With several key tax changes arriving in this week’s budget, Saffery wasted no time diving into the details with clients at its Budget Breakfast Seminar yesterday (Thursday).

Chancellor Rachel Reeves is aiming to raise around £40 billion in additional revenue for the government – but had already ruled out increasing the basic, higher or additional rates of income tax, national insurance contributions (NICs) or VAT.

This means the lion’s share of tax rises has fallen on the shoulders of businesses, as employer NICs rise to 15 per cent and the earnings threshold for paying out NICs is lowered to £5,000.

Saffery partner Roger Wareham opened the breakfast at Bournemouth’s Vitality Stadium, welcoming a packed room of attendees from across the region.

Guests were informed on changes to personal tax, business tax, corporate tax and tax admin through a series of presentations.

Roger said: “It’s great to be able to digest the budget overnight and to be able to support our clients straight away.

“We find an in-person event allows those attending to ask questions on items pertinent to their situation.”

Stuart Jack, finance director at Bryanston School, went on to decry the announcement that VAT would be charged on private school fees from 1 January 2025.

“We strongly oppose the recent budget policies targeting the independent school sector,” he said.

“The introduction of VAT on school fees will significantly impact families, educational access and local economies.

“To support Bryanston families in managing this additional 20 per cent VAT, we’ve planned ahead and will reduce fees accordingly.

“While this requires challenging adjustments as a business, we’re committed to standing by our families, and most importantly, our pupils.”

And Paul Kinvig, manager for Bournemouth Town Centre Business Improvement District (BID), added that the budget seemed a ‘long-term project’ necessitating ‘short- and medium-term pain’.

“The danger is that we won’t see an increase in the number of jobs available and potential new positions might be put on hold.

“There are significant cost pressures on SMEs who are already finding it tough.”

• For more, see what Saffery has to say on how the latest measures will impact individuals, businesses and non-doms. And for an overview of the key tax changes, see Saffery’s ‘at a glance’ summary.

***