Turcan Connell's Director of Tax Services, Ian McGowan discusses the tax implications of the 2013 Budget.
The Chancellor acknowledged that getting out of recession is taking longer than expected and Turcan Connell welcome the tax cuts that can be made, which should specifically help working families
Tax initiatives include
- Personal allowance increasing to £10,000 by April 2014
- Childcare tax relief of £1200 for families with children under 5
- Corporation Tax reduced to 20%
Of particular note was the government's reiteration on its focus on tax avoidance, with a package to be announced later in year.