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Inflation pressures: Frozen thresholds, mileage rates and tax cuts
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Inflation has hit a 40-year high and it’s only going to get worse. According to the bank of England, the economic pressures haven’t even peaked yet.
Although inflation is expected to reach 11% by October, mileage allowance and tax bands have remained frozen. Mileage rates, for example, have stood at 45p per mile for the first 10,000 miles per year for over 10 years. While inheritance tax has remained at £325,000 since 2009–10.
This is fast becoming a big issue for accounting firms, as clients are starting to feel the pinch in the fuel cost hikes and the frozen tax allowances have hit cash savings.
On this episode of Any Answers Live, we’ll find out how the frozen thresholds and rising inflation is affecting small businesses and what accountancy firms are doing to help their struggling clients.
And as the Chancellor starts to formulate his response to the continuing cost of living squeeze in the Autumn Budget, the panel of experts will offer their solutions to the crisis.
On this episode of Any Answers we will be joined by an expert panel to take your questions on rising inflation, frozen tax thresholds and interest rate hikes.
By attending this episode of Any Answers Live you will:
- Learn about the current economic pressures impacting your clients
- Discover how other firms are supporting their clients
- Find out what else the Chancellor needs to be done to support clients
- Be able to debate whether now is the right time to bring back inflation accounting
- Get a chance to put your questions to experts
Please ensure details used to claim CPD points match those used when registering for this episode. Your certificate will be sent to you within 30 days of submitting your details.