Headline-grabbing announcements in the Budget do little to hide the three brutal truths and the £2.24billion bombshell that will mean excruciating pain for many in Northumberland, according to an Amble accountants.
Nickalls have launched a free 2013 tax minimisation review initiative to help local taxpayers and businesses get to grips with the pain behind the budget.
Launching the new service, Nickalls partner Trish Grahamslaw said: “There are some very welcome headline-grabbing announcements in this Budget.
“But we shouldn’t get carried away since the underlying message is one of three brutal truths.
“The first brutal truth is that public finances are still in a terrible mess.
“In fact, the bombshell is that the people and businesses in Northumberland will be forced to find an extra £2.24billion just to pay back our share of the extra money the Government is now going to borrow over the next five years.
“So for some people the pain is going to be excruciating as the country balances the books with even higher tax bills, lower wage increases and fewer public services and benefits.
“And even if they work hard and manage to avoid all of that, high earners could find the Government taking up to 60p from every extra pound they earn, middle earners could have as much as 65p taken from them, while low earners can lose a staggering 73p once the claw-back of benefits is also taken into account.
“The second brutal truth is that it is businesses and not budgets that offer us the best hope of putting things right by replacing the jobs and wealth lost, and generating the extra taxes needed to pay for everything.
“So the region’s job and wealth-creating businesses need to stand up and be counted by taking urgent action to make it happen.
“The third brutal truth is that the 2013 tax regime is hideously complicated and contains a huge number of pitfalls for the unwary.
“The good news, though, is that it now also allows the really well advised to make some very big tax savings.
“And that’s why we’ve launched our free 2013 tax minimisation review service for businesses and individuals – to make sure no one suffers by paying a single penny more than their fair share of tax.”
Anyone who doesn’t want to pay more tax than they need to can claim a free 2013 tax minimisation review service by calling Trish at Nickalls on 01665 710547.