Добавить новость

Шесть человек пострадали в результате столкновения автобусов в Петербурге

Мужчину, устроившего стрельбу на севере Москвы, отправили в колонию на 4,5 года

Сотрудники военкомата и спецназ уложили в пол клиентов фитнес-клуба в Москве

«Без шуток»: Трамп хочет сохранить власть в США до 2037 года





Новости сегодня

Новости от TheMoneytizer

I grew up in a council house and now run a £1.3bn business – why Labour’s Budget is an absolute disaster

I grew up in a council house and now run a £1.2bn business - Labour’s Budget will destroy family businesses and cut wages
Budget Misery
Video Player is loading.
Current Time 0:00
Duration 1:31
Loaded: 2.08%
Stream Type LIVE
Remaining Time 1:31
 
1x
  • Chapters
  • descriptions off, selected
  • captions off, selected
  • en (Main), selected

ENTREPRENEUR Ryan Howsam, who grew up in a council house and now runs a £1.3billion business, has slammed Labour’s Budget as an ‘absolute disaster’ for small firms.

In an exclusive interview with The Sun, the insurance boss warned that Labour’s recent Budget will kill family businesses and force firms to cut wages.

Staysure CEO Ryan Howsam believes targeting the wealthy is a “stupid” move

The founder and CEO of insurer Staysure blasted changes to inheritance tax, National Insurance and minimum wage.

Mr Howsam set up his first business at 19 and is now the chief executive of a major, family-run insurance company which employs over 700 people.

Family-run businesses form around 86% of the UK’s private sector, according to the Family Business Research Foundation, most of which are considered “small to medium” businesses (SMEs).

But several changes announced in the Budget last week were targeted at increasing costs for those firms, which Mr Howsam says will see more firms close and a loss of opportunities for everyone.

For example, he said the government’s increase to the Living and Minimum Wages by 6.7% and 16%, respectively, as well as employers’ National Insurance will mean firms have to cut wage growth.

Meanwhile, he said the changes to bring family business assets into the scope of inheritance tax (IHT) will force more family businesses to close, or their families will have to sell them at a reduced price to pay the tax bill.

“I don’t really think [the Budget] served lower-income households very well, as minimum wage growth and the National Insurance increase will hit businesses’ ability to grow, and that will ultimately mean there’s less wage growth and less opportunity,” he explained.

“And the changes to inheritance tax are an absolute disaster.

“I come from a council house background, so I’m as working class as you get and I understand people having less disposable income.

“But this narrative that Labour has got that we should hammer anybody who has got money and wants to succeed is like biting the hand that feeds you. Why would you do that?

“These are the people bringing the cash in and paying the majority of our tax.”

‘Changes to IHT will kill family businesses’

Changes to bring family businesses into the scope of inheritance tax (IHT) will mean families having to pay 20% tax on assets over £1million.

Previously, family businesses were exempt from IHT if left to a loved one.

But now this exemption will only apply to the first £1million of assets in the businesses, which Mr Howsam says means families will have to sell their busniess at a reduced price to pay the remaining tax bill.

“Most family businesses are not quoted on the stock market, which means HMRC will have to put an arbitrary value on them, and then the family has just got to come up with that money,” he explained.

“If you take a business valued at £4million, that business might only have £100,000 in the bank, but 20% of £4million (without business relief on the first £1million) is £800,000. Where are the family going to get £800,000 from, plus interest?

“They won’t – the only way the money will come in is it they sell the business for a lot less than it’s worth because they are desperate.

“So, these families have worked their whole lives, but they will be forced to sell the business or try to come up with an awful lot of money. It’s a really stupid move.”

Labour’s top Budget changes

‘Targeting the wealthy will mean more tax for everyone’

Mr Howsam added that targeting wealth and businesses will ultimately end up increasing taxes for everyone if those people decide to leavfe the UK.

“Around 4,500 millionaires left the country last year, and this year it’s forecast to be 9,500 millionaires,” he said.

“You may think that doesn’t matter, but it does matter, because the top 1% of taxpayers pay 28% of HMRC‘s tax take – and then there’s the money they spend, which puts their tax take up to 36%.

“If those people leave, who do you think is going to have to pay more? The country is just getting less well off as a result.”

The government’s plan to also include pensions in the scope of IHT will also mean far more people end up paying the death tax, he said.

Currently, only around 4% of families pay IHT, but Mr Howsam says the changes in the Budget will trickle down and start hitting mid-to-low income families.

“IHT is going to hit middle income people in a big way, and then it’s going to start coming down towards lower-income people too, if they have a bigger pension pot,” he said.

Other announcements in the Budget

In the Budget last week, Labour announced a raft of measures to fill a £22billion “black hole” in the country’s finances allegedly left by the previous government.

A few of those measures included the changes to IHT, a crackdown on benefit fraud, a hike in tobacco duty and a stamp duty increase on second homes.

However, there was some good news for savers in the Budget.

Benefits like Universal Credit and Attendance Allowance will rise by 1.7% in line with September’s inflation figure. Ms Reeves also confirmed the state pension will rise by up to £473 next year.

