Here's a quick take on the Autumn Budget 2025. Expect debate over borrowing, tax changes, and what HMRC may tweak, with winners and losers likely. Keep plans flexible while the chancellor weighs government spending needs ...
The conversation has shifted from summer holidays to spreadsheets as attention turns to the Autumn Budget 2025, with rumours already circling about where the revenue-raising axe might fall and who could benefit from restraint.
The calendar adds drama, with 26 November locked in and an unusually long runway for punditry, lobbying and counter-briefing as the chancellor weighs competing priorities and the knock-on effects for business planning across sectors.
The current public finances set the tone!
With a reported £50 billion gap, higher borrowing costs than we've seen since the 1990s, and debt interest nudging above £100 billion a year - close to a tenth of the budget - the choices around government spending in the Autumn Budget 2025 are being sharpened.
Landlords may be in the crosshairs if National Insurance is widened to rental income, a move floated to raise in the region of £2 billion; HMRC would need to map collection mechanics carefully, and any such tax changes could ripple into rents and yields.
Pensions are another talking point, with suggestions of trimming the tax-free lump sum cap, currently a quarter of the pot up to £268,275, drawing criticism from those arguing it penalises long-term savers and complicates retirement decisions just as planning horizons tighten ahead of the Autumn Budget 2025.
Motorists are braced for clarity on fuel duty, with the long freeze and the 5p cut - set to end in March - costing several billion this year; lifting the freeze might boost revenue, but risks pushing pump prices and inflation higher, as earlier OBR analysis cautioned, making these tax changes politically delicate.
Inheritance Tax could also see tightening around lifetime gifts, with the seven-year rule and tapered relief under scrutiny, nudging families to revisit wealth transfer plans and consider timing, documentation and contingencies before the budget arrives.
Markets and data may yet sway decisions!
While the chancellor might prefer a helpful set of indicators, recent months have shown how quickly the numbers can shift; prudent business planning now means scenario testing, keeping cash flow flexible, and tracking HMRC guidance as it emerges.
The wait until the 26th of November ensures the rumour mill will keep turning, but the only certainty is that tax changes will be judged against the need to sustain public services and manage government spending.
All eyes will stay fixed on the Autumn Budget 2025 for the final word.
Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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