Summer Budget 2015 Full Report

No one quite knew what to expect in the first budget by a majority Conservative government for almost 20 years.

In his seventh Budget Statement as chancellor, George Osborne promised a ‘big budget
for a country with big ambitions’.

As predicted there were details on how the government will fulil its pre-election goals
of reducing welfare spending by £12 billion and changing the inheritance tax nil-rate
band structure.

There were also some surprises such as the compulsory introduction of the national
living wage from April 2016 and a reduction in corporation tax.

The Chancellor also gave an update on the wider economic picture using igures from
the Ofice for Budget Responsibility (OBR). Growth for 2014 was 3% (up from the
forecast of 2.6% in March) and is expected to be 2.4% in 2015 thanks to stronger
private consumption and investment.

This is the second year in a row that the UK is forecast to have the strongest economic
growth of any major advanced economy.

The OBR predicts that a million more jobs will be created by the end of the Parliament.
The deicit is forecast to be 3.7% of GDP in 2015 and will fall by around 1% each year
until 2019 when there will be a small budget surplus of 0.4%.

Despite the continued growth in the UK, Osborne warned that the ‘global economic
risks are rising’, pinpointing slowing growth in the USA and China as examples.
The following report summarises the announcements made by Chancellor George
Osborne during the Summer Budget on Wednesday 8 July 2015.

Please Click Here to Download Full Report in .Pdf Format.

Seminar Series – 2015 the year to make a difference

Make 2015 the year to make a difference!

2015 road shutterstock_247063819

From Nadeem Hussain – Head of Tax at Pierce

 

As part of our ongoing series of seminars for clients and professional introducers, we are pleased to announce details of a new seminar series in 2015.

 

We want you to be able to look back in years to come on 2015 and be able to say that it was the year you decided to make a change, make a difference and started to make plans that have now come to fruition and success. This involves considering a cohesive wealth maximisation strategy, in respect of all of your affairs and planning.

Through a detailed case-study, the three seminars will be delivered under the following headings:

 

Seminar 1 –     Review-it!

Thursday 26th February   8.30am – 10.30am – at Pierce CA Ltd – Blackburn

Tuesday 3rd March          8.30am – 10.30am – at Taylor Patterson – Preston

Click here to download a copy of the presentation slides.

The focus of this seminar will be on remuneration and tax year end planning as well as understanding the new pension freedoms that start in April 2015.

 

Seminar 2 –     Protect-it & Build-it!

Thursday 28th May      8.30am – 10.30am – at Pierce CA Ltd – Blackburn  – BOOK

Tuesday 2nd June        8.30am – 10.30am – at Taylor Patterson – Preston  – BOOK

This seminar will particularly focus on tax planning around the right structure for a business. This will include whether it is appropriate for protecting assets, support future growth and incentivise key personnel.

 

Seminar 3 –     Maximise it!

Thursday 1st October   8.30am – 10.30am – at Pierce CA Ltd – Blackburn – BOOK

Tuesday 6th October    8.30am – 10.30am – at Taylor Paterson –  Preston  – BOOK

The final seminar will consider the process of grooming a business for sale, alongside corporate finance and succession planning. The natural follow-on from this will be how to structure Estate planning, Trust and Wealth Management, to meet your objectives.
Tay Pat logo_new

We are pleased to bring you these seminars in conjunction with Taylor Patterson in Preston, providing detailed expertise across these important planning areas.

 

All of the seminars will include breakfast refreshments.

 

The Pierce seminars will be held at the Pierce offices in Blackburn. The Taylor Patterson seminars will be held at Taylor Patterson’s offices in the centre of Preston.

 

To reserve a place at Pierce, please hit the BOOK button, or contact Mary-Lou Duggan on 01254 688100 or email events@pierce.co.uk

To reserve a place at Taylor Patterson, please hit the BOOK button or contact Jason Street on 01772 555073 or email Jason.street@taypat.co.uk

 

2014 Budget Report & Presentation.

Following the Chancellor’s Budget Speech and our popular Budget Breakfast presentation on Friday 21 March we are pleased to publish copies of the presentations by tax experts Anne Wilson and Nadeem Hussain which can be downloaded from the following link.

As usual, our in-depth budget analysis report can also be downloaded here.

