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The chancellor has delivered the Autumn Budget, confirming a wide range of tax and spending measures that will shape household finances and business planning over the coming years. Much of the detail had been hinted at in advance (or leaked!), but the final statement provides a clearer picture of where costs will rise and how long-term tax policy is shifting. Here is a summary of the key announcements. Wage increases from April 2026 The National Living Wage for over-21s will rise to £12.71 per hour in April 2026. Rates for 18 to 20-year-olds will increase to £10.85 . Anyone employing staff at or near the minimum wage will see payroll costs rise, and individuals working on lower incomes will see an increase in take-home pay. Tax thresholds frozen for longer Income tax and National Insurance thresholds will remain frozen until 2031 . As earnings increase over time, more people will gradually move into higher tax bands, resulting in higher overall tax liabilities. Employer National Insurance thresholds are also frozen until 2031, increasing employment costs as wages rise. Changes to dividends, savings, and property income Several tax increases were confirmed: Dividend tax rates will increase by 2 percentage points from April 2026 Income tax on savings and rental income will rise by 2 percentage points from April 2027 Individuals receiving dividends, interest, or rental income should review how these changes affect their overall tax position. Pension salary sacrifice capped From April 2029 , the amount of salary that can be sacrificed into a pension free of National Insurance will be capped at £2,000 per year . This affects both employees and employers who use salary sacrifice to reduce NI costs. Cost changes for imported goods From 2029, the current tax exemption for goods imported from overseas worth under £135 will be removed. Any imported low-value items, including online purchases shipped from outside the UK, will become subject to VAT and potentially other charges. Changes to duties on alcohol, tobacco, and sugary drinks Alcohol duty will rise in line with RPI from 1 February 2026 Tobacco duty will increase by 2% above RPI From January 2028 , the sugar tax will be extended to pre-packaged milk-based drinks , including bottled milkshakes and lattes These measures will increase the price of certain consumer products over time. Fuel duty frozen until September 2026 The current fuel duty freeze, including the 5p cut, will remain in place until September 2026 . After that, rates are expected to rise gradually over a six-month period. A new mileage-based tax for electric and plug-in hybrid vehicles will also be introduced from April 2028 . Support for apprenticeships and training Apprenticeship training for under-25s will be funded in full for small and medium-sized employers. The aim is to help more young people into work and support employers with training costs. Household and personal finance measures Several measures will influence everyday household budgets: The state pension will rise by 4.8% under the triple lock The cap restricting child-related benefits for a third or subsequent child will be removed from April Green levies will be taken off energy bills, with the Treasury estimating a saving of around £88 a year NHS prescription charges in England remain frozen at £9.90 for another year These changes will affect disposable income, energy costs, and household spending power. Housing and property tax updates Homes in England valued above £2 million will face a new annual council tax surcharge of £2,500 to £7,500 , based on updated valuations. Other property-related measures include: Higher income tax on rental profits (from 2027) Extended support for Help to Save accounts beyond 2027 Economic outlook from the OBR The Office for Budget Responsibility projects: UK growth of 1.5% in 2025 Average growth of 1.5% per year between 2026 and 2029 Inflation expected to fall to 2.5% next year and reach the 2% target in 2027 These forecasts form the backdrop for many of the Budget’s long-term policies. What this means overall The Autumn Budget sets out a clear direction: rising wage costs, higher taxes on income and investments, and increased duties across several consumer goods. Alongside this, there are pockets of support such as apprenticeship funding, a continued fuel duty freeze, and measures aimed at easing household bills. Both individuals and businesses should take time to understand how these changes affect their financial planning from 2026 onwards. How we can help We give clear, useful advice to clients all over the UK on taxes, payroll, forecasts, and long-term planning. If you would like a personalised review of how the Autumn Budget affects you or your business, please arrange a meeting with Donald Inglis .

