The one upside is that a lot of families who thought they were going to lose Child Benefit will still get it as long as neither party earns more than £50,000. If either party earns more than £60,000, it is lost completely and there is a sliding scale between the two figures where it is gradually withdrawn.

Please do e-mail us with your comments or questions on the Budget!

We hope that you find this useful. We believe that putting your information into the Red Envelope as soon as you’ve dealt with it will help you keep your relevant paperwork together and once it is in there, you can forget about it (other than posting the envelope to us of course!).

Please do provide us with feedback as to whether you like the idea and whether the envelopes are of a suitable quality to safely convey your information to us. We will use this feedback to drive any future improvements to the design.

Ideally, you need to write to your existing accountant notifying them of your intention to change accountant and giving them the name of the accountancy firm you are moving to so that they know who they can expect to hear from. This isn’t mandatory and sometimes accountants first hear of the change from the incoming accountant, but it is best to forewarn your accountant. The new accountant will write to your old accountant to ask for clearance (this is a professional obligation which ensures that any matters which the new accountant should be aware of are passed on at this stage). The new accountant will ask for copies of any accounts and tax returns with supporting documentation so that they can properly take over acting for you.

You will need to sign an engagement letter with your new accountant and your new accountant will probably apply online with HM Revenue & Customs to become your agent. You give your approval to this by passing on the code that the Revenue post out to you to your new accountant.

That’s it!