Spring Budget signalled start of recovery
The Spring Budget will have given most businesses great reassurance, as short-term solutions were provided to their most pressing financial challenges. Clearly laid-out mid- and long-term policies, far exceeding the normal level of forward planning, will allow businesses time to revisit and align their growth and development strategies.
However, a note of caution. The Budget potentially delivered innovative solutions but their impact will not be fully understood for several months. I welcome the delay in tax hikes and am optimistic about what this means for our overall economic recovery. My one concern is that businesses need to plan and consider the impact of increased taxes in the future, so we are able to ensure sustainable economic growth, without creating financial problems further down the line.
I believe this Budget represents significant opportunity for you and your clients. Articles in this edition examine the opportunity that the budget means for your business and, as trusted advisers, to build on that trust for your clients, providing relevant advice on future policy impacts.
A year ago, we undertook a member survey which helped us understand many of the challenges you are facing and how we can help you meet them. Considerable thought has gone into our local, national and CPD events and magazine articles to address concerns around business and strategic planning, keeping up with automation and making best use of available technology. This year we are turning our attention to younger members to better understand what support they need now and what they will need in five-to-ten years’ time. The accountant of the future will doubtless be using more cloud-based technology to capture and interpret data to provide better services and automate back-office tasks. Please look out for the survey, due imminently.
Thank you to those who completed our HMRC Charter survey. Your evaluation of the extent to which HMRC has demonstrated the standards of behaviour and value included in the charter is invaluable for our contribution to HMRC’s Charter annual report process.