As a business owner, it's essential that you stay informed and remain proactive following the recent change in Government.
Snapshot Summary
It is important to ensure that your business is prepared for the upcoming Autumn Budget. In this article we outline four key actions such as consulting with HR advisers to ensure compliance with new employment regulations, staying informed on the latest tax developments, and preparing for potential tax changes that may be announced in the Autumn Budget. Additionally, conducting a strategic tax review is recommended to capitalise on current tax rates before potential increases.
This article outlines four key actions you should be prioritising to ensure your business remains compliant and prepared for the upcoming changes.
Consult your HR adviser and stay compliant Ensuring compliance with new HR regulations is crucial. There will be various new rules coming from the Employment Rights Bill which includes banning zero-hour contracts and introducing various new workers’ rights that were promised ahead of the election. Along with reformed employment rights, the national minimum wage will also be raised to what the government calls a "genuine living wage".
Stay updated on the latest tax news Keeping up with the latest developments is vital to ensure you're ready to act on any changes. The upcoming Autumn Budget on 30th October will be the first event that will provide insights as to what direction tax policy will take under the Labour administration. To help you navigate these changes, we're hosting a free rapid reaction webinar at 4 pm on Budget Day - 30th October. Register to hear our consultants distil the announcements down to the key points you need to know and how they will affect you and your business.
Prepare for potential tax changes On July 29, Chancellor Rachel Reeves announced that the autumn budget on October 30 will involve tough decisions on spending, welfare, and tax to address a £22 billion overspend. She confirmed no increases to national insurance, VAT, or income tax but there is widespread speculation of possible rises in capital gains, inheritance, stamp duty, fuel duty, council tax, and business rates, as well as reduced pension tax relief. It has already been confirmed that VAT on private school fees will be charged from January 1, 2025.
Are you concerned about how the Autumn Budget could affect your business? There are various areas where you could potentially be at risk from the tax changes in the upcoming Autumn Budget. We can assist with mitigating the impact of this. Fill out our questionnaire to see which areas we recommend you look at ahead of the 30th of October:
Conduct a strategic tax review As it is widely speculated that there will be significant tax changes announced in the Autumn Budget, we recommend that business owners review their situation and see if there are opportunities with the current tax rates. If you are wanting to implement a transaction we recommend doing so very quickly, especially where there may be HMRC clearance required. Please don’t hesitate to get in touch with us if you need any advice on this. We're here to offer guidance and ensure you make informed decisions in a timely manner.
Staying informed and prepared is essential for your business. By consulting with experts, staying updated on policy changes, and proactively reviewing your tax strategy, you can navigate these changes confidently.
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For more information on how we can help you and your business, please contact us via email or phone and we will be happy to advise on the best solutions for your business.
Please note: This article is provided for information only and was correct as at time of writing (29/08/24). Any lists and details provided above are not exhaustive and are not intended to be full and complete guidance. No action should be taken without consulting detailed legislation or seeking independent professional advice. Therefore, no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this article can be accepted.
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