HEADER


auTuMN BuDgeT 2020: pReDICTIONS Chartered Accountants


& Registered Auditors +44 (0) 28 90325050 | www.muldoon-accountants.co.uk


With the autumn Budget fast approaching, possibly as early as October 2020, the uK government is under increasing pressure to raise money in order to pay off their rising debt, resulting from the COvID-19 pandemic.


The impact of COvID-19 has caused the uK’s gDp to contract 20.4% between april and June this year; resulting in the uK officially entering its first recession in eleven years on 12 august.


Below are some predictions for the autumn 2020 Budget being discussed in the press in recent weeks:


Income tax increases Despite a pledge in January 2020 that they would ‘not raise rates of income tax, national insurance or vaT’, it is rumoured that tax bands may be reviewed. HMRC have released


statistics that a 1% increase in the basic rate of income tax from 20% to 21% could raise £4.7bn, while increasing the higher rate from 40% to 41% could raise £1bn.


Corporation tax increases There are also rumours of changes to corporation tax to help balance the public finances. Corporation tax could be increased from 19% to 24%.


This would raise approximately £12bn next year, rising to £17bn two years later.


However, the Chancellor will need to ensure that SMes are not hit too hard as they are vital in ensuring the economy recovers.


Pension tax relief changes Tax changes on pensions are expected to be announced. The


Daily dry eye routine T


here are millions who suffer with dry eye disease every day and they know how painful,


uncomfortable and inconvenient it can be. Whilst there is no cure, it’s quite easy to control by following the Clinitas® eye Care Regime to help reduce the symptoms.


1. HEAT Heating of the eyelids - do this by using the Clinitas® eye Compress. This will allow the meibomian oil to gently soften and become liquid again.


2. MASSAGE & CLEANSE It is important to correctly massage and cleanse the melted oil from the glands in the eyelid that has been softened by the gentle heat generated by the Clinitas® eye Compress.


3. LUBRICATE after cleaning regime lubricate on a regular basis with Clinitas® Soothe eye Drops. These drops offer soothing, lasting relief and are preservative free and contact lens friendly. They are


30 - pHaRMaCy IN FOCuS


available in packs of single use vials or multi-dose bottle format.


Clinitas® Range


Clinitas® eye Compress is a reusable compress which is warmed up in a microwave to provide moist heat to the eyes. The compress fabric uses SterileyesÆ, which is bound permanently to the fibres of the fabric to provide effective antibacterial protection against potentially harmful bacteria. It is proven to kill 99.9% of bacteria.


Clinitas® Soothe Eye Drops


containing sodium hyaluronate, offer soothing, long-lasting dry eye relief in BOTH resealable individual droppers and multidose soft dropper formats.


New Clinitas® 0.2% sodium hyaluronate is also available for mild to moderate dry eye and is an addition to Clinitas Soothe® 0.4% sodium hyaluronate for moderate and severe dry eye. all Clinitas® eye drops are preservative free and contact lens friendly.


Clinitas Hydrate® Clinitas Hydrate® is an overnight liquid gel, containing 0.2% Carbomer. It is an easy-to-use liquid gel drop for everyday ocular use.


Trade contact all products are available to order directly from wholesalers including aaH & enterprise, Numark & phoenix and Sigma.


Support, promotion materials and samples are available on request.


current triple lock on state pensions, which guarantees they rise at least as much as wages or inflation, could be suspended.


It is also rumoured that there could be a potential cut to pension tax relief, changing this to a flat rate for all taxpayers, rather than at 20% or 40% for higher earners.


Capital gains tax increases Capital gains tax could be on the rise to be in line with income tax rates.


This means that profits from selling assets would increase from 10% to 20% for basic rate taxpayers, and from 20% to 40% or 45% for higher and additional rate taxpayers.


National insurance increases The self-employed could see a rise in their national insurance contributions, with reports that the Chancellor is


considering increasing Class 4 national insurance from 9% to 12%.


This rise is to bring self-employed national insurance contributions in line with the rate paid by employees.


If there is anything in this article that affects you or somebody you know, please speak to Steven McVitty for independent professional advice.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48