Beware rising taxes and more red tape. Tony Byrne, of Wealth & Tax Management, gives his post-election advice.
Pictured: Tony Byrne.
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Published in association with
AS EXPECTED, Labour won the General Election by a landslide. Of course, none of us can be 100% certain how Labour will govern but I am pretty sure how it will turn out.
Taxes will rise a lot, bureaucracy will increase and Parliament’s powers will be reduced with a focus on devolving government to the regions of the UK.
The key question is how to manage your business under a Labour government. Here is my take on this.
You need to minimise your taxes as much as possible. So maximising your investment in tax-efficient vehicles such as pensions is an absolute must.
Labour has already announced they will increase the minimum wage even though it rose by 10% in April! So the cost of employing people is likely to continue rising inexorably. This means you need to focus on employing low-cost virtual assistants from countries such as the Philippines as well as using Artificial Intelligence as much as possible in your business. This will reduce your staff costs significantly.
If you have an office and a lot of your employees work from home, consider closing the office altogether or getting a cheaper alternative such as a smaller serviced office or even just an accommodation address with mail forwarding.
If you decide to keep your office then reduce the office running costs such as installing solar panels and a solar battery.
Shop around as much as possible to reduce your overheads.
Focus on online marketing, especially social media, and master your CRM system if you haven’t already. This will reduce your marketing costs significantly.
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For advice on how to manage your business under a Labour government, take advantage of a one-hour Discovery Meeting either at our offices or via a video conference call at our expense worth £270 to each of the first three readers who contact us before 31 August 2024. You know it makes sense.
We offer a great cup of coffee too!
Ring us on 01908 523740 or for free on 0800 980 4516 or email wealth@wealthandtax.co.uk and quote AUGUST 2024 OFFER to book your free discovery meeting.
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RISK WARNING The information contained within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction. All information is based on our current understanding of taxation, legislation, regulations and case law in the current tax year. Any levels and bases of relief from taxation are subject to change. Tax treatment is based on individual circumstances and may be subject to change in the future. This article is based on my own observations and opinions.
