Saffery host Budget Breakfast Seminar at the Vitality Stadium in Bournemouth

Saffery host Budget Breakfast Seminar at the Vitality Stadium in Bournemouth

Saffery hosted their much-anticipated Budget Breakfast Seminar at AFC Bournemouth’s Vitality stadium.

Chancellor Rachel Reeves used Labour’s first Budget in over 14 years to announce several key tax changes.

The Budget subtitled ‘Fixing the Foundations to Deliver Change’, aims to raise around £40 billion in additional revenue for the government, while aiming to support working people by not increasing the basic, higher or additional rates of income tax, National Insurance contributions (NICs) or VAT. This means, therefore, that the largest tax increases have fallen on the shoulders of businesses – the lion’s share of this amount is expected to be raised with the increase in rate of employer NICs to 15% and the cut in the Secondary Threshold to £5,000.

Partner Roger Wareham opened the event, welcoming the packed room of attendees representing a diverse mix of businesses and professionals from across the area. Presentations were made, informing the engaged audience about the budget announcements and the impact of these around:

·      Personal tax

·      Business tax

·      Corporate tax

·      Tax admin

Saffery Partner, Roger Wareham advised, “It’s great to be able to digest the budget overnight and to be able to support our clients straight away.  We find an in-person event allows those attending to ask questions on items pertinent to their situation.”

Stuart Jack, Finance Director at Bryanston School, commenting on the announcement that VAT will be charged on private school fees from 1^st January 2025 said, “We strongly oppose the recent UK Budget policies targeting the independent school sector. The introduction of VAT on school fees will significantly impact families, educational access and local economies. To support Bryanston families in managing this additional 20% VAT, we have planned ahead and will reduce fees accordingly. While this requires challenging adjustments as a business, we are committed to standing by our families and, most importantly, our pupils.”

Paul Kinvig, Bournemouth Town Centre BID Manager advised, “My overall impression is that it’s a long-term project but with short- and medium-term pain to be experienced because of the N.I contributions.  The danger is that we won’t see an increase in the number of jobs available and potential new positions might be put on hold. There are significant cost pressures on SME’s who are already finding it tough.”