rises Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/rises/ Chartered Accountants & Business Advisors Sun, 14 Apr 2024 11:08:22 +0000 en-GB hourly 1 https://wordpress.org/?v=6.9.4 https://www.wrloaccountants.co.uk/wp-content/uploads/2018/01/cropped-WRLO-logo-big-32x32.jpg rises Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/rises/ 32 32 Tax cuts may have to be scrapped due to ‘economic bind’, warns IFS https://www.wrloaccountants.co.uk/tax-cuts-may-have-to-be-scrapped-due-to-economic-bind-warns-ifs/ Fri, 02 Feb 2024 09:20:30 +0000 https://www.wrloaccountants.co.uk/?p=3985 Tax cut promises may need to be scrapped as a result of the UK being in an ‘unfortunate economic and fiscal bind’, the Institute for Fiscal Studies (IFS) has warned. The next government is likely to face some of the most difficult economic and fiscal choices the UK has faced outside of pandemics, conflicts and financial crises, according to an IFS report. The IFS said that a combination of high debt interest payments and low expected growth is forecast to make it more difficult to reduce debt as a fraction of national income than in any parliament since at least the 1950s. The think tank also warned that whilst tax rises and cuts for public services are built into current government plans, public services are ‘showing signs of strain‘ and are‘performing less well than they were in 2010’. IFS Director Paul Johnson said: ‘Now more than ever, as a country, we face some big decisions and trade-offs over what we want the state to do and how we’re going to pay for it. Those looking to form the next government should be honest about these trade-offs. ‘If they are promising tax cuts, let’s hear where the spending cuts will fall. […]

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]]> Firms looking to Autumn Statement for help with rising operating costs https://www.wrloaccountants.co.uk/firms-looking-to-autumn-statement-for-help-with-rising-operating-costs/ Mon, 09 Oct 2023 15:27:54 +0000 https://www.wrloaccountants.co.uk/?p=3881 Small firms will look to the upcoming Autumn Statement for signs that the government understands their operating concerns, says the Federation of Small Businesses (FSB). The business group said that UK businesses need urgent action to help stem the issue of late payment. It says that large corporates use late payments to offset interest rate rises by ‘demanding, in practice, free credit from their supply chains‘. The FSB is also urging Chancellor Jeremy Hunt to overhaul the business rates system and has called for an extension of the 75% business rates discount for small and medium-sized enterprises (SMEs) in the retail, hospitality and leisure sectors, as this discount is set to expire in April 2024. It said that these sectors have been‘acutely affected’ by falling confidence levels and economic headwinds. Martin McTague, National Chair of the FSB, said that the recent decision by the Bank of England not to raise interest rates will ‘give firms breathing space’. He continued: ‘[The] unexpectedly large drop in GDP is a sign that the painful interest rate rises we have endured are acting as predicted, and we urge the Bank to allow time for the lag between rate hikes and the full effect on […]

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