For families and employers, there weren’t any real surprises in George Osbourne’s budget on Wednesday. Here’s a quick recap:
› Corporation tax will be cut by 2% in April, not 1% as previously planned
› The Bank levy will be adjusted so banks do not pay less tax as a result
› 43 tax reliefs will be scrapped as part of simplification of the tax code
› £350m of business regulation will be scrapped
› New rules will require planners to prioritise growth and jobs
› £100m funding for science facilities
› 21 "enterprise zones" will be launched, backed by tax incentives
› The minimum amount you can earn before tax will rise to £8,105 in April 2012
› Petrol duty was reduced by 1p per litre and further yearly increases of 1p will be stopped.
Whilst this year’s budget makes no amendments to the treatment of childcare vouchers, the changes set out in the Chancellor’s 2010 emergency budget are set to take place in less than two weeks so now is the time to act. Check out my previous blog post 'The countdown continues: 14 days left to get maximum benefit from childcare vouchers' for more information.
With changes to child benefit and child tax credits – also announced in the 2010 budget – set to take effect next month as well, childcare vouchers remain the most viable option for saving money on your registered childcare.
If you’d like any further information on the changes due to take effect on 6th April, visit our website.