The Chancellor, John Healey, will deliver the Autumn Budget this Wednesday, 28 October. It usually starts around 12:30pm, straight after Prime Minister’s Questions.
It’s his first Budget since taking on the role in the summer, so there’s been plenty of guesswork in the news about what might be in it.
Here’s how we’ll be handling it, and a few things worth knowing in the meantime.
Try not to act on rumours
Every year the weeks before a Budget are full of predictions. Some turn out to be right and plenty don’t.
Our advice is always the same: don’t make changes to your business or your finances based on headlines. Wait until the actual announcements are out.
Budget day is only the start
The speech gives the headlines, but the real detail comes in the documents published by the Treasury and HMRC afterwards.
That’s often where the important bits are, like when a change starts and who it applies to. Most tax changes don’t kick in straight away.
Many start from the next tax year on 6 April or later, so there’s usually time to plan.
Our update later next week
As we do every Budget, we’ll go through the detail once it’s published and share an update later next week.
We’ll focus on what matters to you as a self-employed consultant, such as income tax, National Insurance, allowances and Making Tax Digital, and we’ll keep it in plain English with simple examples.
One thing that’s already set
Making Tax Digital for Income Tax is already law. If your qualifying income (your self-employed turnover plus any property income) is over £30,000, you’ll need to start from 6 April 2027.
For example, if your turnover was £32,000 on your 2025/26 tax return, you’ll be joining next April. The threshold then drops to £20,000 from April 2028.
MalgraBooks is recognised by HMRC for Making Tax Digital, so if you’re using Pulse you’re already in a good place.
