Chancellor for the day - what would you do?

 

As usual there is plenty of speculation on what will appear in the forthcoming Budget – but what would you do if you were Chancellor for the day? Send us your suggestion! Here’s what various Moore Stephens partners and staff said they would do.

 

"Delay the introduction of the far-reaching changes to the taxation of partnerships to allow businesses a sensible time period to implement changes required to their commercial operations"
Norma Chisholm, Business Tax, London


"Simply get rid of all taxes and put a 20% tax on every spend. This would include interest, children’s clothes, food, commissions, dividends paid, prostitution, gambling, etc. No lower limit so incorporate all spends ranging from multi-million contracts to ‘boot fair’ spends. Exports exempt but imports included (including EBay, etc.)
 
So no Income, Corporation, Inheritance,  CGT, Stamp duty, Other duties, etc. With the staff employed on these taxes re-employed to investigating avoidance schemes and be involved in the collection process
 
Penalties being 10 x the amount payable for 1st offence, 100 x for second and 1,000 x for third and subsequent events"
Financial Controller, Property Investment Company

“Action the shovel-ready project to alleviate the misery of all road-users by committing £200m of expenditure to properly repair UK roads”
Duncan Swift, Partner, Southampton

 

“Tax relief for employers who employ individuals in non-business activities, such as chauffeurs, gardeners or childminders”
Brian McGain, Partner, Liverpool

 

"Corporation tax may be paid by companies, but it is borne by employees, customers or shareholders. For the sake of transparency, abolish it and only tax real people"
Chief Executive, Top 200 Charity

 

“Simplify National Insurance – or make it the tax it really is”
Gill Smith, Private Client Tax, London

 

“I would promote marriage by allowing any unused basic rate tax band to be transferred to a person’s spouse” Stuart Datlen, Partner, Southampton


“Reduce the VAT rate for hospitality businesses to 5%, this would stimulate investment and employment in one of the country’s biggest sectors”
Joanne Allen, Hotels & Hospitality, London

"Why do I get no capital allowances for building my factory when a coffee shop can get plant allowances for buying a cappuccino machine?"
Director, Manufacturing Company

“To tackle youth unemployment and encourage businesses to take on more young people to work, allow 110% of under 21 salaries as tax deductible”
Naweed Doomunkhan, Insurance Group, London

"Stop asking the EU for permission to change our own tax system"
Owner, Hotel

“Restore personal allowances to taxpayers with income over £100,000 to eliminate marginal 60% rate on income between £100,000 and £118,880”
David Williams, Tax Technical, London

“Scrap the withdrawal of child benefit and personal allowances and introduce simple progressive tax rates to include National Insurance”
Andy Hancock, Partner, Peterborough

“Simplification of Business Investment Relief to encourage more business activity in the UK by UK resident, non-domiciled individuals”
Steve Wheeler, Private Client Tax, London

"Abolish inheritance tax. It’s founded on envy, and it’s only paid by people of relatively modest means. The really rich benefit from agricultural property relief and business property relief"
Director, Software Company

“I would introduce tax breaks to incentivise companies to create programmes for employees to engage in local community voluntary work”
Amy Rodwell, Public Sector Group, London

“Stamp duty land tax to be revised to eliminate the 'cliff edge' changes in the rates”
Nicola Russ, Business Tax, London

“Tax relief on interest on student loans and on mortgage interest for the first £75,000 advanced to first-time buyers, for five years” 
Bill Springbett, Manager, Peterborough

"Take VAT off electronic books. It makes no sense to charge the electronic version when the paper version is zero-rated"
Company Director, Energy & Mining Company

“Companies owned by charities to pay 0% CT on the first £20k profits, to reduce red tape and improve credit rating without leaking tax”
Gillian Donald, Not-For-Profit, Edinburgh

"Abolish stamp duty land tax on houses. We want to encourage the workforce to be mobile, not put them off"
Chief Executive Officer, Insurance Company

“Guarantee better than inflation proof savings accounts for pensioners”
Chris Morgan, Finance Team, London

“I would like the Chancellor to help UK businesses by making no major new announcements in the Budget”
Simon Baylis, Private Client Tax, London

“Business rates reform is vital particularly for the high street business and our town centres”
Andrew Potts, Real Estate, London

"Pension funds should be able to claim back the tax credit on dividends"
Head of Internal Audit, Insurance Company

“Partnerships to qualify for tonnage tax as in Germany and the Netherlands, to enable collective financing of ships”
Lucy Mangan, Business Tax, London

“Remove the madness of 60% effective marginal tax rates”
 Mick Lumsden, Partner, Peterborough

“Capital allowances for hotels should be re-introduced, at least equal to commercial depreciation, to encourage the tourism industry”
Stephen Martin, Business Tax, London

“Extend the 5% reduced rate of VAT to hotel accommodation and restaurant meals, in line with many other EU Member States”
Shane Risdell, VAT, London

"Increase the threshold for paying inheritance tax. Taxing you again on your savings when you die is double taxation"
Chartered Surveyor, Real Estate Company

“Bring back reclaimable tax credits on dividends to help pension growth”
Carolyn Rossiter, Not-For Profit, Peterborough

“I would do something for single people as well as hardworking families. Single people work hard too”
Hazel Johnson, Private Client Tax, London

"The higher rates of income tax should start at a higher level and increase much more gradually"
Finance Director, Financial Services Company

“Industrial buildings allowances should be reintroduced to encourage manufacturing companies”
Philp Parr, Business Tax, London

"Abolish the bank levy. It was born out of resentment at banks’ behaviour leading to the economic crisis. We know that the banks pay it but we have no idea what its wider economic impact is"
Bursar, Independent School

"Impose a flat rate tax on all income of 20% and then enact an immutable law that would ensure no government could ever take tax from earned income above this level.  Abolish employers NI in perpetuity.  Limit Employees NI to 10% in perpetuity.  I could then retire at the end of the day having achieved more in 24 hours than any chancellor in history"
Chief Executive, Information Technology Company
 

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