Neil dives into the upcoming UK budget, offering insights and analysis relevant to small business owners, tutors, and educators. With a critical eye on the current Labour government's policies, Neil discusses potential tax changes that could impact employers, employees, and entrepreneurs alike. He predicts increases in national insurance contributions, changes to stamp duty on second homes, and possible hikes in capital gains and inheritance taxes. Throughout the episode, Neil emphasises the importance of understanding the evolving tax landscape and encourages listeners to prepare for the financial implications of these changes. As always, he aims to provide practical advice and provoke thought, inviting listeners to share their own opinions and reactions.
KEY TAKEAWAYS
Budget Predictions: The upcoming budget is expected to have a strong anti-business sentiment, potentially leading to increased employers' national insurance contributions, which could push businesses towards automation and result in job losses.
Impact on Working People: While the government may freeze employees' national insurance contributions to appear supportive of working people, they might lower the threshold for contributions, affecting lower-paid workers.
Increased Taxes on Investments: There are predictions of hikes in stamp duty for second homes and investment properties, as well as potential increases in capital gains tax, which could rise significantly from the current flat rate.
Pension Taxation Changes: The government may impose higher taxes on pension withdrawals and could change the status of pension funds in estates, making them subject to inheritance tax, which would affect business owners and entrepreneurs.
Excise Duties on Alcohol and Tobacco: A rise in duties on alcohol and tobacco products is anticipated, continuing the trend of increasing taxes on pleasurable goods, which could lead to higher costs for consumers.
BEST MOMENTS
"We all operate within the tax system, and frankly, we're bloody fools if we try and opt out of it."
"Labour's promise to protect working people means that there'll be a strong anti-business vibe to the budget."
"I think we can expect this hike to be jacked up even more, or brought forward, or possibly both."
"If you drink, you can expect a small rise in the cost of your pleasures."
"Labour have already signalled they're going to raid the pensions of anyone who's trying to provide for their retirement."
VALUABLE RESOURCES
HOST BIO
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!