Interim CFO. Tax economics, PE finance, and motorsport and boats
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Mark Hendy retweeted
The top comment on the BBC's budget coverage. The government hasn't woken up to how far the dial has shifted.
Mark Hendy retweeted
What sort of country gives loads of its people's money to other countries, then pleads poverty to its people and taxes them into oblivion?
This one 🇬🇧
Mark Hendy retweeted
The hidden tax measure in the Budget is huge for people paying tax under self-assessment - sole traders, partners, landlords, retired investors.
For 6th April 2028-29, you currently pay 50% of your income tax late in the tax year in question (in January 2029), 50% just after the year end (in July 2029) with any make-up payment in January 2030.
Under the new proposals you will pay your tax perhaps monthly or quarterly (TBC) from April 2029 onwards. A rough analysis suggests the impact is to draw about 50% of your tax bill forward, a huge cashflow boost to HMRC and a significant funding issue for the self-employed.
The Treasury recognises this, and expects to raise £1.3bn of additional tax in 29/30 as a result of this change.
The cashflow impact of the accelerated charge will send some businesses to the wall.
Mark Hendy retweeted
The Founders Relief conditions are like saying it's open to all people above 8ft in height who can crawl through a hose pipe. Labour are completely clueless about business. Incentives are supposed to be achievable.
I'm working on a transaction at the moment. Privately owned target to Private Equity. It won't qualify for the "Founders Relief" because the qualifying criterior (under consultation) are so narrow. I can't see many private businesses qualifying TBH
HM Treasury published the Founders' Relief technical consultation today, and the rules are much tighter than old Entrepreneurs' Relief. I checked the consultation document and the Budget tax overview on GOV.UK
The founder must:
have held at least 25% of the shares when the company started trading, or started preparing to trade, have held the shares for at least 5 years before selling, and have been UK resident for 5 tax years in a row before the sale.
The company must:
be a trading company or the holding company of a trading group, with no EIS-style excluded trades such as land dealing, financial services or property development, still be running the trade it was set up for,
have a substantial UK presence for the 5 accounting periods before the sale, and have had at least £10m turnover and at least 15 full-time staff in the year before the sale. Directors, contractors and agency workers don't count towards the 15.
It must also pass two of these three tests:
turnover growing 25% a year on average over three years in a row, from a £10m base, full-time headcount growing 25% a year over three years in a row, from a base of 15, and at least £1.5m of R&D spend claimed under R&D tax relief in the three years before the sale.
Budget in three numbers: headroom cut from £23.6bn to £15bn, debt interest up £14bn this year, growth next year cut from 1.6% to 1.0%.
This is a spending-control problem, not a revenue problem.
The model flatters; cash tells the truth.
The 30yr bond yield at 11:45, before todays budget is trading at 5.749%, well above the Truss peak of 5.1% Lets see how the markets like this coming budget.
Mark Hendy retweeted
Let me remove my economist hat for a second and make a comment which, speaking as an ordinary citizen in a personal capacity, might capture a lot of the frustration the British public has with this generation of policymakers.
How can it be that a new government with a £1.3 TRILLION budget (40% of GDP) sees ‘doing no harm’ as a good outcome for its first Budget when people are being told to stockpile three days’ worth of water and food in case of an emergency?
£1.3 TRILLION to spend this year, likely rising to north of £1.5 TRILLION by 2030, and the government argues it does not have the resources to take the necessary bold measures on energy security, defence and AI.
None of this is even remotely serious.
#Budget #Budget2026
@JohnHealey_MP @RobertJenrick @afneil @KemiBadenoch
Eye-catching policy tweaks will make headlines, but financial markets are likely to look through the noise and focus on three issues at today’s Budget:
1. Borrowing costs: UK benchmark interest rates are too high, crowding out private economic activity, and are caused by years of inflationary fiscal and regulatory policies. A good Budget would be one that allows markets to reduce the “moron premium” priced into UK debt.
2. Inflation impulses: The government’s planned deficit reduction should be disinflationary over the medium term. But any near-term giveaways to ease cost-of-living pressures that are not offset within this fiscal year would add to short-term inflation pressures, keeping benchmark rates elevated and heaping pressure on the Bank of England to tighten.
