How Will The Budget Impact Your Business?

Michael Michaelson, Business Development Consultant - J9 Advisory

Less than a week on from the most brutal budget in two generations, our esteemed Chancellor (who works under the photograph of the founder of UK Communism Ellen Wilkinson) refuses to rule out future tax rises.

Make no mistake this budget is hugely damaging to business and growth and could have far reaching negative consequences for the economy moving forward.

We have to acknowledge that the country is in an economic mess largely due to the devastating effects of Covid and Brexit together with a crumbling previous government, however that does not negate the unpalatable truth that the ramifications from last Wednesday’s budget will have far reaching consequences for many businesses already struggling to keep going and make a profit.

The rise in the minimum  wage and huge increases in employers NI coupled with reducing the NI threshold to £5,000 presents an unpalatable triple whammy to companies already fighting increased costs and wafer thin margins.

Together with new Inheritance tax implications on pensions, a punitive immediate increase in Stamp Duty on investment properties and a harsh Capital Gains increase there is less and less incentive for entrepreneurs and wealth creators to keep ploughing forward.

When the Cabinet cannot agree on what constitutes a working person, then it is no surprise that this horrendous budget helps and benefits no one.

Some companies will very sadly ultimately be tipped over the edge, unable to survive with the astronomical additional wage increases, but others will need to reorganise and restructure.

J9 Advisory are here to help you today.

We can look at your business with an objective focus and advise on your options, and how you may continue to trade and grow.

We can put a plan in place to maximise value in the business and help you through those sleepless nights by reviewing existing debt, and the possibility of introducing new liquidity.

J9 has solutions that could help you today, to see a brighter future.

Please call Johnny Abraham on 07973 471210 or myself Michael Michaelson on 07973 149336 and allow us to help you through the new minefield that the budget has created.