Business owners face new challenges as Chancellor raises Nations Insurance and Capital Gains Tax
Released On 31st Oct 2024
In one of the most hotly anticipated Autumn Budgets in recent years, the Chancellor announced the Government’s plan to achieve its core aims of stability, investment and change.
However, says Milsted Langdon, support for working people and public services has come at the cost of SMEs, which look set to experience a significant financial squeeze.
Rob Chedzoy, Tax Partner at Milsted Langdon, remarked: “There has been a lot of speculation around this Budget, with many SMEs predicting a tough time as the Government pledged to avoid raising Income Tax and VAT for working people.
“While the Budget placed growth and balance at its core, SMEs – making up 99.9 per cent of UK businesses – are going to struggle.”
