Key Takeaways from the King’s Speech: Financial Insights for Your Business

Discover the financial and tax implications of the King’s Speech for businesses and individuals. Get expert tax advice from Haines Watts Tax Director Nici Goldsmith, who has summarised the key takeaways from the King's Speech. 

The recent King’s Speech outlined a comprehensive legislative agenda aimed at fostering economic growth and improving living standards across the UK. Here are the key takeaways, with a focus on the financial and tax implications for businesses and individuals.

1. Kickstart Economic Growth The government is introducing a Bill to strengthen the Office of Budget Responsibility, ensuring fiscal announcements are scrutinized and taxpayers’ money is respected. This move aims to stabilize public finances and avoid economic chaos.

For businesses, this means a more predictable economic environment. Speak to our experts about tax planning.

2. Get Britain Building Planning reforms will accelerate the delivery of housing and infrastructure, supporting sustained economic growth. This could lead to increased opportunities in the construction sector and related industries.

Businesses should prepare for potential changes in property taxes and investment incentives. Speak to our experts regarding your tax planning queries, we can offer advice on the best ways to plan your tax, future growth or exit strategies.

3. Make Work Pay The Employment Rights Bill will ban exploitative zero-hours contracts and ensure a genuine living wage. Businesses will need to review their employment practices and payroll systems to comply with new regulations.

 This is a crucial area where professional advice can ensure compliance and optimize payroll management.  Contact us today for a payroll outsourcing quote, we can take the headache out of keeping up with all the latest legislative changes.

4. Hand Back Power to Communities New legislation will empower local leaders with tools to drive growth. This decentralization could lead to varied tax policies and incentives across regions.

Businesses should stay informed about local tax changes and opportunities for regional investments.

5. Provide Better Transport Reforms in rail franchising and public ownership of train operators aim to improve the transport system. Enhanced transport infrastructure can boost business operations and logistics.

6. Make Britain a Clean Energy Superpower The establishment of Great British Energy and investment in clean energy infrastructure will create jobs and boost energy security.

Businesses in the energy sector should prepare for new opportunities and regulatory changes. Tax incentives for sustainable practices may also be on the horizon.

Involved in improving processes, bringing new products or services to market, increasing efficiencies or solving problems for customers? Have you considered R&D Tax relief? You may be surprised to find out the wide range of R&D qualifying expenditure that is eligible for R&D Tax credits. 

Want to know whether your work would qualify for R&D Tax relief? A quick chat to our expert Jay Bhatty will clarify matters. Contact us today.

7. Strengthen Our Border Modernizing the asylum and immigration system with a new Border Security Command aims to tackle human trafficking and improve border security.

 Businesses should be aware of potential changes in immigration policies that could affect workforce planning and compliance.

8. Take Back Our Streets New laws will strengthen community policing and improve public safety. Enhanced security measures can impact business operations, particularly in sectors like retail and hospitality.

Understanding the financial implications of these changes is essential for strategic planning.

9. Break Down Barriers to Opportunity Raising educational standards and promoting equal pay are key focuses.

Businesses should prepare for changes in apprenticeship levies and equal pay legislation. Investing in workforce development and compliance with new regulations will be crucial.  Individuals with children in private school will be paying VAT, to help pay for 6,500 new teachers.  Please speak to us is you require any assistance with outsourcing your payroll as we can keep you up to date on any changes in payroll administration and legislation. 

Our VAT expert, Associate Director Julie Green, can assist with any VAT queries or advice required. You can read more in Julie’s article on the topic here.

10. Improve the NHS The government plans to reduce NHS waiting times and focus on preventive care. Improved healthcare services can lead to a healthier workforce, reducing absenteeism and boosting productivity.

Almost more interesting than what was said, was what was not in the speech, such as the tax changes, which need to be reviewed by the OBR.  That will mean that the earliest the Budget can be is 13 September, which is when the real changes that affect you financially will be introduced.

Navigating any legislative changes can be complex. Haines Watts is here to help you understand the financial and tax implications for your business.

Haines Watts focus exclusively on owner managed businesses and work with over 30,000 of them around the UK, across many sectors. Why not read some of our client stories to find out the types of companies we work with? All of our partners are owner managers themselves, so they understand not just the numbers but business issues that you face. Looking for an accountant to partner with. contact us today for expert advice and ensure you’re prepared for the changes ahead. 

Should you wish to explore how Haines Watts can contribute to your success, we invite you to reach out. Let’s start a dialogue today.

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