Craig Hughes looks at the ever-changing world of tax advice and says agility is essential for clients…

With so many changes taking place in the world of tax at the moment, staying up to date can feel like a full-time job. With Britain becoming a higher-tax economy, businesses and individuals need all the help they can get to optimise profits and protect their wealth.

For a trusted tax adviser, being geared up to make changes quickly if the tax landscape suddenly takes a turn for the better or worse is a vital part of their service. But what does this mean in practice and how do clients know if their adviser is agile enough?

Higher taxes, more demand for advice

The tax burden on individuals and businesses in the UK is heading for a new post-war record, with the Office for Budget Responsibility (OBR) forecasting that higher tax receipts will enable the UK to avoid recession in 2023. The forecasts state that economic growth will shrink to 0.2% this year, before rising 1.8% in 2024 and 2.5% in 2025.

Whilst a better-than-expected economic outlook is a good thing, increased market volatility combined with prolonged high inflation and higher taxes are creating significant challenges for many people. In particular, increases to household bills and mortgage payments have made it nigh on impossible for many, including some higher earners, to save money.

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