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How the Government’s Upcoming Budget Will Affect Your Tax and Financial Planning

With a relatively newly formed government in power, what can be expected from them, other than ‘getting Brexit done’? What changes could be in store for you and your financial plan after the March budget announcement?

This does not constitute advice and advice should be sought in all instances before acting on it. The Financial Conduct Authority does not regulate tax advice. 

11th March — the date for the next Budget announcement — is only a few short weeks away. After a surprise turn of events at the recent Cabinet reshuffle saw the appointment of Rishi Sunak as the new Chancellor of the Exchequer, the date might face another delay. Prime Minister Boris Johnson and the Chancellor have been given complete freedom over their plans for radical tax reforms and public spending. So, what can we actually expect once the budget is finally announced?

What to expect

Usually, the party’s manifesto would inform us of the government’s priorities, but the most recent offering was light on details, so it will be interesting to see what actually is unveiled in the plan.

However, it’s safe to assume there will be changes to tax, pensions, housing, and social care. Following HS2 bring given the green light, there will possibly be an increase in investment in the north of England – perceived to be the Tories thanking the voters that helped put them into power after the last election.

Tax cuts on the horizon

The top personal finance priority in the Conservative manifesto is a tax cut for more than 30 million workers with an increase in the National Insurance payment threshold, saving about £100 a year for those who earn more than £12,600. This accounts for over two-thirds of what was promised in the manifesto over the next four years.

Social care

Both the manifesto and the Queen’s speech pledged commitment to improving social care, offering an additional £1bn of funding for councils to “ensure that the social care system provides everyone with the dignity and security they deserve and that no one who needs care has to sell their home to pay for it”.

Hidden rises?

To ensure this issue gets addressed, there needs to be cooperation from all parties. In order to pay for these plans, councils have the ability to increase council tax by 2% to bring in the necessary funds, so beware of possible hidden tax raises.

Check in with your IFA and review your financial plan

Once the budget announcement takes place, we’ll have a much clearer picture of the impact of the upcoming changes you might need to consider when evaluating your financial plan. Don’t try to navigate choppy waters alone, plan ahead with one of our financial experts so you can reach your financial goals.

Need to recalibrate your financial plan?
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Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
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