Budget 2015

Please click here to see our summary of the key announcements in the 2015 Budget.  We hope you will find it useful and interesting.

The Budget contained some surprises and major developments, as well as proposals that were widely reported beforehand.

Personal taxation and pay featured heavily, with the Chancellor announcing the introduction of a new national living wage for all workers aged 25 and over, starting at £7.20 an hour from April 2016 and expected to reach over £9 by 2020. This is set to give a boost in earnings to an estimated 2.7 million low paid workers.

Another area that is the target for significant change is welfare, with child-related tax credits and Universal Credit to be restricted to two children (affecting those born after 6 April 2017).

Other particular points of interest were:

  • The cost of funding free TV licenses for the over-75s will be transferred from the government to the BBC between 2018 and 2021.
  • The annual household benefit cap will be reduced to £23,000 in London and £20,000 elsewhere.
  • There will be a consultation on changing Sunday trading laws.
  • Subsidies for social housing will be phased out for local authority and housing association tenants in England who earn more than £30,000 (£40,000 in London). Tenants will have to pay up to the market rate.

If you have any questions about the summary’s contents or how any aspects of your tax and financial planning may be affected by the Budget, please call us to discuss them. 

The information regarding taxation is based on our understanding of law, HM Revenue & Customs practice and current legislation, which may be altered and depends on the individual financial circumstances of the investor. The value of investments may fall as well as rise.

Testimonials

Michael’s presentation at the Moor Park Business Club was top class. Apart from my own views, I sat next to an IFA who was nodding all the way through your talk and commented on the excellent manner it was given. He said that he witnesses many similar presentations on similar topics but this had been the best ever witnessed.

As well as coaching individuals in Public Speaking, with an emphasis on Wedding Speeches, I work as an examiner/assessor for a Qualifications Awarding Organisation – English Speaking Board (ESB). As such I travel around the country assessing people giving presentations with view to them acquiring a professional qualification in Communication Skills. Had I been assessing you today there is no doubt you would have achieved a ‘Distinction’ in the ESB Award in Professional Presentation Skills which is at Degree level. Everything about it was excellent. I wish more people could communicate in such a professional manner as you did earlier today.

Graham Le-Gall
Specialist Wedding Speech Coach

Highwood Financial Services have been instrumental in helping us to get our financial house in order and giving us confidence in our plans for the future. We have a small business, and two young children, but we knew that we had gaps in our arrangements. Financial planning requires a high degree of trust, and we instantly had a rapport with Michael Gould that meant we had no hesitation talking with him about our journey so far and hopes for the future. In conjunction with a detailed assessment of our appetite for risk, he conducted a wide-ranging financial review of our existing insurance, historic pension and ongoing savings arrangements, and gave clearly reasoned advice on how to better structure them. We discussed his recommendations in great detail and followed all of his advice. With good life insurance and critical illness cover now in place, with new consolidated pension arrangements, we have confidence in the cover and plans that have put in place for ourselves and our family.

Ben Cons
The French Bedroom Company