Are you feeling the pinch?

At long last the general election has been called for July 4th, we will now enter a period of news coverage, interviews and pledges by the parties until voting begins. However in the meantime businesses and individuals are still navigating the current economic climate.

A couple of years ago, the chancellor told us that the level at which we’d pay Income Tax would be frozen at ￡12,570 until April 2028. On top of that, the tax-free Capital Gains Tax (CGT) allowance has also been cut by over three-quarters reducing it to ￡3,000 for individuals from 6 April 2024. All this will drag more and more individuals into paying additional tax. Read more about what you can do to counter the effect of ‘fiscal drag’ HERE.

However, the good news?is that figures published by the Office for National Statistics on 10 May 2024 show that the UK has officially exited recession and the Bank of England have kept the base rate at 5.25%.Is your business showing signs of strong growth this spring after a turbulent couple of years? Can the Small Business Council help you unlock the potential of your business? Have a read of our blog on Unlocking the potential of the SME.

On Monday 3rd June, we are hosting a bake sale to raise money for our charity of the year Caring Together. You are very welcome to join us in the office from 10:30am to 12:30pm for tea and cake or you can collect some treats to have later at home.?Donations are being taken on Justgiving or cash. If you can't make it but would like to support us, our Justgiving page is HERE?

Best wishes,?

Katie and Lawrence

Resources for individuals and businesses

If your increasing tax bills are worrying you or you would like to chat through your business plan, please call CKLG on 01223 810100