Well, folks… where do we even start?
The current economic outlook is, in short, pretty grim. Growth is flatlining, inflation is creeping back up (just in time for your energy bill to go sky-high again), and businesses across the country are pressing pause on investment. Honestly, you can’t blame them.
We’re all just trying to get through it – clients, small business owners, the bloke running your local café. And yet, somehow, HMRC and the government still seem to think now is a great time to squeeze everyone a little harder. Deep breaths…
HMRC’s New Hobby? Chasing You for Money
You may have seen that HMRC has gone on a hiring spree, bringing in hundreds of new staff – not to make your life easier, of course, but to chase unpaid taxes.
This comes off the back of them already stopping automatic tax refunds. Yes, that’s right. You could now be owed a tax refund and unless you manually check and claim it – you won’t get it.
It’s disgraceful, and it opens the door wide for a whole new wave of dodgy “refund recovery” companies charging you to claim back what was already yours.
👀 My advice?
Download the HMRC app.
Check your income and tax info once or twice a year.
And if something doesn’t look right, act on it.
The government already gets enough of our hard-earned cash. Let’s not make it easy for them to keep money that should be in your pocket.
Employer Pensions: Great Idea, Terrible Timing
There are strong rumours that employer pension contributions could increase in the Autumn Budget. Let me be clear – I’m all for improving pensions. It’s sensible. It’s needed.
But right now? It’s scandalous.
We’re in a cost-of-living crisis. Businesses are struggling to stay afloat. Inflation is still eating away at margins. And now they want to increase employment costs? Honestly, it feels like they’re doing everything possible to not support small businesses.
Just remember this nonsense when voting time comes around again, will you?
Mortgage Rates & Interest: A Mixed Bag
The one glimmer of positivity is the rumoured interest rate cuts later this year. That could be great news if you’re thinking of fixing your mortgage – might be a good idea to start having those conversations in the next few months.
But, as always, it’s a double-edged sword.
If you’re a saver, lower interest rates mean your returns take another hit.
So while you’re dodging rising bills and frozen wages, you’ll also earn less on any savings you do manage to stash away. Fabulous.
Unemployment on the Rise
Let’s not forget – unemployment is now the highest it’s been in decades (excluding Covid). That’s no accident. The pressure on employers – especially small ones – is relentless. Higher wages, more red tape, more taxes… it’s pushing many to breaking point.
We’ve seen clients scaling back, freezing hiring, or in some cases, closing up shop altogether. And it’s not because they’re bad businesses – it’s because the environment they’re trying to survive in is broken.
So What Can You Do?
You can’t change the economy (if only!), but you can take small steps to protect yourself:
- Keep on top of your tax data – use the HMRC app and double-check your info
- Talk to us before making any big business decisions or financial moves
- Plan ahead for any policy changes – employer pensions, interest rates, all of it
- And if you’re unsure or overwhelmed? Just give us a ring. We’re here to help.
We’re here to guide you through the chaos, keep you compliant, and help you make smart decisions for your future.
📞 Call us on 01789 773 182
📧 Email [email protected]
Let’s ride this wave together – and keep our heads above water.