3. Issuance: Headroom above £15bn should draw a decent market reaction, and £20bn better still. But how much debt is issued around the rules matters more. “Your First Home” equity loans buy a financial asset, but require debt issuance to fund them in the first instance. Will Healey use this trick to finance other initiatives too? If gilt markets see heavy issuance on the horizon, even a positive surprise on the headroom number could see yields rise.
#healey #Budget #Budget2026
Mark Hendy retweeted
In 1990, 1.7 million British people paid the 40% rate of income tax.
By 2027, almost 9 million are projected to pay higher or additional rates.
From roughly 1 in 15 income taxpayers to more than 1 in 5.
On Budget Day, it’s worth remembering that higher-rate tax has become an increasingly ordinary tax on aspiration.
Britain needs lower taxes & less government in our lives.
Settling with the liquidator closes the company's claim on your overdrawn loan account. It doesn't close HMRC's.
Fullerton: £742k treated as written off, taxed as dividend income, plus a careless penalty.
Directors, read this before you sign. tanous.co.uk/2026/10/28/full…
![Fullerton [2026] UKFTT 1479: a liquidator settlement still cannot manufacture a clean write-off of...](https://pbs.twimg.com/card_img/2115369810020151296/KXQOpKS6?format=jpg&name=800x419)
Mark Hendy retweeted
Today's balancing costs are already over £20 million
That's staggering
Wind is forecast to drop off this afternoon so the costs should normalise later, but with this much so early it's going to be another expensive day
Still don't understand why @neso_energy doesn't curtail the wind before the DA auction so gas can self-dispatch at lower cost and there would be no need to reverse interconnector trades
Plus for goodness sake ditch Connect and Manage so we don't make this any worse
@Miatsf @mgshanks @AndrewBowie_MP @ClaireCoutinho @harrietc @ColinMoynihanUK @drlukeevans @ashley7fox @TiceRichard @cmackinlay @DavidGHFrost @mattwridley @Iromg @AllisonPearson @MerrynSW @EdConwaySky @afneil @mattotele @jonathan_leake @julietsamuel @energygovuk
Mark Hendy retweeted
this is f*cking insane...
a guy reverse-engineered his Ray-Ban Meta glasses with Opus 5.5 and turned them into JARVIS for the race track
it reads the track in real time, draws the racing line on the asphalt and tells him when to brake, turn in and counter-steer
his lap: 1:52.4 → 1:47.1. minus 5.3 seconds in one session
here's how it works step by step:
step 1 → the glasses stream what he sees to his phone, 30 frames a second
step 2 → a vision model finds the asphalt, the curbs and the next corner in every frame, even with his head shaking
step 3 → Opus 5.5 plans the racing line: outside → apex → outside, and paints it right on the road
step 4 → green = full throttle. red = braking zone. orange = you're in the corner
step 5 → before every turn: "BRAKE · 80 m", countdown, then "turn in", then "apex"
step 6 → when the rear slides, it shows the drift angle and which way to counter-steer
step 7 → the voice in his ear: "brake… now", "hold the apex", "full throttle"
step 8 → a mini-map in the corner compares his line with the ideal one and shows the lap delta live
under the hood:
→ no cloud, everything runs on the phone
→ if it loses the road, the line fades out instead of lying to you
→ every lap is saved, so it learns where you lose time
F1 teams pay millions for a race engineer. he made one out of sunglasses
REA is pure f*cking treasure right now
it lets your AI agent reverse engineer any app, down to the binary
Opus 5.5 reads how a feature works, then rebuilds its own version from scratch
but one wrong number can pass every check
in this article :
Readers added context they thought people might want to know
Ray-Ban Meta glasses have no display/AR for road overlays; video is rendered visualization. Poster's follow-up shares hypothetical prompt using ~5 fps video call to computer, not claimed 30 fps on-phone real-time.
x.com/N01ennn/status…
meta.com/ai-glasses/ray…
vrarwiki.com/wiki/Ray-Ban_M…
Mark Hendy retweeted
Don’t worry darlings, I’ll be shoving a marmalade-lubed gherkin up @JohnHealey_MP ass later today - that’ll stop him speaking for a bit
Mark Hendy retweeted
Is today going to be a record day for balancing costs? Highest ever was £52 million a couple of weeks ago
Today £42 million and counting
Mark Hendy retweeted
And they wonder why we call them communists.
Abolish the government.
