Budget News March 23rd 2011
Press Release - 23 March 2011 - Headline-grabbing announcements in the Budget do little to hide the reality of excruciating pain for many in London and Home Counties
Leading London accountants Gordons Knight have today launched two new free initiatives to help local taxpayers and businesses get to grips with the excruciating pain and two brutal truths behind the Budget. Launching the new services Gordons Knight partner Gordon D’Silva said that:
“There are some very welcome headline announcements in this Budget, but the devil is always in the detail, and things are rarely as rosy as Chancellors paint them in their speeches. But even if the details turn out not to be too devilish, we shouldn’t get carried away, since the underlying message is that there are two brutal truths.
The first brutal truth is that the public finances are still in a mess, and soon the huge tax rises and spending cuts announced long before today are really going to start hurting. In fact, for some local people the pain is going to be excruciating as their jobs go, their public sector contracts disappear, their businesses fail, and the benefits system no longer gives them what they need. And if they work hard and manage to avoid all of that, they could find the taxman taking up to 60p in income tax from every extra pound they earn.
The second brutal truth is that it is businesses and not Budgets that offer us the best hope of putting things right by replacing the jobs and wealth lost, and generating the extra taxes needed to pay for everything. Mr Osborne billed it as a ‘Budget for growth’, but in reality Budget measure such as relaxing planning restrictions, setting up new enterprise zones and cutting corporation tax rates will only ever help a bit. It is how businesses respond that really matters, since they are the real engine of growth. So the region’s job and wealth creating businesses need to stand up and be counted by taking urgent action to make it happen.
As part of this we are today launching a new – and free - Business Builder support initiative to help London and Home County’s businesses take the right sort of action. Using leading-edge software, systems and thinking, it will help local businesses discover new ways to create more jobs, profits and wealth.
But that is not all. Despite the promises of simplification in the future, the 2011 tax regime is hideously complicated and contains a huge number of pitfalls for the unwary. The good news, though, is that it now also allows the really well advised to make some very big tax savings. So as well as the Business Builder initiative, today we are also launching a free 2011 Tax Minimisation Review service – to make sure that no-one suffers by paying a single penny more than their fair share of tax.”
Readers who would like to discover exactly what the free Business Builder support initiative and free 2011 Tax Minimisation Review can do for them – and test drive them for free – can do so by calling Gordon D’Silva at Gordons Knight on 020 8241 3000.
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For all our clients and friends and contacts in London, Croydon, Wimbledon and around the UK, theseTax Planning Issues from a Chartered Tax Accountant should help you
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