HSBC’s Senior UK Economist Liz Martins shared an optimistic message with business leaders. "There will always be challenges, but things are looking up," she said.
What does Labour election victory mean for your financial plans? There may be potential changes to tax and allowances but a good financial plan will be well-placed to adapt.
VAT is notoriously complex, and many businesses struggle to pay the correct amount. Charities, in particular, face even greater challenges, often making costly errors or missing out on benefits that could support their mission. It’s crucial for charitable organisations to understand VAT to avoid these common mistakes and make the most of their funds.
With a challenging economic backdrop of ever-increasing business costs, higher interest rates, constraints in attracting and retaining talent, supply chain challenges, fluctuating exchange rates and cash flow concerns, many businesses are understandably concerned about the impact this will have on their ability to grow and innovate.
As many charities are faced with increased costs and reduced income, trustees must be vigilant in ensuring that their organisation is in a sound financial position to achieve its goals. If this is not the case, there are steps that should be taken to minimise damage to all interested parties.
It has been said many times that planning ahead is necessary to prevent unwanted tax liabilities arising, and this is especially true when it comes to gifting land, particularly if there is a change of use.