Budget Breakfast Invitation – Striking a Balance

Budget Breakfast Invitation – Striking a Balance

from: Nadeem Hussain

balance

Striking a Balance

presented by Pierce Accountancy and Business Advisory Group.

On Wednesday 19 March the Chancellor will make his Budget Speech, on Friday 21 March our free breakfast event will cover the issues raised and highlight business and personal planning opportunities.

  • George Osborne has promised a budget of “hard truths” about Britain’s unbalanced economic recovery, emphasising a need for more manufacturing exports.
  • He has also said that Britain is too reliant on consumer spending and on the finance industry in London.
  • He has stressed the need to keep pursuing an austerity agenda and this budget will be his final chance to meaningfully alter fiscal policy before the next General Election due on 7 May 2015.

Join us for this free event, a delicious cooked breakfast and some serious analysis and advice followed by an excellent networking opportunity, you can’t afford to miss it.

On Friday 21 March at Mercure Dunkenhalgh Hotel & Spa

AGENDA:

07.30am:         Registration, networking  and cooked breakfast (served until 8.10 am)

08.15am:          Presentation will commence

09.15am:          Presentation ends followed by question time

09.30am:          Networking opportunity

10.00am:         Seminar ends

To reserve your place and for directions, book online

or contact Mary-Lou on events@pierce.co.uk

or 01254 688100. Book early to avoid disappointment.

Inheritance tax warning

New regulation could hit the families of business owners with increased tax bills, an expert has revealed.

The warning from the regional tax expert comes as a new bill is set to become law in July, meaning business owners may need to re-think their financial arrangements.

Traditionally, when a sum of money is borrowed to invest in a business, the borrowing may be secured on a personal asset such as a home.

On the death of the business owner who took out the loan, this borrowing can in fact reduce liability for inheritance tax (IHT).

Nadeem Hussain, director and head of tax at Pierce, the Blackburn business advisory and accountancy group, explains this is because IHT is charged on the total value of assets – minus any debt.

So borrowing £100,000 against an asset worth £300,000 such as a house, would mean the value of the house is worth just £200,000 for IHT purposes – a significant saving.

But Nadeem warns that under the new Financial Bill which becomes law in July, the rules will change in a bid to clamp down on business owners creating a debt simply with the aim of reducing an IHT bill.

He said: “Many people who have borrowed money to invest in a business have done this for entirely legitimate reasons and not with the sole purpose of reducing an IHT bill.

“However, they may still be caught by the new rules, potentially leaving a family with a much larger tax bill that they were not planning for. It may be that a significant asset like a home or business may even need to be sold to pay the bill.

“Anybody who could be affected by these changes should consult their advisor.”

HMRC ‘uses social media to hunt tax fraudsters’

A Lancashire expert is warning that tax inspectors are now using social media to hunt for evidence of tax fraud.

HMRC ‘uses social media to hunt tax fraudsters’

According to industry reports, HMRC has begun to use internet research to feed into its computer systems which are used when targeting tax investigation.

Now Nadeem Hussain, director and head of tax at Pierce, the Blackburn-based accountancy and business advisory group, has pointed out that such information is public and HMRC is perfectly within its rights to include it in research into investigations.

Nadeem warns that businesses or individuals leaving themselves open to accusations of tax fraud should be aware that investigations will go into greater depth than ever.

The news has come to light following the launch of HMRC’s new computer system, Connect.

He said: “Many people forget that the information they place on social media sites like Facebook or Twitter can easily be viewed by the public.

“Just as many employers are now using social media to research potential hirings, HMRC is using this very modern source to inform its tax investigations, looking for patterns of behaviour or spending, for instance.

“The organisation already uses a number of different sources to gather the information it needs, such as documents from Companies House or credit reference agencies, and social media is simply another weapon in its armoury.

“Businesses and individuals should assume that all public information can form part of an investigation, and if they are facing accusations of tax fraud should seek the appropriate advice.”

Tax evasion warning

An Lancashire tax expert is warning there is more likelihood of individuals and businesses being subject to criminal prosecution after the Government announced a major crackdown on tax evasion. Continue reading

Child benefit changes ‘unfair’?

Thousands of East Lancashire families could be affected by changes to child benefit which are due to come into force in January.

Under the new rules, if either a claimant or their partner has income in excess of £50,000 Continue reading