28/10/2026
Pretty hot off the press - but as usual here are the main takeaways from today's budget speech by the Chancellor.
On a personal note, I have to say I was quite underwhelmed. I genuinely hoped for more relief and support for small businesses and employers, once again I was left feeling pretty disappointed.
The business rates full-relief threshold rises from Β£12,000 to Β£18,000 rateable value until the end of March 2029.
Limited company directors: if you plan to sell your business one day, the lifetime limit on Business Asset Disposal Relief halves from Β£1m to Β£500k from April 2027. That could add around Β£30,000 in tax on a qualifying sale, so the timing matters.
Employers: the National Living Wage rises to Β£13.20 an hour from April 2027 for those aged 21 and over, so it's worth checking what that means for your payroll budget now.
Sole traders: if you make payments on account (usually when your tax bill is Β£1,000 or more), those payments will become more regular from April 2029. They'll be automated, but the details haven't been published yet.
Self-employed fathers and partners will be able to receive paid paternity pay from April 2029.
Using your own car for work? The first 10,000 business miles will be paid at 55p a mile and the secondary rate will increase to 35p a mile.
Let us know if you have any questions!