The Autumn Budget is one of the most important dates in the UK financial calendar. Each year, the Chancellor announces potential changes to tax, allowances, and government spending that can directly impact both individuals and businesses. While the details won’t be revealed until later in the autumn, September is the perfect time to get your finances in order so that whatever the Budget brings, you’re ready.
By reviewing your financial position now, you can make the most of current allowances, prepare for any upcoming changes, and avoid the last-minute scramble that often happens as the tax year-end or January self-assessment deadline approaches.
The start of autumn is an ideal moment to step back and review your finances. We’re halfway through the tax year, giving you a clear picture of how your income and expenses are shaping up. It’s also far enough away from January and March deadlines to allow you to take action without unnecessary stress. By reviewing your financial position now, you can make the most of current allowances, prepare for any upcoming changes, and avoid the last-minute scramble that often happens as the tax year-end or January self-assessment deadline approaches. Importantly, making adjustments now gives you time to respond to any announcements in the Autumn Budget, rather than being caught off guard.
Key steps for SMEs
Review cashflow and forecasting
Cash flow is the lifeblood of any business, and seasonal fluctuations can catch many SMEs by surprise. Take time now to review your projections for the rest of the year. Do you have enough reserves to cover quieter trading periods? Could you benefit from renegotiating payment terms with suppliers or customers? A realistic cash flow forecast is one of the best ways to protect your business from uncertainty.
Assess business expenses and allowances
September is a good time to check that you’re making the most of available tax reliefs. The Annual Investment Allowance, for example, lets you deduct the full value of qualifying plant and machinery from your profits before tax. By planning capital expenditure strategically, you can reduce your tax liability and strengthen your long-term growth.
Payroll and employment considerations
Staffing is often the biggest expense for SMEs. Reviewing your payroll and pension obligations now will ensure there are no surprises later. Check employer National Insurance contributions, pension contributions, and benefits in kind. With the possibility of changes in wage-related policy on the horizon, preparing in advance could save you time and money.
Key steps for Individuals & Sole Traders
Check Self-Assessment progress
If you’re self-employed or have income outside of PAYE, don’t wait until January to start your tax return. Filing early gives you certainty around what you owe, helps you avoid mistakes, and ensures you have plenty of time to plan your payment. It also means that if you’re due a refund, you’ll receive it sooner.
Maximise Pension contributions and ISAs
Making the most of pension contributions and ISA allowances is one of the most effective ways to save tax efficiently. With future Budgets always carrying the risk of reduced allowances, acting now ensures you benefit from the rules currently in place.
Review income streams
Whether you earn dividends, rental income, or additional income from a side business, it’s worth reviewing the tax implications now. By structuring withdrawals or expenses carefully, you can stay within allowances and reduce your tax bill.
What to watch for in the Budget
While the details of the Budget won’t be known until the Chancellor’s announcement, there are common areas where changes are frequently made, such as:
- Personal Allowances – adjustments to income tax thresholds.
- Corporation Tax – potential changes that directly impact SMEs.
- VAT Thresholds – reviews to the level at which businesses must register for VAT.
- Reliefs and Incentives – tweaks to investment, pension, or savings allowances.
Keeping an eye on these areas ensures you’re ready to adapt your financial strategy quickly, so look out for our special edition client e-newsletter which will be released after the Budget detailing any relevant changes you need to know about.
At E R Grove & Go we specialise in helping individuals and businesses navigate financial uncertainty with confidence. If you’d like support reviewing your finances or preparing for the Budget, our team is here to help. Get in touch today to arrange a financial health check and start the autumn with peace of mind.