It’s that time of the year when the Chancellor brings out his big red briefcase and delivers his Budget speech.

There has been much debate on what will be included, here is a brief summary of my predictions:

• The Chancellor has been put under pressure to scrap the 40% tax rate and instead reduce the banding limit of the 45% tax rate down from £150,000 to £62,000. Tax cuts on “middle incomes” are vital for the Conservatives if they want to appeal to new voters. It will certainly be a talking point at the Budget.

• There may be an announcement to help small and medium businesses following a report provided by the Davies Committee in December. I expect to see measures increasing exports and securing investment.

• There should be an announcement on ‘tax-preferred savings accounts’. This was mentioned in 2012 and 2013 so we expect to hear about the new accounts in more detail this year with such accounts being introduced in 2015.

• Surely something must be mentioned on sporting events. There needs to be a relaxation on taxing the worldwide income of top athletes coming to the UK to perform. After the legacy of London 2012 leaving the rules as they are could jeopardise the UK hosting future events.

• Tax avoidance and evasion will continue to be a major focus point of the budget. With the introduction of GAAR how else will the Chancellor propose to curb this?

Finally, did you know that there is a ban on drinking in Parliament? However, this ban is lifted on Budget day!

If you need to know how the Budget affects you or indeed any other area of tax please call Elliott Buss, senior tax manager, on 01633 213318.