Autumn Budget 2025
After the Office for Budget Responsibility accidentally published the fiscal report two hours earlier than expected, we were able to follow along with Rachel Reeves’s changes as they were announced.
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- What we do
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- Audit and assurance services
- Accounting and taxation for business
- Charity and community interest companies (CICs)
- International accountancy services
- Bookkeeping, VAT, cloud accounting & payroll
- Tax planning
- Business advisory and wealth creation
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Planning for the November budget
The next UK Budget (the Autumn Budget 2025) is scheduled for 26 November 2025, when the Chancellor of the Exchequer will set out the government’s tax, spending and borrowing plans.
We are currently having meetings with our clients and the rumours about what will be announced often come up. However, it is important to understand that there is no need to make hasty decisions until the rules and timeframes are confirmed.
The UK government is facing mounting pressure. Rising borrowing costs and high levels of debt mean there is limited room for new tax cuts or large spending increases. Many reports expect the Chancellor to look at revenue raising measures. The Budget is a good time for planning but any changes announced may only take effect later (for example from April 2026) or be phased in.
While nothing is confirmed yet, here are areas where change is widely anticipated:
- Property taxes. There are suggestions of new taxes on high value homes, changes to council tax or replacement of Stamp Duty Land Tax with a property tax.
- Pension tax relief. Changes to the tax reliefs on pension savings remain on the radar.
- Capital Gains Tax and Inheritance Tax. These may be reviewed to raise additional revenue.
- Business rates and VAT thresholds. Reforms are expected for business owners, perhaps relating to the VAT registration threshold, business rates relief and the scope of VAT.
- Income tax and National Insurance thresholds. Rumours of rate rises have gained some traction and a freeze of thresholds is also possible.
There are some practical steps you can take now without committing to big decisions such as reviewing your income, expenditures and any investments or property interests. You could ensure your bookkeeping is up to date so you can easily assess the impact of any changes. If you are approaching a key personal event (eg selling a property or winding up a business) then reviewing the current position is essential and you must avoid acting solely on speculation.
The key message from us is there is no need to panic but be ready. While there is significant speculation about tax and spending changes, nothing is guaranteed until the Chancellor’s statement and the published documentation. Acting prematurely can carry risk.
If you would like us to review your current tax position, allowances, reliefs and planning opportunities ahead of the Budget, please get in touch.
Once the Budget is announced, we will help our clients interpret what applies to them and propose any actions (if any) based on their circumstances.
01323 649 509
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