The Autumn Budget is just around and while the uncertainty continues to grow around potential tax increases and further reform, you and your business should maintain a business-as-usual approach.
The uncertainty is a concern, but you should continue to run your business efficiently and effectively because you still have strong ambitions to grow.
You also have a valued team around you, working hard to support those ambitions and a loyal customer base who will demand the same quality service they always get.
The Chancellor Rachel Reeves has some big decisions to make as she tries to fix the current financial black hole and drive the economy forward.
Reform to UK taxes is a possible route, but even with the uncertainty, it shouldn’t disrupt your plans, it should push you on to drive your business forward because at this stage, you don’t know what change is coming.
It is natural to be worried about the current uncertainty, especially because of the major changes announced in the 2024 Autumn Budget that saw your employer’s National Insurance Contributions (NIC) rise to 15 per cent earlier this year.
The fear is understandable given the potential for the Chancellor to explore this avenue again and announce further reform.
What is important to stress is that any changes announced by Rachel Reeves will be slowly introduced over the next few months, meaning there is enough preparation time for you and your business.
Taking a business-as-usual approach allows you to focus on the important things you can control, which is running your business at its very best.
Given how close we are to the festive season, where consumer activity is expected to increase, it gives you the perfect opportunity to focus your energy on increasing revenue and profit figures to meet your targets.
Encouraging a business-as-usual mentality allows your team to also focus on their jobs and help the company push forward and finish the year strongly.
The economic climate may be uncertain at the moment, but that shouldn’t stop you from reviewing the overall functionality of your business to ensure it is operating how it should be.
As part of the review process, you should be looking over as much financial information as possible. From revenue and monthly income to expenditure and operational costs, knowing this helps you understand your company’s overall financial position.
Doing this allows you to spot any worrying findings within your finances and look at ways to make your company more financially steady and secure.
This gives you the ability to make informed decisions, see where costs can be reduced and valuable funds saved to manage any changes in the future.
Budget day cannot come soon with business owners needing clarity on what the Chancellor has planned and what will change for businesses.
The uncertainty will soon lift and when it does, we are here to support you and your company, providing comprehensive, tailored financial advice and tools to help you manage any changes so you can continue to run your business efficiently.
We will answer all your finance queries, offer the best recommendations and give you the ability to make the right decisions for your company.
This includes helping you organise your finances, look at the overall effectiveness of your tax strategies and spot opportunities for growth.
Contact our team if you want support managing your company’s finances.
