New Prime Minister and cabinet – tough decisions ahead!

A new period of this government begins for us all, again! We have a new Prime Minister, Rishi Sunak and a new cabinet facing the toughest economic conditions in decades.

So what actions can we expect from the government in the next few weeks?

Chancellor Jeremy Hunt will outline the UK's tax and spending programme on the 17 November as a full Autumn Statement. This has been delayed for further economic forecasts to be prepared.

Mr Hunt has stated that this new government will set out to ensure UK borrowing falls over the medium term. The “upgrade” to a full Autumn statement also suggests wider spending and taxation policies will be announced. Prime Minister, Rishi Sunak, has warned of “difficult decisions” to be taken to ensure economic stability and confidence.

We will keep you fully informed of any changes in taxation as they occur.

Faced with uncertainty, what actions should a business owner take right now?

Take some time to look at your business’s strengths, weaknesses, opportunities and threats and get a clear understanding of its position in the marketplace, the competition, the systems and the way things are done and the improvements that could be made. Focus on what the business is to look like when it is “complete” or running profitably and successfully. Then you can determine priorities – the big issues that need to be focussed on – then you can make a plan.

It is also a good idea to plan for a range of scenarios “good and bad” so that you can be flexible about the direction your business should take.

Please talk to us about your plans, we can assist with cashflow planning and “what if” scenarios.

Looking for advice? Check out our full range of services. From payroll help to taxation advice, our expert team is available to lend a hand.