Starting, building and growing your own small business is a hugely rewarding experience for many entrepreneurs. But the road ahead isn't always smooth. There are common challenges that crop up and ongoing issues that need to be factored into your business plan, your strategy and your own personal thinking. So, what can you do to beat these challenges and make the journey as frictionless as possible? 5 proactive ways to overcome your business challenges We’d all love to know what lies around the corner when it comes to the future path of your business. The truth is that every business journey is unique. But there are common challenges that every owner-manager or CEO will be faced with – and being prepared for these hurdles is the best way to leap over them and take each challenge in your stride. We’ve highlighted five common challenges and the simple ways to overcome them: Uncertainty No-one has a crystal ball to know exactly what's coming around the corner. But there are ways to be prepared for some unknown circumstances. You can't fully predict the main external threats like government policy, economic conditions or freak weather conditions. But you CAN use forecasting and scenario-planning tools to build up contingency plans so you have a Plan A, Plan B and even a Plan C. With forecasts of your business data, finances and industry trends, you can be ready to react, pivot and take positive action. Competition Small businesses often face stiff competition from larger, more established companies. To stay ahead of the curve, it's important to be nimble and agile. It's also vital to find your niche and to know precisely why your customers value your offering. By ploughing a unique furrow and keeping your customers happy, you can give yourself an edge over larger, slower-moving corporate-size competitors. Access to capital It can be a struggle to secure funding as a startup, particularly if you have limited financial resources or a poor credit history. Having a detailed funding strategy is a crucial way to overcome this problem. Keep your finances in order and make sure you have in-depth financial reports to show banks, lenders and investors. It's also helpful to focus on paying suppliers on time, keeping debt levels under control and ensuring your cash flow is in a positive position. These are all excellent ways to improve your business credit rating and show you're a stable, risk-free prospect for lenders. Hiring and retaining employees Attracting and retaining talented employees is difficult, especially during the ongoing talent shortage. Offering competitive salaries or benefits packages can be one way to attract people. But it's also important to think about your brand reputation, your sustainability credentials and your CSR policy – all things that Millenial and Gen Z workers value alongside decent pay and benefits packages. Employees want to be proud of where they work, so make your company a progressive, satisfying and rewarding place to work. Keeping up with technology Business technology is evolving at a rapid pace. It can be daunting keeping up with all the available apps, tools and software solutions that are aimed at your business. The trick is to be informed but selective about the apps you use. Start with the operational and financial needs of the business and look for apps that can automate, improve efficiency or provide improved data and management information.  Talk to other business owners and your professional network to find out what the essential apps are in your industry. And do your research and homework before you choose any software solution to add to your app stack. Talk to us about being an agile small business Looking to the horizon for the upcoming pitfalls is essential as an ambitious and informed business owner. As your adviser, we can help you generate the most informative management information, to keep you agile and ready for what lies around the corner. We’re also on hand to discuss your ongoing strategy, how to react to upcoming risks and the best ways to access capital and manage your company’s finances. Arrange a meeting with Donald Inglis and let’s see what the future may bring for your business.

Traditionally, when your small business needed an injection of capital, the Big Four banks were the place to go. Barclays, HSBC, Lloyds and NatWest offered a wide range of business loans and there were limited alternative routes to business finance. But today, the major high-street banks are increasingly reluctant to lend to small businesses. Let’s look at why small businesses are finding it harder to access funding, and four alternative routes to finance that your business could explore. High-street banks are pulling back from lending to small businesses A recent survey from business lender, iwoca, found that 71% of SME finance brokers agree that mainstream banks are pulling back from small business lending. The Big Four banks see small businesses as volatile, risky and less attractive as borrowers than larger, stable, corporate organisations. This has led to ambitious UK small businesses finding it difficult to access funding. Without access to an injection of new capital, your business may find it difficult to fill the cashflow gaps, invest in growth or start new projects. 4 alternative routes to funding for your small business Don’t worry, though, the news isn’t all bad. With the banks offering less funding, this has created an opportunity for alternative lenders and alternative routes to funding. With high street banks no longer the obvious first port of call for funding, you’re free to consider the entire funding market and a range of brand new finance options. Here are four potential routes to funding: 1. Non-banks and fintech lenders In recent years, we’ve seen considerable growth in the non-bank lending market. Specialist online business lenders, like Funding Circle and iwoca, offer flexible, short-term loans without the lengthy and complex application processes you’d expect from the high-street banks. Non-banks will generally focus more on your business performance and future revenue generation potential, rather than your business credit score. This is helpful for start-ups that have limited trading history, or businesses with poor credit scores. 2. Peer-to-peer lending Peer-to-peer (P2P) lending platforms, like Folk2Folk, connect businesses seeking loans with a network of individual and institutional investors through online platforms. P2P is often a faster, more flexible alternative to banks, allowing you to quickly raise capital and to invest it back into your latest project or growth strategy. Unlike traditional equity funding through private investors, P2P doesn’t require you to give up any ownership stake in the business, so it’s a great way to raise money and stay in control of the business. 3. Invoice finance Invoice financing through a provider like Kriya allows you to sell your unpaid invoices. This effectively gives you an advance on the money currently owed to you by your customers.The finance provider gives you a percentage of the invoice's value upfront, helping you to solve urgent cashflow issues caused by slow-paying customers. While you won’t be able to raise large sums of money this way, it’s an excellent solution for getting your cashflow under control. 4. Crowdfunding Crowdfunding through a platform like Crowdcube or Kickstarter allows you to raise funds from a large number of people through an online platform. There are several types of crowdfunding, including: Equity crowdfunding: selling shares in the company Debt crowdfunding: raising a loan from many lenders Rewards crowdfunding: offering products or perks in exchange for investment Get your funding strategy sorted Having a detailed funding strategy, and aligning it with your business plan, is fundamental to keeping your business well-capitalised and cash flow positive. We’ll help you review your funding needs, create a funding strategy and compile the financial documentation needed to access your chosen route to funding.

