Tough Decisions Ahead!
A new period of this government begins again! Prime Minister, Rishi Sunak and new cabinet face the toughest economic conditions in decades. What actions can we expect from the government in the next few weeks?
Chancellor Jeremy Hunt will outline the UK’s tax and spending programme on 17 November as a full Autumn Statement. This has been delayed for further economic forecasts to be prepared. Mr Hunt stated that this new government will set out to ensure UK borrowing falls over the medium term. The ‘upgrade’ to a full Autumn statement also suggests wider spending and taxation policies will be announced. Prime Minister, Rishi Sunak, has warned of ‘difficult decisions’ to be taken to ensure economic stability and confidence. We will keep you fully informed of any changes in taxation as they occur.
Faced with uncertainty, what should a business owner do?
Take time to look at business strengths, weaknesses, opportunities and threats. Get a clear understanding of position in marketplace, competition, systems and the way things are done and improvements that could be made. Focus on what the business is to look like when running profitably, then determine priorities and issues to be focused on and make a plan. It’s also a good idea to plan for a range of scenarios, good and bad, so you can be flexible about the direction your business should take. See also our blog on using Scenario Planning to protect your business.
Get familiar with the tax rates
At LHP we are now publishing a downloadable budget booklet on latest tax measures. Watch this space.
Let’s Talk
Talk to us about your plans, we can assist with cash flow planning and what if scenarios. Get in touch with our team here at LHP on Let’s Talk.
