The Chancellor’s Autumn Budget is only weeks away, and there is growing speculation that key tax reliefs and allowances could soon be reduced or restricted. Reports suggest that higher-rate pension relief, capital gains tax rates and dividend allowances may all come under review.

For business owners and higher-rate taxpayers, this could be a good time to review your position and take action before any announcements are made. Acting early could help preserve existing tax advantages and avoid being caught out by last-minute changes.

Pension top-ups may be worth reviewing

If you are a higher-rate taxpayer, topping up your pension before the Budget could be a sensible precaution. There is increasing talk that higher-rate tax relief may be replaced with a single flat rate of around 30 per cent. Making additional contributions now could therefore secure valuable relief while it remains available.

We can help you check how much unused pension allowance you have from the previous three years and confirm the maximum contribution that can be made without breaching the annual limit. Once the figure is agreed, you will need to contact your financial adviser to arrange the transfer of funds.

Consider dividend timing

If the Budget brings higher dividend tax rates or a further cut in the dividend allowance, taking available profits before the announcement could make sense. The timing of dividend payments is something that can be reviewed easily in advance, allowing you to decide whether an early payment would be beneficial.

Review planned disposals

There are also strong rumours that capital gains tax could be aligned with income tax rates from April 2026. If that happens, gains could be taxed at 40 or 45 per cent instead of 20 per cent. If you are considering selling an investment property, shares, or other chargeable assets, it may be worth reviewing the timing of any disposal now.

Make full use of current allowances

Now is also a good time to check that you have made full use of your ISA allowance, savings allowance and annual capital gains exemption for the current tax year. These smaller reliefs are often overlooked but can all add up.

Talk to us before the Budget

We recommend reviewing your position before the November Budget to ensure you are using every available planning opportunity.

Please get in touch if you would like us to review your pension contributions, dividend timing or planned disposals. A short discussion now could make a real difference later, and help you beat the Budget rather than being caught by it.

For many business owners and high value individuals, protecting family wealth is as important as creating it. Succession planning, deciding how ownership and control will pass on to the next generation, is no longer just a matter for the future. With possible changes ahead to inheritance tax (IHT) and Business Property Relief (BPR), this is an ideal time to review existing arrangements.

Family businesses often assume that shares or property will qualify automatically for IHT reliefs. However, the conditions can be strict. The business must normally be trading rather than holding investments, and the qualifying ownership period must be at least two years before death or transfer. If a company is mixed-activity or part trading and part investment, there can be uncertainty over how much of the value qualifies.

Similarly, property and agricultural enterprises that rely on Agricultural Property Relief (APR) need to ensure that land is being actively farmed and that ownership and occupation requirements are met. The rules are detailed and sometimes interpreted narrowly by HMRC.

Succession planning should therefore be treated as a continuing process rather than a single event. Reviewing company structures, shareholder agreements, and wills ensures that ownership passes smoothly and that tax reliefs are not lost. In some cases, establishing a family investment company or discretionary trust may be the best way to separate control from beneficial ownership and to protect wealth across generations.

It is also worth considering the role of pensions within succession planning. Pension funds usually sit outside the estate for IHT purposes, and nominations can be updated at any time.

A properly structured plan provides peace of mind for both founders and successors. It reduces the risk of disputes, ensures the right people are in control, and preserves as much family wealth as possible. Discussing your long-term plans with us now will help ensure that your business and family assets remain secure, compliant, and ready for the future.

Interest rates have now settled at levels many business owners and investors have not seen for over a decade. Even if the Bank of England begins to trim the base rate later this year, most commentators expect the cost of borrowing to remain well above the ultra-low rates of the past. That means every small business and higher-income individual should be thinking carefully about both sides of their balance sheet; the money they owe and the money they hold.

On the borrowing side, many companies and households are now facing the end of fixed-rate loans or mortgages arranged several years ago. Replacing these loans can mean a noticeable jump in interest costs, reducing cash flow and profitability. For directors, this might also affect drawings and dividends. Reviewing finance arrangements before they renew is therefore essential. Options may include refinancing with a longer-term fixed rate, negotiating flexible repayment terms, or repaying part of a loan where surplus cash is available.

On the savings side, higher rates are opening new opportunities. It is no longer sensible for business current accounts to hold large sums earning little or no return. Moving surplus funds into notice or fixed-term deposits can make a real difference, especially when supported by accurate cash flow forecasts. Individuals with significant personal savings should also ensure they are using tax-efficient wrappers such as ISAs or pensions where possible.

For limited companies, the use of directors’ pension contributions remains one of the most effective ways to take advantage of higher deposit returns while achieving corporation tax relief.

In short, higher interest rates are a mixed blessing. Borrowers face higher costs, while savers can finally earn a return worth having. A review with us will help identify how best to balance these two effects, manage debt prudently, and make cash work harder for both business and personal wealth.

Even the most advanced accounting software is built on a principle that has stood the test of time: double entry bookkeeping. First described more than 500 years ago, it remains the foundation of every set of accounts today. For business owners, understanding the basics can make reports and figures much easier to follow.

What is double entry?