The minimum wage is also set to rise for workers aged 21 and over by 6.7% from next April from £11.44 to £12.21.

We have rounded up legal ways to avoid inheritance tax here.

WHAT ELSE IS HIDDEN IN THE SMALL PRINT?

WE scoured the Budget documents to find these announcements hidden in the small print . . . 

CHILD BENEFIT REFORM AXED

THE reform to base Child Benefit on total household income will not be going ahead.

Under current rules, two parents earning £59,000 a year – £118,000 in total – receive the benefit in full.

But a household could have a lot less in total income and not get the full payment if one of the parents earns over £60,000. This will now remain the case.

‘HELP TO SAVE’ EXTENDED

THE Government will extend the current Help To Save until April 5, 2027.

The scheme, where those on low incomes and Universal Credit can get a cash bonus of £1,200 over four years, was due to end in 2025.

‘MORTGAGE GUARANTEE’ PERMANENT

BUYERS can get a 95 per cent loan-to-value mortgage through the mortgage guarantee scheme which is now being made permanent.

The scheme had been set to end next year.

SELF-ASSESSMENT SHAKE-UP

A BUMPER £16million will be invested to modernise the HMRC’s app so self-assessment taxpayers can make voluntary advance payments on their tax bill in instalments.

STAMP DUTY RELIEF

FOR first-time buyers, Stamp Duty will rise from April – but you have five months to make a purchase and beat the increase.

An independent mortgage broker can help you work out how much you can borrow to set your budget.

Читайте на 123ru.net


Новости 24/7 DirectAdvert - доход для вашего сайта



Частные объявления в Вашем городе, в Вашем регионе и в России



Smi24.net — ежеминутные новости с ежедневным архивом. Только у нас — все главные новости дня без политической цензуры. "123 Новости" — абсолютно все точки зрения, трезвая аналитика, цивилизованные споры и обсуждения без взаимных обвинений и оскорблений. Помните, что не у всех точка зрения совпадает с Вашей. Уважайте мнение других, даже если Вы отстаиваете свой взгляд и свою позицию. Smi24.net — облегчённая версия старейшего обозревателя новостей 123ru.net. Мы не навязываем Вам своё видение, мы даём Вам срез событий дня без цензуры и без купюр. Новости, какие они есть —онлайн с поминутным архивом по всем городам и регионам России, Украины, Белоруссии и Абхазии. Smi24.net — живые новости в живом эфире! Быстрый поиск от Smi24.net — это не только возможность первым узнать, но и преимущество сообщить срочные новости мгновенно на любом языке мира и быть услышанным тут же. В любую минуту Вы можете добавить свою новость - здесь.




Новости от наших партнёров в Вашем городе

Ria.city

Максим Ликсутов: в Москве увеличился индекс ...

Жалобу на действия управления ЖКХ Химок при торгах признали необоснованной

Вильфанд: в начале апреля в России температура будет выше нормы

Холода ударят в майские праздники, небывалая жара нагрянет в июле: ученые озвучили прогноз до зимы 2025 года

Музыкальные новости

Собянин рассказал, какие еще направления появятся в творческих колледжах Москвы

"Зенит" в Санкт-Петербурге обыграл "Рубин" со счетом 4:0

Казанская телебашня включит подсветку в День единения народов Белоруссии и России

Где ударит водный стресс? Названы регионы России, которым грозят засухи

Новости России

В Якутии родители участников СВО могут пройти санаторно-курортное лечение

Вильфанд: в начале апреля в России температура будет выше нормы

Что произошло 31 марта в истории Якутии

Жалобу на действия управления ЖКХ Химок при торгах признали необоснованной

Экология в России и мире

Валерий Сюткин и финалист шоу “Голос” Сергей АРУТЮНОВ. Самый неожиданный дуэт этой весны. Легендарный хит “Я то что надо” теперь в модном прочтении.

Автоматические линии фасовки современное решение для производства

Рэпер Паша Техник отравился и впал в кому в Таиланде

На курорте Египта в российского ребенка вселился червь

Спорт в России и мире

Теннисистка Касаткина призналась в любви к Австралии

«Что вы можете сделать? Ничего». Рыбакина рассказала о самом сложном после победы на Уимблдоне

Дарья Касаткина стала резидентом Австралии и сменит спортивное гражданство

Соболенко проведет 35-й финал турниров под эгидой WTA

Moscow.media

Колокольня Никольского собора

Новую версию кроссовера Ламборгини представили в Москве

Билл Гейтс: благодаря искусственному интеллекту, к 2035 году мы сможем перейти на двухдневную рабочую неделю

Парадокс счастья: почему стремление к радости истощает душу?











Топ новостей на этот час

Rss.plus






В Брянской области отразили нападение беспилотников.

Шутер Project Net по франшизе Girls' Frontline доступен для тестирования в России и Республике Беларусь

Посол Флорес: Эквадор заинтересован ремонтом российских вертолетов

«Поющие в терновнике», «Сегун». Умер культовый актер Ричард Чемберлен