Preparation is the key to success

On Wednesday 30 October, Chancellor Rachel Reeves will present her first budget. This will be the first Labour Government budget since 2010 and is already looking to be controversial for many. The news has already been dominated by winter fuel allowance debates and early prison releases. We will keep you updated and provide a no-jargon, easy-to-digest guide to the budget in October.

Whilst we wait for the Budget, September is a great time to take stock and review.

Tax Returns

It may seem that the deadline for online filing (31 January 2025) is months away but it will be here before we know it! I ask for my personal tax return clients to give me their information by 30 September to ensure that I can do a thorough check and submit on time.

Employees

With The Employer Rights Bill looming, now is a great time to make sure that your team has up-to-date, legal and appropriate contracts. You may want to discuss with your management team or HR advisor how the likely changes will affect your business and how they can be introduced.

It is anticipated that the first details will be issued in mid-October, so doing a bit of an audit now will help. There is likely to be a cost to the changes which will need to be budgeted for and cost in full.

The headline changes may include:

• Banning zero-hour contracts
• Remove waiting time for parental leave, and sick pay
• Prevent “fire and rehire”
• Flexible working to be available for all, from day one of employment, when deemed reasonable
• Trade Union access

Energy Contracts

As we enter the peak season for energy usage, it is worth checking when your current contract expires and reviewing the financial impact of a new contract.

Annual Planning

Whether you start your new year in January or April, now is a great time to start that annual planning process. The plan can be finely tuned after the Budget statement, but that doesn’t mean you have to wait to start collecting data, asking questions, and engaging your team.

Festive Planning

Depending on your business, this may be a hectic time of year or an annual slump. September is the time to finalise any marketing plans, review annual leave requests and cover, and get that office party booked!

Funding Options

Have a look to see if there are any new grants or local funding options available to you. There are always new pots of money appearing for an appropriate project or sector.

A proper catch-up with your accountant

I am here to help you however I can. Explaining a revised forecast, working out additional staffing costs, helping with a grant application, and making sure you have everything in place for your HMRC obligations and to meet your business plan.

Use that “back to school” energy to review, reflect and refine to make sure that your business thrives in the second half of the tax year.

If you don’t have an accountant, or you would like to discuss how we can add value to your business, then we would love to have a chat.