zones, will undoubtedly give many businesses something to consider in the coming months.

“And with the end of the superdeduction for capital allowances, businesses are also set to benefit from a new Full Capital Expensing scheme over the next three years. However, this does contain some element of misdirection, as the new scheme will only be of real benefit to businesses who spend more than £1m per annum on capital expenditure.

“To combat the issue of early retirement from the NHS due to pension tax charges, the Chancellor has announced an increase in the pension annual allowance from £40,000 to £60,000 and more surprisingly, an abolition of the pension lifetime allowance.

“With Corporation Tax set to rise to 25% in April and the Additional Rate Threshold set to reduce to £125,140, the outlook is slightly more challenging for businesses and their workforce. The reduction in the additional rate threshold will see over 200,000 people paying tax at the additional tax rate.

“These announcements will affect millions of businesses across the UK and have a significant impact on their operations and planning in the years to come.”

Bevan Buckland LLP has a team of 14 experienced tax specialists and chartered tax advisors, who are ready to offer guidance to both individuals and businesses following this announcement.

It offers advice to individuals and businesses of all sizes, from start-ups to international companies, across a diverse range of sectors, including manufacturing, professional services, healthcare, property, environment, and agriculture.

The tax team are based throughout Bevan Buckland’s five office locations across south Wales in Swansea, Cowbridge, Carmarthen, Pembroke and Haverfordwest.

For more information visit www.bevanbuckland.co.uk.

Notes to Editors:

For more information and to arrange an interview, please contact:

alex.williamson@markettiers.com

07970 226345

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