After the Autumn Budget Statement, business owners should ask themselves several key questions to understand how these changes will impact their finances, workforce, and strategic planning. Below are some important considerations. You can answer these and discuss more about how the budget announcements will affect your business by booking a meeting with us.

1. How Will Increased National Insurance Affect My Workforce Budget?

• With Employers’ National Insurance rising to 15%, will I need to adjust my hiring plans or review salary budgets?
• Can I utilise the increased Employment Allowance to support this additional cost?

2. What Impact Will the Changes in Corporation Tax and Investment Allowances Have on My Growth Plans?

• With Corporation Tax capped at 25% and the £1 million Annual Investment Allowance maintained, do I need to adjust my tax planning strategies?
• Should I take advantage of the preserved R&D reliefs to boost innovation or expansion projects?

3. How Will Changes to Capital Gains Tax (CGT) Affect My Long-Term Investment or Exit Strategy?

• With CGT rates increasing to 14% for basic rate taxpayers and 24% for higher-rate taxpayers, what impact will this have on my future business exit plans or investments?
• Does the phased increase in Business Asset Disposal Relief (BADR) rates alter my asset management strategies?

4. Will I Need to Adjust My Business Succession Plans Due to Inheritance Tax (IHT) Changes?

• How do the new IHT rules on inherited pensions and agricultural/business assets over £1 million affect my succession or estate planning?
• Should I seek advice on restructuring ownership to minimise future IHT liabilities?

Would you like to talk through the answers to some of these questions and how the budget might affect your business? Get in touch to see how we can help.

5. What Are the Implications of Increased Stamp Duty Land Tax (SDLT) for Property Investments?

• With SDLT on second properties rising to 5%, do I need to reconsider future investments in commercial or buy-to-let properties?
• How will this impact my current property portfolio and its projected value?

6. How Should I Prepare for the Increased Interest on Late-Paid Taxes?

The best way to prepare for the 1.5% raised interest rate from 6 April 2025, is to have your tax return submitted well in advance so that you have clarity on your tax liabilities and enough time to save and plan. As we always say, be the first to the start line (where your taxes are concerned, not the last to the finishing post. Understand our VAT submission timeline and get a free downloadable, here.

7. What should I do with my double cab pick-up?

Double-cab pick-ups (DCPUs) with a payload of one tonne or more will be treated as company cars under plans revealed by the Government in the Autumn Budget.

The new rules will apply from 1 April 2025 for corporation tax and from 6 April 2025 for income tax, with double-cab pick-ups treated as cars for the purposes of capital allowances, benefit-in-kind (BIK) and some deductions from business profits.

• With DCPUs now treated as cars for capital allowances, how will this affect my company’s depreciation deductions?
• Should I adjust any upcoming vehicle purchases to maximise current deductions before April 2025, or consider alternative vehicle types with more favourable tax treatment?
• Are There Alternatives to DCPUs That Could Provide Better Tax Efficiency?
• Are there vehicle purchases, lease arrangements, or employee usage policies I should update or reconsider before these new rules take effect in April 2025?
• Should I consult with my accountant to reassess my current vehicle policies, tax liabilities, and any potential savings strategies?

8. Am I Prepared for a Potential Increase in the National Living Wage?

• Should the national living wage increase, will I need to make adjustments to salaries across the board?
• How might this impact my profitability, especially if other costs (e.g., NI) are also rising?

9. How Do These Tax and Investment Changes Affect My Overall Business Strategy?

• Will these budget changes lead me to reconsider growth, investment, or exit strategies?
• Should I consult with an accountant or tax advisor to align my business plan with the new tax landscape?

Don’t panic – plan

These are all questions that discussions with your accountant can help clarify, understand and most importantly, plan for.

You can gain clarity on how the Autumn Budget Statement will affect your operations and long-term plans, with our goal always being to help you to make proactive, informed decisions. Our clients can book in for their 9-month tax planning meetings to discuss this and any other queries and questions they may have.