PSP have moved!
PSP are proud to announce the relocation of their Saltash office to a new location, the new premises will enable PSP to continue offering excellent products and services to its clients.
Whilst many families are currently trying to pay down debt, borrowing is still at historically high levels in the UK. It is important for families to consider the way their debt is protected, should the worst happen.
Beware of cyclists!
The Prime Minister, David Cameron, has recently announced a Coalition Government investment of ¬£93 million into improving the infrastructure and environment for cyclists, bringing cycling onto the front pages of the newspapers for the first time since the 2012 Olympics.
Given the recent number of accidents being incurred by urban cycling commuters, this may prove a timely investment.
Economic Review of July 2013
Chancellor Osborne confirms economy is "on the mend"
Good news on the UK economic front from the Office for National Statistics (ONS) who reported their first Q2 estimate on the UK economy. Based on a seasonally adjusted sample of 44% of actual data, they estimated growth of 0.
Economic Review of March 2012
Third Budget from the Coalition Government
With the austerity measures still firmly in place, the third Budget from George Osborne and the coalition Government offered few surprises and very little largesse.
As expected, he intends to crack down on ‚Äúaggressive tax
avoidance‚ÄĚ measures, with stamp duty rising to 7% on ¬£2m+ houses and the introduction of a punitive 15% for such properties bought through ‚Äėnon natural‚Äô purchasers - that is companies and off-shore structures/trusts to you and me.
He also made significant changes to the personal tax regime, with a broadening and flattening of the bands. The top 50% tax band, for those earning ¬£150K + per year, was reduced to 45%, to take affect from April 2013, whilst at the other end of the pay scale the personal allowance was increased to ¬£9,205 from April 2013, with a view to increasing this further to ¬£10,000 within a few years.
In an attempt to boost economic growth, he turned his attention to businesses, reducing corporation tax to 24% (down 2% rather than the expected 1%) from April 2012 and by a further 1% in both 2013 and 2014 as planned. He announced his intention to hopefully, reduce this down to 20% in the near future, which will make UK Ltd the cheapest place to do business in Europe.
The limit for Enterprise Management Incentives was also
increased to ¬£250,000 as of April 2012 and there was an increase in R&D allowances for large businesses.
Venture Capital Trusts benefited from the fact that the annual amount a company can raise through this vehicle will be raised from ¬£2m to ¬£5m, albeit below the ¬£10m that had been intended until Brussels intervened.
The energy sector benefited from increased decommissioning tax relief for oil rigs, and the promise of a ¬£3bn new field allowance for large and deep fields that open up west of the Shetland Islands, the last exploration area to be commercially exploited.
On the personal front, controversially, but well forecast, he has withdrawn child benefit from families where one member has an income over ¬£50K pa, and introduced a sliding scale of benefit withdrawal until such income reaches ¬£60K pa, at which point child benefit will be lost entirely.
At the same time, old age pensioners (or those about to become one) were dealt a body blow with the phasing out of age-related income tax allowances for the over 65‚Äôs, until future increases in the basic allowance catches this up. This was tempered only slightly by the inflation linked increase of 5.2% to their state pension moving forward.
The Chancellor‚Äôs forecasts for the greater economy were: GDP growth to rise to 0.8% in 2012, to 2% in 2013, 2.7% in 2014 and by 2015 to reach 3%.
Download: Economic Review of March 2012 >
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