We’re used to the idea that artificial intelligence (AI) has numerous ways to help us run a streamlined and efficient small business. AI can automate many of our low-level processes, help with customer service and give us amazing insights into our business data. But there’s one key area where using AI is a no-no – tax advice! A recent survey by Taxfix revealed that more than half (59%) of Brits admit that they’ll use AI to help with their tax return in the run-up to HMRC’s 31 January deadline. Let’s look at why you should avoid using AI tools, like ChatGPT, to answer complex tax questions. And why your accountant, or tax adviser, is the person to talk to. 1. Tax is a complex and nuanced area Understanding the full UK tax code and how it applies to your specific situation is complicated. Giving the right answer requires the AI to know a number of variables about your tax position that are unlikely to be included in your prompt to ChatGPT. 2. Tax rules are specific to your country and tax position The tax rules that apply to you, as a UK taxpayer or UK business, are specific to the current tax legislation created by the UK parliament and upheld by HM Revenue & Customs (HMRC). ChatGPT can be America-centric in its responses, so it’s likely that you’ll get answers that reflect US tax law, unless you’re specific about being a UK taxpayer in your prompt. 3. AI often provides incorrect answers or ‘hallucinations’ Generative AI has a habit of giving you the answer it thinks you want, rather than an answer that is factually correct. These AI hallucinations can sound extremely convincing and plausible, so you won’t be aware that this is false information until your tax adviser points out the error. 4. Tax professionals give you informed, human advice Tax advice isn’t just about knowing the current rules around tax. As experienced, human, professionals, your tax adviser can give you answers that are tied to your own specific tax position and financial situation. In short, a human tax adviser gives you tailored, bespoke advice, whereas an AI will always give you generic, non-specific advice. The rules around tax are clear, immovable and non-negotiable. But a good tax adviser will help you to plan your tax efficiently, taking into account any available tax incentives and claiming back tax-deductible items that will help your cashflow. Accountants and tax professionals know the huge benefits that AI can bring to your business as an operational tool. But, as an industry, we also know the risks of AI-generated tax advice. Over the years, we’ve grown into one of the leading accountants in York, expanding our range of accounting services whilst staying true to our core values. If you’ve got a tax query, or want help with your upcoming tax return, book a discovery call with Donald Inglis .

Have you ever wondered about the best ways to protect you and your business? In this series, we’ll look at the key ways to use trusts, insurance and risk-management techniques to protect both your personal assets and the future of the company. In this article, we’ll look at how you can use a trust to shelter your assets. What is a trust? Before we go any further, let’s explain exactly what a trust is and how they can be used. A trust is a legal arrangement where a person (the settlor) transfers ownership of certain assets to another person or entity (the trustee) to hold for the benefit of one or more third parties (the beneficiaries). These assets could be money, property or shares etc. It's essentially a separation of legal ownership from beneficial ownership. These are the three main parties involved in a trust Settlor : The person who creates the trust and contributes the assets. In this instance, the settlor is likely to be you, the small business owner. Trustee : The person or entity (this could be an individual or a company) who holds legal title to the assets and manages them according to the trust deed. They have a fiduciary duty to act in the best interests of the beneficiaries. Trustees are likely to be you and your family members, or anyone in the business who you decide to make a trustee. Beneficiaries : The individuals or entities who are entitled to benefit from the assets held in the trust. This will usually be the family members or other interested parties that you wish to be beneficiaries of the assets held in the trust. What’s a trust deed? The rules for how the trust operates are set out in a legal document called a ‘trust deed’. The trust deed is a legal document that formally establishes a trust. It outlines the trust's rules, names the settlor, trustees, and beneficiaries and defines the trustees’ powers and duties. The deed also dictates how assets within the trust are to be managed and distributed to protect personal assets from business liabilities. How can you use a trust to protect your personal assets? Running a business comes with a certain amount of inherent risk. There’s potential for the business to go bust, for creditors to come after your assets, or for individuals and organisations to make legal claims against you and the business. Setting up a family trust to shelter your personal assets allows you to separate your personal financial security from these inherent risks of running a business. The trust creates a legal barrier between your individual wealth and any financial liabilities or claims arising from the business. Here are the five key reasons why a trust is worth considering 1. Shield your personal assets from any business liabilities If your business faces bankruptcy, lawsuits, or significant debt, your personal assets can become vulnerable. This is especially true for sole traders or partnerships, where you don’t have the protection of limited liability as an incorporated company. By transferring your assets to a trust, these assets are legally owned by the trustee, not you personally. This makes them inaccessible to the owner's personal creditors, in most cases. 