Queen’s Speech 2015
The Queen has announced the new government’s legislative plans in a speech detailing a total of 26 bills. Whilst all will be of interest to the UK’s citizens, there are a few of particular interest to business people, and accountants.
There is an “Enterprise Bill” which aims to reduce red tape and regulation for British businesses: something we have heard before so it will be interesting to see whether this government can produce positive results. In addition this bill will look at the appeals process for business rates, and also introduce a service aimed at settling disputes between small and large businesses, especially disputes about late payments.
Of particular interest to Victoria Bishop, robinson+co’s Tax Partner, is the “National Insurance Contributions and Finance Bill” which is aimed at keeping the various tax related pledges made by the government in the election campaign, such as:
• No increase to income tax, VAT or national insurance
• Ensuring no one working 30 hours on the national minimum wage pays any income tax
• Increasing the personal allowance to £12,500
“I expect further details about these matters in the Summer Budget on 8 July,” says Victoria, “and I will of course be commenting on matters as soon as possible after the Chancellor has spoken on this day.”
Other matters that may be of interest include – inter alia: bills establishing further rules regarding strikes called by trade unions; making it possible to seize the earnings of illegal immigrants as they will be “proceeds of crime”; making it an offence to hire abroad unless the job has first been advertised in the UK; creating 2 million new jobs and 3 million new apprenticeships; increasing state funded childcare to 30 hours per week for 38 weeks of the year; and making it easier for charities to undertake social investments.