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News - 1 December 2014

Chancellor may be forced into more cuts.
In the space of a year, the jobless rate in the UK has reduced rapidly, from 7.6% a year ago, to just 6% now. This should be good news for the Chancellor with unemployment back to pre-crisis levels and more people in work should mean more taxes and national insurance flowing to the Exchequer
 
Office for Budget Responsibility (OBR) predicted 7% rise in income tax receipts for this year. Yet the current tally shows they are only up about 0.4%. However, they claim that the tax receipts to be what they call "end-loaded" in 2014-15. That is partly due to the shifting tax band brackets and a glut of self-assessment payments they expect to pour in after the deadline in January.
 
Stuart Coleman, Manager of the Tax Department of ABDS comments:
Over the past year, factors such as weaker-than-expected wage growth, lower-than-expected residential property transactions and lower oil and gas revenues make it unlikely that either the Chancellor's or OBRs expectations will be met.”
 
Another major factor is the change in jobs over the past six years. The financial crisis has resulted in many highly paid jobs being lost which have not yet been replaced. Newly created jobs have been in the lower paid or self-employed bracket and therefor the tax payable is less.
 
All these factors could result in a further wave of cuts, not a popular action this close to the General Election.
 
For those who are looking for a more personal approach on a range of individual and business related issues, contact us at ABDS.
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
Brilliant with numbers  
Great with people  
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients and 
mindful of their long term strategic goals
 

Helping Your Business is Our Business 

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