As the Chancellor Philip Hammond gets ready to deliver his first Budget of the new Parliament on November 22, the team here at Optimum Professional Services are urging him to introduce measures to help businesses and homeowners.
Moving the personal allowance a step closer to £15,000, increasing the basic rate tax band to £50,000, and adjusting upwards the £100,000 starting point for withdrawal of personal allowance will give people and families a break.
The recent interest rate rise, albeit small, and inflation are having an impact on individuals and businesses, so we would urge him to offer some support. These three changes we’ve suggested would make a difference.
To help the housing market, the Chancellor should revamp the Help to Buy Scheme and review the legislation which came in last year slapping a surcharge on Stamp Duty for second homes.
From April next year, the dividend allowance drops to £2,000 and we can only hope Mr Hammond won’t erode this further. We believe he may have his sights set on the self-employed, and IR35 rules introduced in the public sector to help combat tax avoidance may well be rolled out to all contractors.
We at Optimum Professional Services have joined with the Swindon branch of Swedish bank Handelsbanken to run a free, live Budget event at The County Ground, with post Budget analysis and lunch provided. Booking is essential, by emailing Tracey Heath