Election 2015: Manchester accountants hold their breath

Published on May 7, 2015 by Crawfords Accounting

The results of the 2015 General Election will soon become known, and Manchester accountants will be looking to Westminster along with the rest of the nation as the ballots are counted.

But what can we expect from whoever is in power at the end of this week? Well it depends in part on whether one party wins with a clear majority, or whether another coalition is formed.

Until that is decided, the parties’ manifestos provide the indication – and there are some polar opposites from the usual suspects.

For example, both the Conservatives and Labour have pledged no increases to the existing rates of income tax, but those pledges are not equal to one another.

Labour have said they will introduce a new 10p rate of tax, along with reintroducing the 50% rate for people earning over £150,000.

The Conservatives, characteristically, have pledged to increase the threshold for higher-rate taxpayers to £50,000, along with raising the tax-free allowance to £12,500 across the board.

The Lib Dems have also put in place a £12,500 target for the personal allowance, while the Greens want an eye-watering 60% top rate of income tax.

Whatever happens, Manchester accountants will be watching Westminster closely, and will be ready to advise on any outcomes.

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