
🌹 Labour’s Budget Plans – Rumours – DAY 6 PART 2 🌹
We’ve plainly already seen proposed changes to VAT being charged on school fees, a potential new non-dom tax regime (albeit this seems like it might be rowed back on, and it is looking like they’ll be taxation of carried interest (mainly affecting Private Equity firms) so I have not covered these here.
Nor have I covered anything around green energy, fuel duty, or the usual taxes on “staples” such as tobacco and alcohol products.
With this level of uncertainty and speculation, it is always unnerving. This type of change is outside of our control – the macro factors to our financial lives.
It is important to remember, however, that change is constant and inevitable – to your aspirations, your personal or financial circumstances, your family’s circumstances, legislation, taxes, the economic outlook, etc.
It’s what makes pro-active planning so important, to ensure you are aware of all the changes and what you need to do about them.
Also realising we all have blind spots, stuff you can’t see or just aren’t aware of – you don’t know what you don’t know.
Financial decisions can send ripples through our lives, whilst many of the choices we make in life can have real financial implications – our financial life and our personal life are inextricably linked.
That’s why we need Financial Life Planning – because every good plan is a financial life plan.
If you want to take control and get real clarity around how your life and finances interact now and into the future, then please reach out to us here at Suitable Life.
Please call 01202 287 990 or email hello@suitablelife.co.uk
This post represents the conclusion of our opinions regarding the potential changes the Labour Budget may introduce. To download a PDF containing our full thoughts, please follow the below link.