The emergency Budget was the first peacetime coalition Budget for over 70 years.
This is not meant to be a political commentary but whether or not you argue the government had little choice, arguably it was used to declare a tax and spending war on the United Kingdom.
London and the South East will bear the brunt but no matter where you are in the UK you will be called upon to contribute heavily to the massive debt burden that the government have inherited.
Taxpayers and businesses are being advised to prepare themselves for a Tax War.
This Budget may well go down in the history books as the day a "Tax War" was unofficially declared on the people of the UK.
It wasn't obvious in the Chancellor's speech, but it is estimated that over the next few years the government will need to claw back £41 billion from the people of Surrey alone.
This will be in the form of higher taxes and fewer public services.
This equates to £90,000 per average household.
For above average households the amount will be many times that.
And for some it will even run into the millions.
So anyone who doesn't prepare themselves for the onslaught will suffer very badly at the hands of much higher income tax, VAT, and capital gains tax rates,reductions in state benefits, the continued attack on pensions, the inheritance tax burden, and the very real risk that the austerity measures here and abroad will lead to a double dip recession.
In the face of all those enormous financial challenges the question every tax payer in the UK must now ask themselves every year is this: "Am I 100 percent certain that I am paying the legal minimum amount of tax?" Since to pay more than the legal minimum means you and your family will not be able to afford the standard of living you would otherwise be able to afford, will have to work longer to build up the same retirement fund, and won't be able to pass as much on to your loved ones.
To have any chance in this Tax War, if you have a Tax adviser, you must ask them to confirm every year that you are paying the legal minimum or if not, are you as close as you can get given your personal circumstances.
And if you don't have a tax adviser, or you want a second opinion, talk to a tax specialist who can carry out a review to see what else you need to do to get closer to paying the legal minimum.
There is often something more that can be done with the right advice.
So the best advice has to be don't sell your family short by paying more tax than you legally have to.
This is not meant to be a political commentary but whether or not you argue the government had little choice, arguably it was used to declare a tax and spending war on the United Kingdom.
London and the South East will bear the brunt but no matter where you are in the UK you will be called upon to contribute heavily to the massive debt burden that the government have inherited.
Taxpayers and businesses are being advised to prepare themselves for a Tax War.
This Budget may well go down in the history books as the day a "Tax War" was unofficially declared on the people of the UK.
It wasn't obvious in the Chancellor's speech, but it is estimated that over the next few years the government will need to claw back £41 billion from the people of Surrey alone.
This will be in the form of higher taxes and fewer public services.
This equates to £90,000 per average household.
For above average households the amount will be many times that.
And for some it will even run into the millions.
So anyone who doesn't prepare themselves for the onslaught will suffer very badly at the hands of much higher income tax, VAT, and capital gains tax rates,reductions in state benefits, the continued attack on pensions, the inheritance tax burden, and the very real risk that the austerity measures here and abroad will lead to a double dip recession.
In the face of all those enormous financial challenges the question every tax payer in the UK must now ask themselves every year is this: "Am I 100 percent certain that I am paying the legal minimum amount of tax?" Since to pay more than the legal minimum means you and your family will not be able to afford the standard of living you would otherwise be able to afford, will have to work longer to build up the same retirement fund, and won't be able to pass as much on to your loved ones.
To have any chance in this Tax War, if you have a Tax adviser, you must ask them to confirm every year that you are paying the legal minimum or if not, are you as close as you can get given your personal circumstances.
And if you don't have a tax adviser, or you want a second opinion, talk to a tax specialist who can carry out a review to see what else you need to do to get closer to paying the legal minimum.
There is often something more that can be done with the right advice.
So the best advice has to be don't sell your family short by paying more tax than you legally have to.
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