Tomorrow will see the Chancellor of the Exchequer, George Osbourne, delivering the second summer budget of his career.

Here Elliott Buss, senior tax manager at Newport’s UHY Hacker Young chartered accountants, outlines the changes (if any) we can expect in what is the Conservatives first solo budget.

It seems like the dust hasn’t had time to settle on the Chancellor’s red briefcase since the announcements of the last budget, but for the second time in his career Mr Osbourne is set for a ‘Summer Budget’ tomorrow.

There is no doubt that the UK’s economy looks dramatically better today than it did at the time of the last interim budget, dubbed ‘the emergency budget’.

Today, growth is picking up, the deficit is slowly decreasing, and, wages are showing signs of strengthening.

Yet, there is little doubt also that the Chancellor will position any new announcements as a means to finally fix public finances, address taxes and make work pay.

In reality you may be forgiven for struggling to spot new announcements when the Chancellor stands at the podium. Regardless, as the first Conservative Chancellor (in a majority goverment) since 1996 to deliver a budget, Mr Osbourne will want to make his mark. So what will that mark be?

Well, on Sunday George Osborne announced that companies will not be obligated to compensate for the imminent £12bn of benefits cuts, the brunt of which are predicted to land squarely on benefits paid in the form of tax credits and housing benefit to working families.

So we can safely assume tomorrow will not see a rise in the minimum wages, but a more traditional Conservative approach of boosting wages via tax cuts.

There is also talk over the potential scrapping of the current inheritance tax threshold. The change is expected to see an end of inheritance tax for properties valued at up to £1m.

Inheritance tax has always been more of a concern for the more affluent. But with the house prises the way they are today, many more could be affected than you might assume.

Currently, inheritance tax is payable at 40 per cent on the value of an estate in excess of the £325,000 tax-free allowance per person. Note that married and civil partners can pass this on to each other. April 2017 will see each parent offered an additional £175,000 allowance. That 'family home allowance' will enable parents to pass property on to their children tax-free after their death.

Changes to IHT would also stand as a fulfilment of a pre-election manifesto promise, which was outlined as being funded by limits applied to the amount of tax relief on pension contributions given to those earning over £150,000 annually.

Those affected by either of the above may also wish to take note of the possible freezing, if not reduction of, the current £11,100 capital gains tax allowance. Unless you are fortunate enough to own a second home or other forms of major assets the likelihood is that changes to capital gains are not going to be a concern. However, those with investments (stocks and shares etc.) may wish to consult with their accountants after Wednesday and confirm where they stand.

Recently the Institute of Directors called upon the Chancellor to merge inheritance tax and capital gains tax to avoid the risk of double taxation. They also called for a raise of the annual investment allowance for businesses to £600,000 from £500,000. It will be interesting to see if Mr Osbourne was paying attention.

One group that will certainly be paying attention on Wednesday, or at least their accountants will be, are those referred to as wealthy ‘non-doms’ or those UK residents whose permanent home is outside of the UK. The Chancellor has already committed himself to increasing the annual tax charges paid by “non-doms” and tackling the abuses to the system that have fuelled headlines and incensed businesses and consumers alike. Wednesday will likely see further details emerge of this £5bn plan to cut tax evasion and aggressive tax avoidance.

There is a well-known saying about people who make assumptions, but I feel safe enough with the above. That said, as with every budget, summer budget and autumn statement, I reserve the right not to predict a politically motivated curveball. Time will tell.