Once again we reach the end of another year. As is a tradition at this time, we reflect on the year we have had and the year to come.
From a business perspective, 2024 was dominated by the change of Government. We started with a relatively normal year with reasonable trading positions, until the (perhaps unsurprising) snap General Election.
There soon followed what began as a “phoney” period, as the new Government took stock, followed by a battening down of the hatches as the Labour Party told everybody how bad things really were.
This was my eighth General Election since becoming a Partner at George Hay, and I cannot remember a first Budget where there has been so much frenzy. We were flat out in October ensuring our clients were in the best position to weather the change.
In the end, some of the measures expected did not happen, some were not as bad as feared, and some were worse.
At George Hay, we are not fixed to any political party; we just make the best of what we have.
However, we do know that any Budget raising an additional £40bn of tax is going to affect businesses and people alike. Whether it is the increase in employers National Insurance, or the above inflation increase in minimum wage, any cost impact has to lead to some change in behaviour.
On the personal taxes side, whilst farmers have received the most publicity in respect of the Inheritance Tax changes, these do affect all businesses with a value over £1m and from 2027 onwards, anybody with an undrawn pension fund will also be affected.
We at George Hay are able to advise on these changes and will work with our clients to make sure they are in the best position to face business and personal financial challenges.
We have always evolved, and testament to this is the launch of GH Wills Ltd in April 2024, enabling us to offer Will-writing services to our existing clients and others. This backs up the tax planning carried out by the accounting partnership and ensures that GH Probate Ltd, our probate company, will be in the best position to advise once the sad day comes.
I am delighted to be able to take this opportunity to thank all of the first class George Hay team for their dedication and support, to the partners and our clients.
The end of 2024 also sees the end of the 85th Anniversary of George Hay, and as we head towards our century I know we are in an excellent position to succeed.
Finally, I would like to thank all of our clients and professional contacts for your support; some for a few weeks, and others for over sixty years. Without you, we would not be here.
I send you and your family the compliments of the season and look forward to working with you in 2025.
Barry Jefferd
