2 Days To Go Until The Autumn Budget

As the UK awaits the first Budget under the Labour government in 15 years, all eyes are on Sir Keir Starmer and his administration. Promising "tough decisions" to prevent austerity and rebuild public services, the Budget is expected to include tax hikes, despite Labour's previous commitment not to raise taxes on working people.

While the specifics of the Budget remain under wraps, speculation centers on an increase in National Insurance contributions (NICs) for employers and an extension of the income tax threshold freeze until 2028. These measures could have a significant impact on workers, as many experts warn that increased NICs often get passed down to employees in the form of reduced wages or fewer job opportunities.

Despite the controversy, Sir Keir has emphasized that these decisions are necessary to avoid the devastating public service cuts seen in previous austerity periods. As he put it, "nobody wants higher taxes, just like nobody wants public spending cuts," but the fiscal reality of the UK's current economic state demands action.

Leading economists agree that without significant tax rises, workers and the broader public will bear the brunt of poor public services and weakened public finances. Critics argue that this Budget will burden working people for years to come through fiscal drag, which pulls more individuals into higher tax brackets due to frozen thresholds.

In a bid to protect essential services and steer the UK away from further economic decline, the Labour government appears poised to ask those with "broader shoulders" to carry a higher tax burden. Whether this Budget will succeed in balancing the books while avoiding austerity remains to be seen, but the stakes are undeniably high.

Lately we have seen a huge rise in the number of clients contacting The Tax Faculty for advise relating to possible Budget changes. Remember any changes made are unlikely to 'happen overnight'. Therefore there is still time for you to gain expert advice relating to the impact of the Budget on your personal tax circumstances. Contact us today for a free consultation.

Capital Gains Tax Expertise: The Tax Faculty LLP Managing Partner Charles Tateson Named UK Capital Gains Tax Advisor of the Year 2023

The Finance Monthly Taxation Awards recognises the achievements of tax professionals from around the globe.

Winning such an award is no small feat. It is a reflection of hard work, extensive knowledge, and an ability to navigate the intricacies of the UK tax system.

Read more about Charles and the award here.

Contact Us

Contact us today on freephone 0800 0016 878 for a free consultation on all tax issues, or fill out the handy form below and we'll get back to you as soon as possible.

Alternatively, you can email us at info@thetaxfaculty.co.uk or complete the form below.

(Please note, non-UK callers may need to call 0207 101 3845 if your line cannot connect to our 0800 number)

Feel free to contact us through WhatsApp - we accept calls and messages.

Simply click the WhatsApp button below: