Cost of living squeeze, what can we do?
It's all over the news, we've all heard it and if you read the papers, no doubt you've read about it. There's a cost of living crisis and it's impacting everyone with rising food and energy costs. What's not getting much of a mention is perhaps how much the government are making from this and the fact their tax increases are exacerbating things.
Lets start with fuel prices. Did you know, the government charges a duty on every litre of petrol or diesel purchased? Or that the souring cost also means soaring VAT taking?
Secondly, did you know that the government has increased National Insurance rates for businesses and individuals just at the time most households are struggling to pay their bills?
Did you also know that they've frozen the tax free allowance until 2025? This means more people being dragged into higher rate tax brackets (current estimates are 2 million people). This allowance normally increases each year, but to not increase it is really a massive tax grab.
So, whilst there are measure we can take to combat rising prices (30% of all grocery shopping ends up in the bin for example), so buy 30% less and even with a 10% increase in prices you'll be better off, we should also be looking at how we can beat the taxman too. Give us a call or drop us an e-mail if you'd like to explore how you can lower your tax bill. No saving, no fee.