The noise around the upcoming Autumn Budget is getting louder the closer it gets and the reality is there is likely to be tax increases for everyone, including businesses.
However, while there is uncertainty around what is to come, that shouldn’t stop you from running your business as you usually would.
You still have ambitions to grow, a dedicated team of employees working hard each day and a customer base to serve, who expect the same level of quality and service.
The importance of adopting a business as usual mentality
It’s no secret that Chancellor Rachel Reeves has to do something to improve the UK’s fortunes, stimulate growth and balance the Government’s books.
Tax reform is the likeliest avenue, but that shouldn’t stop you from being proactive in your approach to running your business and discussing your plans, especially as it is unclear which taxes will be affected.
Naturally, there will be some concerns after the Chancellor announced significant changes in the 2024 Autumn Budget, which saw employer National Insurance Contributions (NIC) increase to 15 per cent.
Understandably, there will be some fear amongst business owners that Rachel Reeves could target this again and increase NIC further as part of her plans.
However, anxiety around potential changes should not prevent your business from operating effectively now.
You cannot control what is to be announced at the end of the month, but you can control how your business functions and it should be business as usual.
It’s an important period of the year for businesses, with the festive season just around the corner, consumers are likely to be spending more.
In addition to this, you also want to hit your targets for 2025 and with the year coming to an end, this is your last opportunity to push and meet those goals.
Adopting a business-as-usual approach helps you and your team focus on their role and responsibilities within your company.
Any large scale changes that are announced in the Autumn Budget will be gradually introduced over the coming months, giving you plenty of time to prepare and allowing you to focus on your current business plans.
You should still be reviewing how your company functions
Even with the ongoing uncertainty around potential changes ahead, you should still be regularly reviewing how your business is functioning as part of your ongoing operations.
These duties include analysing all financial information to build a picture of your revenue, monthly income, expenditure, turnover and overall costs.
By organising your finances, you can spot opportunities to save funds and accommodate for any future changes, especially in uncertain economic periods.
You can identify any areas of concern within your finances and look to address those to improve your financial stability. This may include implementing accounting software and discussing these concerns with an experienced accountant.
We are here to support you once clarity is provided
When the budget is finally announced, business owners will have much-needed clarity on what changes will be made, removing that uncertainty and allowing you to implement measures within your day-to-day operations.
Whatever does come, you can be sure that our experienced team of accountants will be here to advise and support you.
They will tailor their advice and recommendations to the needs of both you and your business, supporting you throughout the process.
We can help you organise your finances, analyse your tax management plan and give you the tools to confidently manage any challenges.
For expert advice on all finance matters, get in touch with our team.