2. Mitigate the risk of being an entrepreneur Being an entrepreneur involves taking on certain risks. Sales can plummet, businesses can fold and unexpected external conditions can scupper your well-laid plans as a business owner. With your personal assets held in a trust, you can take calculated business risks knowing that your family home, savings and other personal investments are safeguarded. The family trust provides you with a crucial safety net to secure yours and your family’s future. 3. Enhance your estate and succession planning Protecting your personal assets is the key function of the trust. But a well-managed family trust can also help with the orderly transfer of your assets to future generations. Having the family trust set up prevents your hard-earned assets from being tied up in your estate upon death. This is great for estate planning and helps your immediate family achieve a smoother transition and protects these important assets from potential claims against the estate. 4. Balance control vs. ownership As the business owner, once your assets are held in a trust you are no longer the legal owner. However, through a trustee or appointor role, you can still maintain a significant degree of control over how the assets in the trust are managed and distributed Even though you no longer hold legal ownership of these assets, you can still balance a level of control over the assets, while also enjoying the benefits of reduced liability and risk. 5. Benefit from better tax planning, in some instances Asset protection is the primary driver of a family trust. But having the trust in place can also make it easier to distribute income among beneficiaries in different tax brackets. As such, there may be an opportunity to enhance the overall tax position of the whole family. Tax planning within a trust structure is a complex area and should always get professional advice from your tax adviser. Helping you enjoy the protection of a family trust Having worked so hard to create a profitable business, it’s vital to take every opportunity to protect your personal assets and the future prosperity of your family and loved ones. Talk to our team about the key benefits of setting up a family trust, and the potential benefits you could achieve in your own specific business and family situation.

Projecting your cash flow is essential. By forecasting ahead, you gain a clear picture of your financial position in the coming months, which allows you to take the right steps to protect your cash reserves. Detailed forecasts also make it possible to test different scenarios, identify savings, and develop strategies that keep the business secure. Staying on top of changing conditions Forecasting is not a one-off exercise. Your cash flow should be reviewed weekly or at least monthly, depending on the size and complexity of your business. This regular check gives you time to address problems before they become critical. For example, if a customer payment looks likely to be late, you can tighten credit control, chase invoices earlier, or agree staged payments to protect your position. Modern tools like Float, Fathom, or Futrli connect with your accounting system and can automatically update your forecast when new invoices or expenses are added. This saves time and ensures the data you are working with is always current. Strengthening your financial position A forecast is only useful if you act on what it shows. If your outgoings consistently outweigh your income, you need to address both sides of the equation. On the income side, consider whether your prices reflect the value you deliver. A modest increase, communicated well, can have a big impact. Look at new revenue streams, such as offering a premium version of an existing service or introducing subscription-style billing to smooth income. On the cost side, carry out a quarterly expense review. Cancel unused software licences, renegotiate supplier contracts, and monitor stock levels to prevent tying up cash in slow-moving items. If staffing costs are a concern, explore flexible hours, cross-training staff to cover more roles, or outsourcing specific tasks that don’t need full-time employees. Small adjustments can add up to a significant improvement in your forecast. Preparing for the future One of the biggest strengths of forecasting is the ability to model “what if” scenarios. Adjust the assumptions in your forecast to see the impact of a 10% fall in sales, a delayed client payment, or an increase in energy bills. This allows you to put contingency plans in place before problems arise. If a scenario shows a cash shortfall, you can line up funding early, when you are in a stronger negotiating position with banks or investors. Alongside scenarios, build a rolling 12-month forecast. Extending beyond the next few weeks or months helps you plan for seasonal peaks, tax payments, or larger one-off expenses. This longer view makes your strategy more resilient and gives you confidence when making investment decisions. Talk to us Cash flow forecasting is not just about avoiding problems; it gives you the insight to grow safely and take opportunities with less risk. Call us on 01904 787 973 if you’d like support setting up a forecast that works for your business and puts you firmly in control of your cash flow.

