The recent Budget might not have been what agencies were hoping for – with rising National Insurance contributions, shifts in capital gains tax, and increasing cost pressures looming large. 

But according to Pam Phillips, co-founder of deJong Phillips, it’s not all doom and gloom.

“The tax changes are here, and it is what it is,” Pam says. “Rather than dwelling on this, instead focus on your business – on making more profits and growing – and let tax be an afterthought.”

In this session with Pam, we’ll cover:

• How to understand the key tax changes’ impact on your agency. We’ll discuss what these Budget changes mean for your agency, including National Insurance increases, capital gains tax adjustments, and other updates that could impact your bottom line.
• Why it’s the best time to start thinking about a potential sale. If you’re thinking about selling soon, strategic timing could save you thousands. “If you were planning on selling in the near future, say, in the next 12 months, you might want to bring this forward,” Pam advises. “The tax rates change again for the next tax year… if you’re going to do it, you’d be better off doing it in March than, say, in May.”
• Maximising your pension contributions. “You can contribute up to £40,000 annually into your pension tax-free,” Pam explains. “And if you haven’t used previous years’ allowances, you can backdate contributions for a lump sum.”
• Offsetting your agency’s costs with smart financial planning, informed by these incoming changes. Pam advises agency leaders to focus on growth rather than getting bogged down in minor tax worries. “Stop worrying about saving a few pounds in tax and put that energy into growing your business. It’ll pay off far more in the long run.”

If you’re trying to figure out how these tax and budgetary changes will affect your agency, this session will Pam will help you unpack it all – and help you figure out which steps to take next as we move ahead into a new year.