Vacancies
 


Press Release: Budget June 2010

 

Budget reveals £1.5 billion “Tax War” on Oswestry.

 

Oswestry accountants Nabarro Poole Limited have advised local taxpayers and businesses to prepare themselves for a Tax War. Reacting to the Emergency Budget partner Lee Moss said:

“This Budget will probably go down in the history books as the day a “Tax War” was unofficially declared on the people of Oswestry. It wasn’t obvious in the Chancellor’s speech, but we estimate that the government will need to claw back £1.5 billion from the region in the form of higher taxes and fewer public services.

That equates to £90,000 per average Oswestry household. For above average households the amount will be many times that and for some it will even run into the millions. So anyone who doesn’t prepare themselves for the onslaught will suffer really badly at the hands of much higher income tax, VAT,  capital gains tax rates and reductions in state benefits.  All this and  a forecast increase in unemployment and the very real risk that the austerity measures here and abroad will lead to a double dip recession. 

In the face of all those enormous financial challenges the question every tax payer in Oswestry must now ask themselves every year is this: “Am I 100 percent certain that I am paying the legal minimum amount of tax?” If you pay more than the legal minimum, you and your family will not be able to afford the standard of living you would otherwise be able to afford, will have to work longer to build up the same retirement fund, and won’t be able to pass as much on to your loved ones.

To have any chance in the Tax War, if you have an accountant, you must ask them to confirm every year that you are paying the legal minimum. In my experience there is always something more that can be done with the right advice.  For example, we regularly see average households being thousands of pounds a year worse off than they should be, and above average households who lose tens of thousands a year by not getting the very best advice. So the best advice has to be don’t sell your family short by paying more than you need to.