Having met all the employer reporting deadlines that expire on
6July, employers can look forward to a second Budget on 8 July -
billed as ‘a Budget for working people’.
Although the headline grabbing announcements are likely to be on
spending cuts, the Chancellor is expected to confirm how he will
fund the promised three million more apprenticeships and the
increase in free childcare for working parents to 30 hours a week
to help mothers go back to work.
Historically, tax revenues often increase dramatically in the
first year of a new government with less dramatic increases the
nearer it gets to the next election. However, election pledges
commit the Chancellor not to increase the rates of income tax, NIC
or VAT in this Parliament so we may see creative new ways of
raising tax revenue. Aside from yet more
pension changes, another crackdown on anti-avoidance is
promised to collect an additional £5 billion and it will be
interesting to see if any long established
