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Latest News for Business
With less than six months to go before the UK offi-cially leaves the EU, as a business community, we are still no closer to know-ing the final outcome of the Brexit negotiations. Matters have now reached a pivotal moment and the only thing that does appear to be certain is that large parts of the population of the UK will be unhappy with the outcome, what-ever that may be. It also appears more likely that new political parties or alliances will emerge in the coming months, which makes the future of one party government seem less likely.
As we write this news-letter, the political and diplomatic war of words and action between the UK and Russia continues to escalate following the use of a weapons grade nerve agent in Salisbury. This has at least temporarily diverted attention away from the ongoing negotiations over Brexit, which continue to cause uncertainty in the markets generally. At the same time, we must all continue to run our businesses and plan for the future as best as we can. As a firm, we have been getting to grips with a number of important changes to the way in which we work.
In our last newsletter, we referred to unprecedented economic and political change created by Brexit issues and other world events which have now been made worse by the outcome of the General Election and also the European Union’s hard line attitude to the initial negotiations. The EU appears to be defending the European Project at all costs and is also trying to deter other countries from wanting to leave the EU.
Few of us have ever lived through such a period of both economic and political change and it sometimes seems quite overwhelming. As accountants, we are used to continuous change, but not necessarily so rapidly and Making Tax Digital (see within) will require substantially increased communication and cooperation between accountants and their clients and will truly create a “Brave New World” in tax administration which, at the moment, appears quite scary!
We seem to be living in an extraordinary period of change during which the unexpected and the unusual are becoming the new “normal”. As the Government begins to try to decide what “Brexit” actually means, we face the very real prospect of Donald Trump becoming the most powerful man in the world.
In this issue of our newsletter, we have highlighted the main provisions in last week’s Budget, as well as other key recent changes that we believe are most relevant to the majority of our client base.
Despite our previous predictions for a hung Parliament, we now have a narrow majority Conservative Government and we are already dealing with the consequences of their first Budget in the summer.
Whilst the UK economy continues to show clear signs of improvement, particularly within the construction industry, ongoing political uncertainty both at home and abroad continues to threaten stability.
Just as we all thought the global economy was showing strong signs of recovery, Russia decides to ‘invade’ the Ukraine and send the markets into turmoil!
At long last, all the signs are beginning to suggest the UK economy is moving out of recession and into recovery. Unemployment is down, GDP is up and the pound has begun to strengthen a little against the Euro, although not against the dollar.
The new tax year will shortly commence and will see the final implementation of some very major changes to both taxation and welfare, the effects of which have not yet been fully appreciated.
As the excitement of the Olympics and the success of Team GB begins to fade, and the Paralympics gets underway, we look ahead to some major changes to the way in which employers must operate PAYE and also the taxation of Child Benefit for the first time.
Welcome to the latest edition of our half-yearly newsletter in which we summarise the key changes we believe will be of most interest to you and your business.
The slight optimism we started to see six months ago has all but disappeared due to continuing turbulence within world economic markets and political unrest, both at home and abroad.
Well, it’s official...neither the Government nor the Bank of England expect that we will suffer a double dip recession.
Well, at least we now know the out come of the Emergency Budget in June and how much it is going to cost us all in the years to come.
The year ahead will be a challenging one and we expect in May the country will vote in a General Election.