Best Financial Advisors in Wimborne

Someone asked today if I had a wishlist for tax measures in the budget tomorrow, what would it bennWell…… here goes from Chancellor Rosenn- A cut in corporation tax, keep it a simple flat 20% to encourage business and entrepreneurial spirit nn- Re-adjust the tax bands for personal income tax and dividends to go some way to catching up with inflation - fiscal drag (and no that’s not a spin-off of a RuPaul show) is killing us man!!nn- linked to above, give some real thought on when higher rate tax kicks in. I know so many people in business who keep their income artificially low as they have a real aversion of paying 40% tax.nI’m sure they’d pay themselves more and draw more if they felt they were paying a reasonable level of tax on those extra drawings - so the tax take would probably go upnn- get rid of the ridiculous anomalies around marginal tax rates, such as the child benefit loss at £50k (just scrap the loss of child benefit full stop) or the loss of personal allowance should be at over £200k. And whatever else where these ridiculous marginal rates kick in - the law of unintended consequences nn- Scrap the 45% additional rate income tax band. 40% income tax is enough!!nn- Scrap the Residential Nil Rate Band (RNRB) and make the Nil Rate Band (NRB - the amount at which inheritance tax is payable on the value of an estate) £600k for an individual. Far simpler and fairer.nn- Cut Inheritance Tax (IHT) to 20% for estates under £3m, make it 30% over this. We’ve been taxed already on the money we’ve saved through our lifetime…. 40% IHT….. Enough already!!nn- The carry forward of unused pension contributions from previous years can be used whether you were previously a member of a reg pension scheme or not. If you are lucky enough to now have the monies to put in for your retirement, why should you be penalised for not having the ability previously.nn- Make the amount anyone can pay into a pension that is not relevant earnings linked £6k pa - so everyone can save a reasonable (but still small in reality) amount into a pension each year no matter what they earn - currently is £3,600nn- Make tax relief on pension contributions a flat 30% (so no higher or lower rate…. As the 20% tax payers probably need more help in their pensions than those who can claim 40% or 45% tax reliefnn- Leave Capital Gains Tax alone, it should not be aligned to income tax rates, but whilst you’re at it….. take the CGT allowance back up to £15k - the amount of gain in a year where no CGT is payable, as it was £12k-odd a couple of years ago and now due to drop to a paltry £3knn- Remove non-Dom statusnn- look at how Amazon, google, Meta can pay more tax on their profitsnn- look at lowering the VAT threshold to £25k, so most businesses pay VAT as current level artificially keeps some co’s from growing trying to keep under the £85k. Look at how most biz’s can reclaim vat. Most businesses are more worried about becoming uncompetitive against other small businesses if they go over the vat threshold….. so capture nearly everyone and level the playing fieldnn- a windfall on oil and gasnn- a re-look at how utility costs are calculated, as from what I can see the unit costs to the end user bear no reflection to the cost it took to generatenn- scrap the triple locknn- change the way section 24 tax for property investors is calculated. I had no issue particularly with the restriction of mortgage tax relief to 20%. It is more the calculation that means your rental turnover is pretty much taken as your profit number and hence makes most property investors a higher rate tax payer for these calc. Purposes. NOT FAIR!!!nRent - costs and interest = profitnAdd that profit to my other earnings. If I am now a higher rate tax payer…. Then restrict the income tax reducernThat would be fairer….nnAnyway, I’ll be canvassing for votes later...