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.

Our summary of the Chancellor's Autumn Statement

On Wednesday 5 December the Office for Budget Responsibility (OBR) published its updated forecast for the UK economy.
Chancellor George Osborne responded to that forecast in a statement to the House of Commons later on that day.
In the period since the Budget in March a number of consultation papers and discussion documents have been published by HMRC and some of these proposals are summarised on the link below.
Draft legislation relating to many of these areas will be published on 11 December.
We will provide an update for you on 12 December if significant changes are announced.
Our summary also provides a reminder of other key developments which are to take place from April 2013.
The Chancellor's statement
His speech and the subsequent documentation was a 'mini-Budget' announcing tax measures in addition to the normal economic measures.
Our summary concentrates on the tax measures which include:

• changes to personal allowances and tax bands
• changes to pensions reliefs
• a tenfold increase in the Annual Investment Allowance to £250,000
• a further reduction in the main rate of corporation tax
• announcements regarding the General Anti Abuse Rule and other 'abusive arrangements'.

To read our summary -
http://www.clayshawbutler.com/ard/merge_doc.asp?AID=518&MergeFile=autumn_statement_2012.htm

Read the Clay Shaw Butler Budget summary

Read the Clay Shaw Butler summary of Budget 2011 - http://www.clayshawbutler.com/ard/documents.asp?AID=518&SID=11&FID=8871