Budget Does Nothing To Simplify Tax Rules, Leading Accountant Warns

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Responding to the Autumn Budget, Steven Martin, Senior Tax Manager at HWB Chartered Accountants, said:

“I would have liked to see more simplification in the range of tax rates and allowances. Instead, there is more complication, with fine judgements needed about marginal rates when it comes to tax planning."

“The heavy lifting on tax receipts for the government will come from the freezing of personal tax and pension allowance thresholds. With £70 billion in tax-raising measures in this Chancellor’s first two budgets there is little to support growth and business."

“With inflation continuing to be stubborn, assuming people’s salaries keep up with inflation on every pay rise, the government will keep a larger proportion of take-home pay. By April 2028, it is estimated that around 780,000 more people will be paying basic rate tax which starts at £12,570. Nearly a million more will pay the higher rate, starting from £50,270."

“Freezing thresholds risks an inflationary effect because it could drive up wage demands in the workplace to compensate for the extra income tax employees have to pay. Pensioners with no other income will also pay be brought into the tax net as pension income starts to exceed the personal allowance."

“Individuals with investment income in the form of savings, property, and dividend income will also be hit with a 2% increase in the headline rate of Income Tax on their income. The Chancellor also announced that National Insurance relief on pensions contributions will be capped at £2,000. This could be a further disincentive to make provisions for their retirement, so creating an extra burden on the state when the generation, who should be saving now, hits retirement age."

“If you are on the National Living Wage and working full-time with auto-enrolment for a pension, you won’t be affected, but everyone else in the workplace will. Essentially, while the Chancellor has not raised the rate of tax for employees, she has elsewhere by broadening the base of opportunities to collect more."

“On Inheritance Tax, in my view she has corrected an anomaly and made the £1 million business property relief allowance transferable between spouses. This is a move that will be welcomed by many family businesses and farmers."

“Less welcome by business will the reduction in writing down allowances for qualifying plant and machinery from 18% to 14%. A new 40% First Year Allowance for main rate expenditure will lessen the impact, however ultimately this is a tax-raising measure from business."

“Among other tax-related measures, the Chancellor has introduced a further layer of complication, not least on the administration and make-up of ISAs. Our message, as ever, is to take professional advice on the tax aspects of financial planning especially now given the more complex set of applicable rates and allowances.”

For more information, visit here. HWB Chartered Accountants, founded in 1985 and based at Chandler’s Ford, near Southampton, provides business and tax advice.

Responding to the Autumn Budget, Steven Martin, Senior Tax Manager at HWB Chartered Accountants, said:

“I would have liked to see more simplification in the range of tax rates and allowances. Instead, there is more complication, with fine judgements needed about marginal rates when it comes to tax planning."

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lindaandrews071
Jun 6
2 min read

The RHS has named a rose, bred by Harkness Roses, for Her Royal Highness The Princess of Wales, to celebrate the incredible healing power of nature and raise awareness of the important role that spending time outdoors plays in bringing us joy and supporting our mental, physical and spiritual wellbeing.

‘Catherine’s Rose’, a stunning floribunda, has subtle coral-pink blooms, which are produced in abundance, and have a rich perfume with hints of Turkish Delight and mango. With flowers that attract pollinators, Catherine’s Rose will thrive in a mixed border, as a hedge, in a large container or in a rose bed.

Funds from the sale of Catherine’s Rose will go to The Royal Marsden Cancer Charity, to help The Royal Marsden NHS Foundation Trust establish a unique training programme for clinical teams across the country. This specialist pre-habilitation and rehabilitation programme will help to ensure patients who need intensive support live well with, and beyond, cancer.

Clare Matterson, RHS Director General, said:

“As well as supporting the incredible work of The Royal Marsden, Catherine’s Rose will raise awareness of how nature and gardening can help to heal. We know how important this message is as every day we see how accessing nature and being outside is vital for our health and happiness."

“Crucially too, Harkness Roses has done a wonderful job breeding this spectacular rose that is going to bring so much joy to all our nation’s gardeners and keep our precious pollinators buzzing too! It’s a really special rose.”

Philip Harkness, Managing Director, Harkness Roses, said:

“We’re delighted the RHS is naming this stunning floribunda rose for The Princess of Wales, celebrating wellness and nature. It is a privilege for Harkness Roses to work with The Royal Marsden where donations of this beautiful rose will help raise funds for this vital charity.”

Dame Cally Palmer, Chief Executive, The Royal Marsden NHS Foundation Trust, said:

“As a specialist cancer centre, The Royal Marsden’s mission is to ensure every patient has the care and support they need to achieve the best outcome and patient experience."

“Every rose sold will help The Royal Marsden establish a unique training programme for clinical teams across the country in prehabilitation and rehabilitation techniques which make such a difference to patient care."

“We are honoured to have Their Royal Highnesses The Prince and Princess of Wales as Joint Patrons of our specialist cancer centre and we are very grateful to The Princess and the Royal Horticultural Society for setting up this initiative and for the benefit it will bring to cancer patients everywhere.”

The Roses will be available to purchase from today, Friday 9 May, via roses.co.uk and rhsplants.co.uk. Catherine’s Rose will be available by pre-order only and Roses will be delivered in Autumn 2025 as bare root plants. For every plant sold £5 will be donated to The Royal Marsden Cancer Charity.

There will be 15,000 Catherine’s Rose available in 2025. The bare root rose will be £29.99 and potted plant £34.99. Further Catherine’s Roses will be available in Spring and Autumn 2026.

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Budget Does Nothing To Simplify Tax Rules, Leading Accountant Warns

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