Budgeting is the backbone of any business, large or small, providing a roadmap for managing resources, anticipating challenges and setting realistic goals. For small and medium-sized enterprises (SMEs) especially, a robust budget can mean the difference between thriving and simply getting by. In a tough economic climate, effective budgeting has never been more essential for keeping operations smooth and achieving growth.

Let’s look at how to build a business budget that supports your financial health, plans for contingencies and prepares you for the future.

Monetary Policy Committee (MPC) reduces rates amid signs of easing inflation. This cut follows a previous hold, with theMPC voting to decrease rates from 5% to 4.75%. The Bank of England (BoE) has reduced interest rates to 4.75%, marking the lowest level since June 2023. One MPC member preferred to maintain the rate at 5%.

Saving for retirement can feel daunting for many self-employed people. Without the workplace schemes that salaried workers often rely on, self-employed individuals must take proactive steps to secure their financial futures. But with the right guidance, pensions can become a valuable tool for your retirement planning.

We’ll walk you through why pensions are vital, your pension options as a self-employed person and some practical ways to maximise your retirement savings.

On 6 November 2024, the Secretaries of Work and Pensions, Liz Kendall, and Health, Wes Streeting, visited North Central London’s WorkWell programme. They highlighted the importance of good health in fostering a productive workforce. Read more here.

The Education Secretary, Bridget Phillipson, has announced an increase in tuition fees from £9,250 to £9,535 per year starting in September 2025. Find out more here.

HMRC has confirmed that double-cab pickups will be taxed as cars from April 2025, following the latest Budget announcement. This change, outlined in the Budget Red Book, reverses earlier decisions that caused uncertainty over the taxation of these vehicles. Read more here.

Small and medium-sized enterprises (SMEs) are often seen as the backbone of the economy, contributing significantly to job creation and innovation. As the world becomes increasingly interconnected, more SMEs are considering international expansion as a growth strategy. We’ll explore how SMEs can expand internationally while managing risks and maximising potential.

Life is full of significant milestones – whether it’s getting married, buying a home or preparing for retirement. These moments can be both exciting and financially challenging. Without proper planning, they can bring unexpected stress. That’s why financial planning is essential for navigating these changes with confidence.

There is concern that scrapping non-dom status could lead to wealthy individuals leaving the UK, undermining the expected revenue gains. Read about the Treasury’s plans here.

The International Accounting Standards Board (IASB) has completed its post-implementation review of IFRS 15, read about it here.

Halifax says house prices approached a record high in September, driven by falling mortgage rates. Find out more here.

The rising costs of private education, compounded by the introduction of VAT on school fees in January, are expected to impact more than half of children in private schools.

As anticipated, the Government has implemented several tax changes in its bid to repair public finances and raise additional revenue for funding public services.

Chancellor Rachel Reeves stated her intention to fuel public services with tax revenue, saying: “Because of the difficult decisions that I have taken on tax, welfare and spending, I can announce that I am providing a £22.6bn increase in the day-to-day health budget.” Read more here.

Speaking of a Budget that blended optimism with tough choices, Chancellor Rachel Reeves said: “This is a changed Labour party, and we will restore stability to our country again. The scale
and seriousness of the situation that we have inherited cannot be underestimated.” Find out more about the changes that affect us personally.

In Labour’s first Budget in 14 years, Chancellor Rachel Reeves presented a series of measures designed to offer targeted support to struggling sectors, promote sustainable investment, and maintain fiscal security, especially for small and mid-sized businesses. However, the reliefs are balanced by increased contributions from large companies.

The Autumn Budget was somewhat of a mixed bag for businesses. On the one hand, the Chancellor made some significant moves to shore up the Government’s finances – the largest hike in employer national insurance contributions in recent memory being a prime example. At the same time, the Budget also included some targeted support and relief for smaller firms. Read our detailed report here.

Choosing the appropriate structure for your business is one of the first and most important decisions you will make. It affects everything from your tax obligations to the level of personal liability you will face, and even how you can raise funds. If you are thinking of starting a business, or restructuring an existing business, it is worth taking a closer look at the options available to ensure you make the best choice for your business.

Personal tax compliance checks can sound intimidating. However, with the right preparation and understanding, they don’t have to be. In this spotlight, we aim to walk you through what to expect during a tax compliance check, how to stay organised and ways to handle the process smoothly.

Demand rises, but supply keeps growth in check. Buyer demand has surged by 20% compared to the previous year, with new sales agreements rising by nearly 25%.

Investors brace for capital gains tax increase. This "frenzy" of activity comes as concerns mount that the Labour administration will increase taxes to address a £22 billion shortfall in public finances.