Emergency Budget June 2010 - Merton Accountant Press Release

Press Release - Emergency Budget June 22nd 2010

22 June 2010

Budget declares £7.6 Billion Tax War on Merton

Merton accountants Gordons Knight have advised local taxpayers and businesses to prepare themselves for a Tax War. Reacting to the Emergency Budget partner Gordon D’Silva said:
“This Budget will probably go down in the history books as the day a “Tax War” was unofficially declared on the people of Merton. It wasn’t obvious in the Chancellor’s speech, but we estimate that over the next few years the government will need to claw back £12 billion from the region in the form of higher taxes and fewer public services.
That equates to £90,000 per average Merton 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, and capital gains tax rates, huge reductions in state benefits, the decimation of the tax incentives for business investment, 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 Merton must now ask themselves every year is this: “Am I 100 percent certain that I am paying the legal minimum amount of tax?” Since to pay more than the legal minimum means 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. And if you don’t have an accountant, or you want a second opinion, talk to tax specialist accountants like us who will carry out a free review to see what else you need to do to be sure of only paying the legal minimum. 
In my experience there is always something more that can be done with the right advice. And I do mean ‘always’. 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.”

He also added:
“The Budget wasn’t just about tax rises and spending cuts. Behind the headlines the Chancellor is also relying on economic recovery to get us out of the financial crisis. But, of course, that economic recovery and growth won’t happen by accident. The region’s job and wealth creating businesses need to stand up and be counted by taking urgent action to make it happen.
So we are re-launching our free Business Builder support initiative today to help Merton’s businesses take the right sort of action. Using leading-edge software, systems and thinking, it will help local businesses discover new ways to create more jobs, profits and wealth in these difficult times. And we are very excited to be able to help in this way.”
Readers who would like to use the free Business Builder support initiative to create more jobs, profits and wealth, or who want a free review of their tax affairs to make sure that they do not pay a single penny more than the legal minimum amount of tax, can do so by calling Gordon D’Silva at Gordons Knight on 020 8241 3000.

Notes to editors:
1 A photograph of Gordon D’Silva is available on request.

2 Gordons Knight is a proactive firm of Chartered Accountants based in Merton, Croydon and Central London. The team are recognised by businesses as Friendly, efficient and effective in helping SMEs grow their business, and pay the legal minimum of tax.

For further information contact:
Gordon D’Silva on 020 8241 3000 or 07775 786 798

ENDS

Warm Regards

Gordon D’Silva

PS If you would like to take advantage of our “FREE Express Business Diagnostic” please call us today. We are giving away only 10 to non clients, on a first come first served basis, during the world cup period. The offer expires the day after the world cup final.

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