Can you describe how much extra tax you are now paying due to the massive tax rises introduced by this Labour government?
Personal tax threshold held.
Higher allowance threshold held.
EV now has to pay VED.
Increase in CGT.
Upcoming change to salary sacrifice for my pension.
That equates to numbers in the 1000s for me personally. On top of that i'll have to likely deal with the inheritance tax changes and private school VAT in the near future. We'll have to deal with the freeze to fuel duty being removed and the cut reversed when that starts.
From a business point of view we're also having to deal with the repeat minimum wage increase, increases to our NI contributions and lower thresholds, business rate increases, removal of reliefs to our CGT, increases to VED across all of our fleet.
This is looking like 100s of thousands, if not more, for the business, primarily due to the insane business rate changes and the salary/NI impacts. Our FD is still working through the scenarios but the salary and NI increases alone have already been substantial.
If you don't think other businesses are passing those increased costs on to us then you're incredibly naïve, so hitting me in the pocket there too.