The Ullyott report and analysis of the Chancellor's 18th March 2015 Budget is available as an electronic version, this will help you understand the winners and losers in both business and personal situations, to view click here

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Budget Highlights

'Britain is walking tall again', proclaims Chancellor

Chancellor George Osborne delivered his 2015 ‘pre-election’ Budget in bullish mood. Proclaiming that ‘Britain is walking tall again’, the Chancellor announced that the national debt target has been met and predicted the ‘end of austerity’ a year early.

The Office for Budget Responsibility has revised economic growth slightly upwards from 2.4% to 2.5% for 2015, while inflation has been revised down to 0.2% and borrowing levels revised downwards from the previous Autumn Statement forecast, to £90.2bn for 2014/15.

However, despite assigning significant funds from bank asset sales and lower welfare bills to ‘pay down the national debt’, the Chancellor announced plans for further deficit reduction.

While keen to emphasise the benefits of ‘sticking to the fiscal path’, the Chancellor found room for a number of measures for individuals and businesses.

Among the headline measures for individuals was the announcement of plans to scrap annual tax returns, replacing them with ‘digital tax accounts’. The income tax personal allowance will also see additional increases, rising to £10,800 next year and £11,000 from April 2017, while the higher rate threshold will see an above inflation rise from £42,385 to £43,300 by 2017/18. Meanwhile, the pension lifetime allowance will fall from £1.25m to £1m from 2016/17.

To view more analysis click here

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The Winter Newsletter features, Tax incentives for R&D can you benefit? VAT for the digital business, salary sacrifice for the greater good, what is it, especially as pensions auto enrolement for businesses with fewer than 50 employees starts 1st June 2015 and your key tax dates and round up and more, to download your copy click here.

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The Autumn Newsletter features, reclaiming VAT are you missing out? Budget bonus for savers, changes to employee schemes, tax tips and tax round up and diary dates and more, to download your copy click here.

The report will open in a new window, please close the window when you are finished to return to the Ullyott main site.