Weds 13th Mar 2024
The speaker at this morning’s networking breakfast meeting was David Meredith, principal at Busbys Chartered Accountants. David was updating the group on the likely impact to them, as business owners, of the previous week’s spring budget.
The budget ticked many of the boxes of a pre-election Budget, with a headline benefit of a 2% reduction in National Insurance contributions to give the impression that there will be more money in people’s pockets over the coming months. However, the economic situation remains quite unfavourable, and the continuing refusal to increase tax allowances in line with inflation results in one hand taking what the other is giving.
As a result the tax take as a share of GDP continues to rise, with the level at its highest since 1948! In addition, disposable income is still falling, with a turnaround in that metric not expected for another year or two. Sobering times indeed. But Busbys is definitely the place to go to keep your tax worries low.