How often do you get to the end of a working day and wonder where the time went? Perhaps you never got to item three (or even item one!) on your to-do list. How can you solve this problem without working longer hours? The answer is very simple, but the art in the solution is where the gold is. The answer to free up time is to delegate more, either to existing team members, new people you recruit, or externally to outside contractors. However, if delegation were that easy, everyone would be doing it now, right? So, what is the art of delegation? We say art, because delegation is not an exact science; different approaches are needed depending on who the ‘delegate’ is. Time and effort are required to effectively pass on tasks to others. Often, the time the delegator needs to put in initially is greater than if they did the work themselves – that’s why so many people don’t delegate. The view that ‘it’s quicker for you to do it yourself’ holds you trapped and unable to be more productive and effective yourself. It also stops others from developing better ways to do things than you already know, i.e. if you teach them your way, then they can master that AND add their own value, two minds being better than one. Here are some essential principles to apply to help you to delegate (as opposed to abdicate!): Delegation Assess the task, issue to the right person and support, helps build trust and respect Be specific and crystal clear for greater communication Request they repeat back instructions, so you know you were understood, enabling higher productivity Set a time frame and request clarification that the task has been achieved, ensuring jobs are completed on time and are profitable Both parties to review, opens the door for future work Abdication Issue tasks to anyone and forget about it, shows distrust and a lack of respect Giving unclear and little information results in poor communication Don’t ask if you were understood, results in low productivity Don’t set a time frame – it can mean jobs are delayed and over budget Different expectations can result in disgruntled clients No review results in no future work Delegation is a skill to be learned; applying these principles consistently will ensure long-term success. Action list Which tasks am I currently doing that I could delegate to others? What can I do with the time I free up? Who are the best people for me to delegate these to? (Make sure they want to do these as part of their career development). What is the best way to document what is expected and how it should be done? What support and review process is needed to ensure success? Get in touch Delegation is one of the fastest ways to free up your time and focus on the parts of your business that really need your attention. At Inglis, we work with business owners every day who face the same challenge: too many tasks on their plate and not enough hours in the day. We can help you streamline your financial processes, take essential but time-consuming work off your shoulders, and give you the space to focus on growth. If you’d like to spend less time buried in admin and more time leading your business, book a call with Donald Inglis .

Digital systems and cloud technology have revolutionised the running of the average small business. But with software systems comes the ever present issue of cybersecurity. And it’s not just the big league, like Boots and Marks & Spencers, that have to worry about getting hacked. A recent BBC News article highlighted how one cracked password is all it took for a ransomware gang to destroy a 158-year-old transport company, putting 700 people out of work. So, what can you do to increase your cybersecurity and keep your business, customer and finance information safe from hackers and malicious software? Here are five ways to help protect your business 1. Use strong passwords and multi-factor authentication (MFA) Make it mandatory for your team to use complex, unique passwords for all business accounts and devices. And make sure to enable multi-factor authentication (MFA) (sometimes called two-step authentication) so all software and system log-ins require a second form of verification, This makes it far more difficult for hackers to gain access to your systems. 2. Keep software and security patches updated Regularly update all your operating systems, software, apps and security patches, so you’re always using the most up-to-date versions. Cybercriminals will exploit any known vulnerabilities in out-of-date software, so patching these gaps is a critical step in preventing attacks. 3. Train your staff to recognise phishing and poor security Your employees are often the first line of defence. Provide regular training on how to spot suspicious emails, texts or calls. And make sure your team-members knows to avoid clicking on malicious links or downloading unverified attachments for example. 4. Secure and regularly back up your data Make sure to back up your critical business data to a secure, separate location, like an encrypted cloud service or an external drive. With back-ups in place, you can be up and running quickly in the event of a ransomware attack or data breach. 5. Adopt the Cyber Essentials scheme The Cyber Essentials initiative is a government-backed certification scheme that explains five ways to protect your business against the most common online threats. By completing the Cyber Essentials scheme, you demonstrate your commitment to cybersecurity and give the business increased protection against potentially harmful attacks. Helping you keep on top of cybersecurity Keeping your business and your data safe and secure is a core responsibility for every small business owner. And there’s plenty of advice available to boost your cybersecurity. The National Cyber Security Centre has a mix of advice, schemes and training available for small and medium-sized UK businesses. And if you need 1-2-1 advice, our team will be happy to offer support and connect you with local cybersecurity experts.