Post budget client event

The first Budget under the new Labour Government, delivered at the end of October, has certainly given business owners much to consider. On November 27th, Heritage Financial Consultancy and Gooding Accounts hosted a thought-provoking morning with speakers from St. James's Place and Goughs Solicitors, focusing on financial planning for the future and the impact of recent changes in employment law on small businesses.

Simon Martin, Chartered Financial Planner from Tax and Technical at St. James's Place, highlighted the growing importance of planning for the future, particularly in light of proposed upcoming changes to Inheritance Tax. From 2027, pension savings that were previously exempt will now be included in the Inheritance Tax allowance. He also discussed the freeze on the Inheritance Tax allowance until 2030, which is expected to result in more individuals being affected by the tax in the coming years. Simon encouraged attendees to rethink how they might utilise their pensions in retirement as these changes take effect.

Rebecca Dennis, Head of Employment Law at Goughs Solicitors, addressed key updates in employment law and their implications for small businesses. These included the extension of the right to claim unfair dismissal from day one of employment, the requirement for all businesses to provide sexual harassment training for employees, and the need for regulated probationary periods. There’s certainly much for business owners to plan for in the coming months.

If you were unable to attend, you can download the presentation by Simon Martin, Chartered Financial Planner, below. Should you have any further questions, please don’t hesitate to get in touch – we’re here to help guide you through these changes.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is generally dependent on individual circumstances.