There is much to be happy about in today's Budget, where the magic money trees are well and truly thriving!

Businesses will benefit from many announcements, particularly those who trade from a property, have one or two employees, and need a new car!

Business rates are abolished for a year for rateable values of less than £51k and these same businesses will receive a £3k grant, as a response to the Coronavirus but it's also part of the overall picture of dealing with competition from Amazon and other online retailers.

With the spring Budget less than two weeks away, it's easy to forget some major changes due to come in this spring unlikely to be changed by the Chancellor. 

Property Interest Tax Relief - Full restriction

Four years ago this seemed a long way off, but we're now here. From April, there will be no tax deduction for interest on your buy-to-let mortgage. You'll get a calculated tax credit at 20% offset against your tax bill, but your taxable income is reduced only by repairs, professional fees, void period costs, etc.

This means you're more likely to find yourself in the higher rate tax band than before or having to pay back child benefit. Or even at the £100k threshold where your tax free personal allowance starts to get taken away. 

You do it every year.

You know it’s coming, like your partner’s birthday or Christmas, yet more often than not, you leave it till the last moment. Probably it’s because it’s one of those tasks which is always looming in the background and you don’t really like doing it. All those receipts, all those invoices. 

You ask yourself "Why don’t I get it done earlier and avoid the stress or rushing around when I have plenty of other important things to do?”  Here are five very good reasons to get next year's tax return in quickly:

Dear HMRC 

As the sun rises on a new decade, let's try to achieve real tax simplification during the next 10 years. Here are a few ideas to help make tax understandable for the public: