Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

The Institute for Fiscal Studies (IFS) has warned that homes may be experiencing the effects of the tax increases and spending cuts for the next decade.

A survey conducted by the organisation has shown that families in the UK have suffered the biggest decline in standard of living in the last year than any other time for the past thirty years.

The IFS has warned that it is those who earn lower salaries who are most vulnerable to the further reductions in spending power despite claims made by the Treasury that the plans to reduce the deficit will keep interest rates low and will help struggling families.

The cross sectional survey illustrated that many households in the UK had not initially felt the effects of the recession too much due to the welfare systems and the rise in financial support from the government. However, over the past year state benefits, tax credits and average income has been falling and now households are starting to feel the impact.

One of the research economists at IFS, Robert Joyce, has said that the harsh consequences of the recession are only just being felt even though the recession may feel like old news. He went on to say that the effects will now continue to be felt for years to come.

About The Author

Lee Murphy

MAAT and ICPA accountant, with a passion for making accountancy and bookkeeping accessible. Other interests include cloud-based software development for web and mobile access, keeping fit, reading, and entrepreneurship.

More posts by this author
guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

Umbrella Companies for Self-Employed Contractors

When you set up in business as a contractor you might either work as a sole trader or as a limited company….

Read More

Get Ready for Small Business Saturday UK 2022

Small Business Saturday started in the US in 2010, on the first Saturday following Thanksgiving. It aims to encourage shoppers to consider…

Read More

Architects and Tax

Architecture is a highly diverse sector when it comes to tax. It’s partly down to the type of businesses that carry out…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.