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What does a new government mean for SMBs and bookkeeping ?
A new government was elected in the UK in July leading to a change from Conservative to Labour . New governments are always keen to bring in new policies and changes and this will always affect small- and medium-sized businesses ( SMBs ). At this early stage , it is unclear how exactly they will be affected . Paul Lodder , Product Domain Expert at Dext , outlines how SMBs can prepare for potential changes .
ITH A NEW GOVERNMENT
W in place , SMBs will be eagerly awaiting any upcoming changes that could impact their business . For many , it can be a daunting time as new initiatives and economic updates could all call for a swift response to ensure the health of their business – but their ability to react relies heavily on the health of their financial data . on taxes and regulatory updates alongside anticipated shifts in interest rates . This could affect business costs and impact consumer spending , creating both a compliance and a cash flow headache .
The general election and the switch in the UK government have shone a light on this ongoing challenge . The increasing likelihood of an autumn statement from the new Chancellor will be another key moment where , if it goes ahead , businesses will be relying on their accountants and bookkeepers ( A & Bs ) for timely advice .
There is also the very real possibility that the government could introduce new policies
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