7 things to review before the Autumn Budget

With the Autumn Budget now confirmed for 28th October, there is a natural temptation to focus on what might change. But from a tax planning perspective, we find that the more useful question is: how well do you understand your position today?

There are a number of areas worth reviewing before the Chancellor’s announcements, particularly if you are a business owner, investor or planning for the future.

Your overall tax position

Start with the basics. Look at your income, investments, property and other assets and consider how your current tax position is structured. Understanding where you stand now makes it much easier to assess the impact of any changes announced in the Budget.

Pension contributions

Pensions remain an important part of long-term financial planning, so it is worth checking your contributions and available allowances. This is particularly relevant given the changes already legislated for the treatment of unused pension funds for Inheritance Tax from April 2027.

Investments and Capital Gains Tax

If you are considering selling shares, investments or other assets, review your potential Capital Gains Tax position before making a decision. Your timing, available allowances and the way an asset is held can all affect the tax outcome.

Your estate and Inheritance Tax position

Estate planning should not be something you only think about when a Budget is approaching. However, with changes to Business and Agricultural Property Relief already in effect and further pension-related IHT changes coming in 2027, it is a sensible time to review your arrangements.

Business and shareholder planning

For business owners, consider any significant transactions or financial decisions you have planned. This might include investing in the business, selling shares, extracting profits or making changes to your remuneration. Understanding the tax implications before committing to a course of action can give you more flexibility.

Trusts and family wealth

If you have a trust or use trusts as part of your wider estate planning, make sure the arrangements remain appropriate and that the relevant tax returns and reporting obligations are up to date. HMRC’s recent activity around Trust and Estate Tax Returns is a useful reminder that getting the details right matters.

Decisions you’ve been putting off

Finally, look at the decisions you have been delaying. Perhaps you are considering selling a property, changing your business structure, making a significant investment or reviewing your estate plan.

You do not necessarily need to act before the Budget. But understanding the potential tax implications now means you can make a considered decision rather than reacting after the announcements.

Planning ahead over predicting

No one knows exactly what will be announced on 28th October, in fact, good tax planning is not about trying to predict the Chancellor’s next move. It is about understanding your own circumstances, keeping your options open and making decisions based on the facts available to you.

If you would like to review your tax position ahead of the Autumn Budget, get in touch with the Verallo tax team who can help you understand where you stand and where further planning may be appropriate.