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A Look Ahead to the Budget
Posted on: 24th Oct 2021 by: CamOuse Financial Management Limited
Chancellor of the Exchequer Rishi Sunak will deliver his second Budget speech of the year on Wednesday October 27th.
Back in March it was widely acknowledged that he faced a difficult task: continuing to deal with the effects of the pandemic, giving at least some indication of how the cost of it might be met – and kickstarting the UK’s economic recovery.
Over the intervening eight months there has certainly been plenty of good news for the UK economy. In the second quarter of the year the UK grew faster than any other country in the G20, with ratings agency Fitch predicting that the economy will grow at 6.6% for the full year.
But, as we all know, there have been plenty of problems as well. Pressures on the supply chain, the threat of energy shortages in the winter and inflation rearing its head again – with many analysts suggesting it could exceed 4% by the end of the year.
You could well argue that Rishi Sunak will face a more difficult task in his October speech than he did in March. There are worrying signs not just in the UK, but also in the US and China. Jobs growth is slowing in America and much of China’s industry has suffered from energy shortages. Meanwhile the price of oil is steadily rising…
So what can we expect on October 27th? Perhaps it is easier to start with what we can’t expect, and that is tax cuts. We have already seen a rise in national insurance – to pay for social care – and the temporary end of the ‘triple lock’ on pensions. Rishi Sunak made several speeches at the recent Conservative Party Conference. One theme ran through all of them: the need to ‘fix the public finances.’
We shouldn’t, therefore, expect more spending: in its pre-Budget analysis the Institute for Fiscal Studies suggested that, while borrowing may be lower than forecast, the Chancellor has ‘little or no scope’ to increase spending.
That said, Rishi Sunak is a Chancellor who likes to be innovative. The March Budget brought us eight new freeports, a renewed commitment to ‘levelling up’ across the whole of the UK, with new town deals from ‘Whitby to Wolverhampton.’
The speech was met with plenty of criticism, with right-wing commentators highlighting ‘the biggest net tax increases for 30 years.’ As we’ve already noted, we will not see tax cuts at the end of October: what we may see though, are more moves – like the ‘super-deduction’ – targeted at business. Boris Johnson’s speech at the Conservative Conference was widely criticised by business leaders: Rishi Sunak may well look to correct that on Wednesday 27th. After all, what ambitious Chancellor doesn’t have his eye on the house next door?
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Lee Pooley
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Lee Pooley
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Jo Kurz
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Lee Pooley
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Matthew Theobald
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Jo Kurz
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Lee Pooley
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Lee Pooley
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L Humphrey
Lee Pooley
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I was extremely pleased with the quality of the service I received when arranging a mortgage as part of a house sale and purchase through CamOuse. Lee and Eve were very easy to contact and always quick to respond. I would definitely recommend their mortgage arrangement services.
G Dewdney
Lee Pooley
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Jo has been extremely helpful and very patient and I will be recommending her highly to other family and friends of mine. I do sincerely appreciate the way Jo handled my issues and also the excellent and very professional way she conducted business. She is an absolute asset to CamOuse.
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Jo Kurz
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CamOuse have been our go-to financial advisers since 2008 and have assisted with numerous mortgages, remortgages, insurances, and general financial advice. Lee Pooley and Eve Nowakowska have been invaluable during this time. We've built up an excellent relationship with both and trust them completely to do what's in our best interests. Both are an absolute pleasure to work with and I cannot recommend them, and by extension CamOuse, enough!
I Murphy
Lee Pooley
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We used the services of CamOuse to help in buying our first home and setting up our mortgage and we were extremely happy with all the advice and help we got. We spoke to Lee mostly, who was really great! Very insightful, very friendly and helpful, very patient and all-round great service. Would happily seek their help again. Many thanks Lee!
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Lee Pooley
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We have been taking mortgage advice from CamOuse for over 20 years and are always impressed by their friendliness and professionalism.
N Amery
Lee Pooley
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Thank you to Matthew and Julie for making a huge difference in my life when I thought I was so stuck and felt there was never going to be a way to move forward.
L Smith
Matthew Theobald
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Understanding the true cost to your business
Pension arrangements must be available for all employees. There are three categories of employee:
Eligible
Aged between 22 and State Pension Age (SPA) with qualifying earnings over the Auto Enrolment earnings trigger
Non-eligible
Entitled
Important Notes
- Eligible jobholders must be auto-enrolled
- Non-eligible jobholders are allowed to be auto-enrolled if they want to
- Entitled workers are entitled to join a pension scheme, but the employer doesn't have to contribute
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Qualifying Earnings lower threshold |
£5,772 |
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Qualifying Earnings upper threshold |
£41,865 |
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Automatic Enrolment earnings trigger |
£10,000 |
Minimum contribution level options:
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8% of Qualifying Earnings of which |
3% is employer's (starting at 1%) |
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9% of Basic Salary of which |
4% is employer's (starting at 2%) |
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8% of Basic Salary of which |
3% is employer's (starting at 1%) |
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(Where basic salary is at least 85% of total earnings) |
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7% of gross earnings of which |
3% is employer's (starting at 1%) |
Pay reference period
Essentially the frequency that the jobholder is paid e.g. monthly, weekly etc. but with reference to the tax month, week etc. therefore it may not be the same as the payroll period.
Deduction and payment of contributions
It is the employer who is responsible to calculate, deduct and pay all contributions to the AE scheme. NOTE – the first and last contributions are likely to be for less than a full pay reference period and should be adjusted accordingly.
Payroll services
It can be seen that it is very important that the payroll system synchronises with the AE scheme otherwise the employer will not be carrying out all requirements and then penalties will be incurred.
Staging date
Based on the employer’s payroll size as at 1 April 2012 and can be found at www.thepensionsregulator.gov.uk/employers using your PAYE reference. The Qualifying Workplace Pension Scheme must be registered with The Pensions Regulator within 4 months of the staging date.
Compliance and communication
Postponement
Auto-Enrolment can be postponed for up to 3 months:
- For current eligible employees
- For workers that meet the criteria in the future for the first time e.g. avoid joining temporary or lower paid workers
Opt-Outs
All eligible employees must be auto-enrolled, but can, with the correct notification, opt-out within one month of joining the scheme and be treated as never having joined. They can opt back in and will automatically be auto-enrolled every 3 years in any case!
Communication
There is a wide range of information that must be provided to all employees at certain times, such as:
- The date auto-enrolment took place for eligible jobholders
- That non-eligible jobholders have the statutory right to opt in
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Salary sacrifice
Contributions can be paid by effectively reducing salary, which saves on NI contributions, but employee must choose to do this – they cannot be forced, so a contractual variation will need to be implemented.
Default investment fund
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All eligible employees will be automatically invested into a default investment fund, which is a balanced risk fund that is “life styled” to account for the employees approach to retirement. They also have the option to invest in a wide range of funds of their choosing.
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