David Butler's initial reaction to the Budget

David Butler has given his initial reaction to today's Budget in the following press release -

David Butler, director of Clay Shaw Butler, accountants and business consultants, Carmarthen, said:
The reduction in corporation tax to 21% next year and the new Employment allowance will allow me to expand my workforce.
This is something which I have been delaying.
Attracting graduates back to Wales will help the local economy
Taking the position of someone who has worked hard all their life, paid their taxes and saved, I can see the savings cap of £72000 for social care is, at last, a welcome change. The only gripe people will have is having to wait until 2016.
Having help with child care for the under five-year-olds makes it more financially viable to return to work, but, again, we have to wait until 2015.
Take the position of someone whose eldest will be over the age of five by then. Therefore, the Government needs to increase this child care help to under 12-year-olds sooner than they are saying.

• Clay Shaw Butler has a team of 22 professional staff with a combined experience of more than 210 years. The team is made up of Qualified Chartered Accountants, Chartered Certified Accountants, Chartered Tax Advisers, experienced senior staff, trainee accountants and business consultants.

Tax event due about last-minute tax planning

The following Tax Events are due on 31 March 2013:
Last minute planning for tax year 2012/13
What this means for you?
The final deadline of 5th April 2013 is relevant to individuals who have not considered year end tax planning issues.
These issues include:

• utilising your annual capital gains tax exemption
• utilising your annual inheritance tax exemption for gifts
• utilising your annual Individual Savings Account investment limit
• making additional pension contributions for 2012/13.

Please do get in touch if you would like any further advice on these or any other issues.

Tax events due on March 19

The following Tax Events are due on 19 March 2013:
PAYE, Student loan and CIS deductions are due for the month to 5th March 2013
What this means for you?
This deadline is relevant to employers who have made PAYE deductions from their employees salaries and to contractors who have paid subcontractors under the CIS. The contractors monthly return showing details of payments made to subcontractors must also be filed by today even if a nil return.
Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.
Where the payment is made electronically the deadline for receipt of cleared payment is 22nd March 2013. Penalties may apply if payment is made late.

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