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October Wrapped Up – Key Finance News
As we head towards the end of the year, there’s plenty happening in the financial and business world that could impact SMEs. To make things easier, we’ve put together a quick round-up of October’s key news – all in one place.
UK Borrowing & Public Finances
The government’s borrowing levels are still high, which means there’s not much spare cash for big tax cuts or new support schemes right now. When budgets are tight, we often see changes to things like business rates reliefs, investment incentives or R&D tax credits.
If you’re planning to buy equipment, upgrade your premises or make a big investment soon, it might be worth checking the timing – the rules could shift after the next Budget.
Preparation is key – reviewing your year-end position now could help you take advantage of current rules before any new measures come in.
Autumn Budget 2025 is set for 26th November
The Autumn Budget will set out the government’s tax and spending plans against a backdrop of slow growth and high borrowing. While it’s impossible to predict exact measures, a few themes are already emerging.
This is what you can expect:
- Big calls on funding for public services – health, schools, police
- Push for investment in growth sectors - tech, green energy, innovation
- Changes to: Income tax thresholds/wealth taxes
- Changes to: business rates, ISAs, property taxes
- Changes to: NI and income tax freezes (a "stealth tax" extension?)
What could this mean for SMEs?
- Potential business rates reform – vital for retail & hospitality (up to 60,000 shops at risk without it)
- Possible tweaks to business tax reliefs
- Rising employer costs (wages, NI) could continue to bite
AI & Innovation highlights:
- £2 billion+ pledged for AI (2026–2030)
- £20.4 billion R&D budget for 2025–26
- Still little clarity on how SMEs will directly benefit, but AI adoption could be key to growth.
Many smaller firms say they’re unsure how to implement AI effectively, but targeted incentives or grants could change that.
We’ll be keeping you updated after the Chancellor’s statement so keep a look out on our socials.
In the meantime, review your cashflow and investment plans so you’re ready to respond quickly. If you need help planning ahead, you can get in touch with us here.
Interest Rates & Funding Costs
Borrowing remains expensive, and rate cuts aren’t expected any time soon. It’s a smart move to review your loans, look at fixed-rate options, and check how your cashflow will hold up if costs stay high into next year.
Sustainability & ESG
The UK and EU are starting to align their sustainability reporting rules. Even if it’s not compulsory yet, many banks and bigger customers are already asking small businesses for basic info like energy use or carbon footprint.
Start tracking simple things now – it’ll make life easier later.
Cyber Security Reminder
The Information Commissioner’s Office (ICO) has reminded all businesses to tighten up on data security.
All it takes are simple habits: strong passwords, two-factor authentication, secure data backups, etc… anything can make a big difference!
Business Rates Revaluation – Coming April 2026
A new business rates revaluation is on the way, based on 2024 rental values. You can already set up a VOA business rates valuation account to check your details and make sure everything’s up to date before new bills arrive.
£8 Million in Grants for Creative SMEs
Over 100 small creative businesses have just shared £8 million in Create Growth Programme grants to help turn ideas into growth. If you’re in the creative sector and want to explore funding or scaling up, we can help you find the right opportunities.
Final Thoughts
Between tight public finances, steady interest rates and the upcoming budget, now’s the time to review your cashflow, tax, and funding position so you’re ready for any policy changes.
If you’d like tailored advice or a pre-budget planning review, contact us today our team is here to help!
MAIN TAX EVENTS HAPPENING IN NOVEMBER: GET AHEAD
DATE
WHAT’S DUE
1 November
Corporation Tax for year to 31/01/2025, unless quarterly instalments apply
19 November
PAYE & NIC deductions, and CIS return and tax, for month to 05/11/2025 (due 22/11 if you pay electronically)
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