What will a new Government mean for you and your business?

Taxation 

Labour’s manifesto promises not to increase Income Tax, National Insurance, VAT rates and the main rate of corporation tax. 

The manifesto is surprisingly light on firm tax commitments, so speculation on future changes will continue until further details are provided, most likely in an additional budget or fiscal announcement.  

In terms of what we know, the manifesto contains the following proposals: 

Whether Labour will make other changes remains unclear, and it should be noted that change can bring both pitfalls and opportunities.  

We will be keeping a close eye on future announcements and update you, so you remain well informed.  

For now, we wouldn’t recommend that you make drastic changes to avoid a problem that may or may not arise as a result of a future event. Although tax is one factor to consider, we recommend you ensure any changes meet your overall business objectives and we’d always caution against making changes simply because tax rules may change in the future. 

Employment law 

In the run up to the General Election, the Labour Party had been working on a set of proposed reforms to employment law, and while many of the fine details are missing, there are several key changes which represent a radical shift from current practices for employers.  

These changes include proposals to provide unfair dismissal rights and statutory sick pay from day one of employment and the effective banning of zero-hours contracts.  

The manifesto contains the following proposals: 

Note that the above are currently just proposals, and you should wait for further details to be published and digested to understand how your business may be affected. If you believe your business will need further assistance in this area, TaxAssist can refer you to Employmentor, who offer a specialist employment law service. 

Business regulation proposals 

Landlords 

Labour gave advance notice that they plan an ‘overhaul’ of regulation of the private rented sector but again, until the fine detail is published, landlords and tenants will need to wait for further specifics to be available.  

Many landlords will be keen to understand the proposed timeline of change and for the Government to ensure reasonable time is provided to adapt to any changes. 

It should be noted that all the main parties had committed to ending section 21, so called no-fault evictions. What matters to landlords is that the new regime is fair to both renters and landlords and balances the rights and obligations of both parties. 

The manifesto contains the following proposals: 

How TaxAssist Accountants can help 

If you are not sure how the General Election affects you, speak to your accountant today. Call our friendly team on 01494 778900 or use our online contact form and we’ll call you back. 

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Last updated: 11th September 2024