THREE BRUTAL TRUTHS ABOUT THE BUDGET…
….and the £1.96 BILLION BOMBSHELL FOR BOLTON TAXPAYERS.
Bolton accountants Stafford & Co uncover what the budget means for Bolton. Rob Stafford explains: “There are some very welcome headline grabbing announcements in this Budget. But we shouldn’t get carried away, since there are still unfortunately three brutal truths of this budget that will affect most people and businesses. The headline benefit for businesses & local tax payers is that by understanding some pitfalls of the increasingly complicated tax regime and being well advised you can make some savings and thereby reduce the pain!
The first brutal truth is that public finances are still in a terrible mess. In fact, the bombshell is that the people and businesses in Bolton and the North West region will be forced to find an extra £1.96 billion just to pay back our share of the extra money the government is now going to borrow over the next 5 years. So for some local people the pain is going to be excruciating as the country balances the books with even higher tax bills, even lower wage increases and even fewer public services and benefits.
And even if they work hard and manage to avoid all of that, high earners could find the government taking up to 60p from every extra pound they earn, middle earners could have as much as 65p taken from them, while low earners can lose a staggering 73p once the claw-back of benefits is also taken into account.
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. So it’s the local Bolton businesses that can make the biggest difference by creating jobs and therefore wealth, as a region we need to support local businesses, encourage innovation and maintain competitiveness.
The third brutal truth is that the 2013 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.
As a result of the Budget changes Stafford & Co are today launching a new – and free – 2013 Business Builder support initiative to help small and medium sized businesses take the right sort of action. Using leading-edge software, systems and thinking, it will help businesses discover new ways to create more jobs, profits and wealth.
If you would like to discover exactly what the free Business Builder support initiative and free 2013 Tax Minimisation Review can do for you – and test drive them for free – you can do so by calling Stafford & Co on 0845 33 001 03