Double entry means that every financial transaction affects at least two accounts. One side records where the money is coming from, the other shows where it is going. This ensures that the books always balance. In practice, for every debit there is an equal and opposite credit.

The accounting equation

At the heart of double entry is the accounting equation:

Assets = Liabilities Equity

Assets are what the business owns, liabilities are what it owes, and equity represents the owners’ interest. Every transaction will change at least two of these areas, but the overall equation must always stay in balance.

Debits and credits explained

The terms “debit” and “credit” can be confusing because they mean different things depending on the account type. The basic rules are:

• Assets increase with debits and decrease with credits
• Liabilities increase with credits and decrease with debits
• Equity increases with credits and decreases with debits
• Income is recorded as a credit
• Expenses are recorded as a debit

By following these rules, the accounts reflect the true financial position of the business.

An example in practice

Suppose a business buys a new computer for £1,000, paid from the bank account. The double entry would be:

• Debit: Computer equipment (asset increases) £1,000
• Credit: Bank account (asset decreases) £1,000

The books balance, and the transaction is fully recorded.

Why it matters

Double entry is more than a technical exercise. It gives business owners confidence that every transaction is captured, helps spot errors quickly, and forms the basis of reliable financial statements. Without it, reports such as the profit and loss account or balance sheet would not be possible.

Final thoughts

Modern software hides much of the detail, but the double entry rules are still working behind the scenes. For business owners, knowing the basics can make it easier to interpret accounts and to have more informed conversations with their accountant.

Winning new business is always positive, but before you commit to a new customer it is wise to carry out some checks. A little time spent at the start can save trouble later if the customer is unable, or unwilling, to pay. We often advise business owners to put a simple process in place for checking new customers.

1. Check who you are dealing with

Start by confirming the customer’s legal identity. If it is a company, search Companies House for free to check it is registered and still active. Make sure the person you are speaking with is authorised to place orders. If the customer is a sole trader or partnership, ask for basic details in writing so you know who is responsible.

2. Review their financial standing

A credit check can reveal whether the customer has a history of paying bills on time. For companies, filed accounts at Companies House can give a sense of size and stability. Trade references are also valuable, especially if the customer is asking for credit terms.

3. Be clear about terms and conditions

Before supplying goods or services, set out clear terms. These should cover payment dates, late payment charges, and what happens if there is a dispute. Using written contracts or standard terms gives both sides certainty. It also makes it easier to enforce your rights if payment problems arise.

4. Consider how much credit to offer

Even if the customer appears sound, it may be sensible to limit credit at the start. You can increase limits once they have shown a good payment record. Asking for deposits or stage payments reduces risk, especially for large orders.

5. Keep records of checks and agreements

Keep a simple file of all checks carried out, copies of contracts and any credit limits agreed. This helps if there are disputes later and shows that your business has acted responsibly.

6. Trust your instincts

Finally, listen to your instincts. If something feels wrong, take more time before agreeing to proceed. It is usually better to turn away a doubtful customer than to chase unpaid invoices.

Taking these steps helps protect cash flow, which is vital for every business. We can help design a straightforward customer acceptance process, so you can grow sales with greater confidence.

The government has announced permanent changes to business rates that will benefit thousands of small firms in the retail, hospitality and leisure sectors. From April 2026, qualifying businesses will see their bills reduced, with some enjoying discounts of up to 40%.

What has changed?

Business rates have long been a concern for high street shops, restaurants, pubs, and leisure operators. Rising property costs, combined with tight margins, have made rates one of the biggest overheads for many.

In a move designed to support growth, the government has confirmed:

• A permanent business rates discount of 40% for eligible retail, hospitality and leisure premises with a rateable value below £500,000.
• A freeze of the small business multiplier, to prevent rates bills from rising in line with inflation.
• The continuation of business rates improvement relief, so that firms making property improvements will not face immediate increases in their bills.

The government estimates that around 250,000 businesses will benefit from these measures, giving a much-needed boost to high streets and town centres across the UK.

Who qualifies?

The discount applies to occupied properties that are wholly or mainly used as:

• Shops.
• Restaurants, caf�s, pubs or bars.
• Cinemas, gyms, or other leisure facilities.
• Hotels, guesthouses or self-catering accommodation.

Properties with a rateable value of £500,000 or above will not be eligible, and relief is subject to subsidy control limits for larger groups.

Why is this being introduced?

The government has stated that the aim is to “level the playing field” between high street operators and online retailers, who do not face the same property-based costs. The measures are also intended to encourage investment in local communities by making it more affordable to run physical premises.

For many small businesses, the changes could mean significant annual savings, freeing up cash to invest in staff, marketing, or refurbishments.

What to do next

Although the relief will not take effect until April 2026, it makes sense to review your property situation now. Points to consider include:

• Checking your property’s rateable value to confirm eligibility.
• Reviewing your business structure if you operate from multiple premises.
• Considering whether improvements to your premises could be planned with improvement relief in mind.
• Budgeting ahead, as although relief is generous, it may not cover all increases in costs.

How we can help

We can review your current rates position, check eligibility for the new reliefs, and advise on planning around the April 2026 changes.

