Friday, April 13, 2012
CWO’s LOOK AT BUDGET 2012
Now that the dust has settled, what do we think of the Budget?
Of course, there were things we liked and one or two that we favoured less, but we can hardly blame the Chancellor for the terrible state of the economy that he inherited. Overall, we think he did a pretty good job.
Many of us run our own businesses and we were very pleased to hear about the plans to move to a simpler “cash accounts” system. Businesses with a turnover of less than £77,000 will be able to use the system so we’ll be able to spend more time on growing the business rather than taking hours to complete complex tax returns.
For those of us who are parents, we understand the logic of the changes to child benefit even as we hold strong attachment to it. But we cannot justify retaining the benefit for people earning over £60,000 when it means the country’s debts would linger on and have to be paid by our children and grandchildren. Ninety percent of families will keep all or part of Child Benefit and only the richest 10% will lose it. This year’s Budget builds on other measures which help families through a further increase of £135 in Child Tax Credit and increases in entitlement to 15 hours a week free nursery places.
The thing we liked best was the tax cut by raising the personal allowance threshold to £9,205. Work is rewarded and 2 million people on the lowest incomes are lifted out of tax altogether.
Lower taxes and cutting the burden of red tape. Thanks George!
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