29/10/2026
𝗕𝘂𝗱𝗴𝗲𝘁 𝗗𝗮𝘆: 𝘄𝗵𝗮𝘁 𝗶𝘁 𝗮𝗰𝘁𝘂𝗮𝗹𝗹𝘆 𝗺𝗲𝗮𝗻𝘀 𝗳𝗼𝗿 𝘆𝗼𝘂 💷
Two weeks ago, Tom was explaining the £1,000 trading allowance while selling off his wrestling figures. Yesterday the Chancellor tripled it. 🤼
Here are the Budget changes most likely to affect small businesses, sole traders and landlords:
✅ 𝗧𝗿𝗮𝗱𝗶𝗻𝗴 𝗮𝗹𝗹𝗼𝘄𝗮𝗻𝗰𝗲 𝘁𝗿𝗶𝗽𝗹𝗲𝗱. From 6 April 2027 it rises from £1,000 to £3,000. That's good news for side hustles, eBay and Vinted sellers, and anyone with a small second income.
✅ 𝗠𝗧𝗗 𝗯𝗿𝗲𝗮𝘁𝗵𝗶𝗻𝗴 𝘀𝗽𝗮𝗰𝗲. If you join Making Tax Digital in April 2027, you won't get penalty points for late quarterly updates in your first year. ⚠️ You still have to send the updates before you can file your tax return, so this isn't a reason to put off getting set up.
✅ 𝗠𝗶𝗹𝗲𝗮𝗴𝗲 𝗿𝗮𝘁𝗲 𝘂𝗽. From 6 April 2027, the rate for business miles over 10,000 rises from 25p to 35p. The first 10,000 miles stay at 55p.
⚠️ 𝗟𝗮𝗻𝗱𝗹𝗼𝗿𝗱𝘀 𝗮𝗻𝗱 𝘀𝗮𝘃𝗲𝗿𝘀. From 6 April 2027, tax on property and savings income rises by 2%, to 24%, 44% and 49%.
⚠️ 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗼𝗻 𝗮𝗰𝗰𝗼𝘂𝗻𝘁 𝗮𝗿𝗲 𝗰𝗵𝗮𝗻𝗴𝗶𝗻𝗴. From April 2029, Self Assessment taxpayers will pay smaller, more regular amounts through the year instead of two big lump sums.
Most of these changes start in April 2027, so there's time to plan. MTD is the one to start on now.
Not sure how any of this affects you? AskAbaqus, that's what we're here for.
Which of these changes makes the biggest difference to you? 👇