If you operate in the retail, hospitality, or leisure sectors, please contact us so we can confirm how these new rules will affect your business and ensure you make the most of the available reliefs.

1 October 2025 – Due date for Corporation Tax due for the year ended 31 December 2024.

19 October 2025 – PAYE and NIC deductions due for month ended 5 October 2025. (If you pay your tax electronically the due date is 22 October 2025.)

19 October 2025 – Filing deadline for the CIS300 monthly return for the month ended 5 October 2025. 

19 October 2025 – CIS tax deducted for the month ended 5 October 2025 is payable by today.

31 October 2025 – Latest date you can file a paper version of your 2024-25 self-assessment tax return.

1 November 2025 – Due date for Corporation Tax due for the year ended 31 January 2025.

19 November 2025 – PAYE and NIC deductions due for month ended 5 November 2025. (If you pay your tax electronically the due date is 22 November 2025.)

19 November 2025 – Filing deadline for the CIS300 monthly return for the month ended 5 November 2025. 

19 November 2025 – CIS tax deducted for the month ended 5 November 2025 is payable by today.

Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The NMW and the NLW are the minimum legal amounts that employers must pay their workers. The latest NMW and NLW rates took effect on 1 April 2025. The current hourly rate for the NLW is £12.21. For those aged 18 to 20, the NMW is £10.00 per hour. Workers aged 16 to 17 and apprentices are entitled to £7.55 per hour.

The minimum wage is calculated as an hourly rate, but it applies to all eligible workers however they are paid. This means that even if someone is paid an annual salary, and it is paid by the piece or in other ways, they must still calculate their equivalent hourly rate to check whether they are receiving at least the minimum wage.

To do this correctly, it is also important to understand what counts as working time under NMW rules.

According to HMRC guidance, for all types of work, this includes time spent:

• at work and required to be working, or on standby near the workplace (but do not include rest breaks that are taken);
• not working because of machine breakdown, but kept at the workplace;
• waiting to collect goods, meet someone for work or start a job;
• travelling in connection with work, including travelling from one work assignment to another;
• training or travelling to training;
• at work and under certain work-related responsibilities even when workers are allowed to sleep (whether or not a place to sleep is provided).

Working time does not include time spent:

• travelling between home and work;
• away from work on rest breaks, holidays, sick leave or maternity leave;
• on industrial action; and
• not working but at the workplace or available for work at or near the workplace during a time when workers are allowed to sleep (and you provide a place to sleep).

The Chancellor of the Exchequer, Rachel Reeves has confirmed, in a video message, that the next UK Budget will take place on Wednesday, 26 November 2025.

Details of all the Budget announcements will be made on a special section of the GOV.UK website which will be updated following completion of the Chancellor’s speech in November.

HM Treasury is inviting written representations for the Autumn Budget 2025 from individuals, interested groups, MPs and organisations. Submissions should propose evidence-based policy ideas or comment on existing policies, with clear rationale, costs, benefits, and deliverability. The deadline for submissions is 23:59 on Wednesday, 15 October 2025.

The Budget will be published alongside the latest forecasts from the Office for Budget Responsibility (OBR). This forecast will be in addition to that published for the Spring Statement and fulfil the obligation for the OBR to produce at least two forecasts in a financial year, as is required by legislation.

The OBR has executive responsibility for producing the official UK economic and fiscal forecasts, evaluating the government’s performance against its fiscal targets, assessing the sustainability of and risks to the public finances and scrutinising government tax and welfare spending.

If your business operates in a sector covered by the Money Laundering Regulations, you must be monitored by a supervisory authority to ensure compliance. This article outlines who needs to register with HMRC for anti-money laundering (AML) supervision.

Your business must be registered with a supervisory authority if it operates in a sector covered by the Money Laundering Regulations. Some businesses are already supervised through authorisation by bodies like the Financial Conduct Authority (FCA) or professional associations such as the Law Society.

If your business is not already supervised and falls under one of the regulated sectors, you must register with HMRC.

Business Sectors Supervised by HMRC

HMRC is responsible for supervising businesses in the following sectors (where not already regulated by the FCA or a professional body):

• Money Service Businesses not regulated by the FCA
• High Value Dealers handling cash payments of EURO10,000 or more (in a single transaction or linked transactions)
• Trust or Company Service Providers not supervised by the FCA or a professional body
• Accountancy Service Providers not supervised by a professional body
• Estate Agency Businesses
• Bill Payment Service Providers not regulated by the FCA
• Telecommunications, digital, and IT payment service providers not regulated by the FCA
• Art Market Participants involved in buying or selling works of art valued at EURO10,000 or more (including linked transactions)
• Letting Agency Businesses managing property or land with a monthly rental value equivalent to EURO10,000 or more

If your business conducts these activities by way of business and is not already supervised, you must register with HMRC.

Money Service Businesses and Trust or Company Service Providers are not allowed to trade until their AML registration with HMRC is confirmed. Other businesses may continue operating while their registration is being processed.

Trading while not registered is a criminal offence and may result in a penalty or prosecution.