Small Businesses Are on Edge Over the Autumn Budget
In a recent snapshot of the UK’s entrepreneurial pulse, a striking 86 % of small‑business owners are shaking in their boots about the upcoming Autumn Budget. They worry that any new tax climbs or regulations could derail their growth plans and squeeze their finances.
Tax Bumps: The Hot Topics
- National Insurance hikes – 49 % flag this as a red flag.
- Rising VAT – 48 % aren’t thrilled with the idea of higher consumer prices.
- Income tax increases – half of owners (50 %) voice concern.
Sector‑Specific Worries
- Traditional sectors like manufacturing and retail are hedging against the impact of more flexible working rules, fearing it could spur costs or complicate operations.
- In the property arena, there’s a keen eye on any bumps to Capital Gains Tax or Inheritance Tax, which could ripple across the market.
Confidence on the Rise, But Still On Edge
The 30–35 % lift in growth expectations post‑General Election marked a two‑year high, thanks to easing inflation and modest economic gains in August. Yet, 78 % of those optimistic about expansion over the next three months up to December 2024 already feel the budget could pull their plans back.
Behind the Numbers: A 1,046‑Owner Poll
The poll asked owners which upcoming Budget measures might hurt their growth or cash flow. Across every industry, at least 81 % saw potential negative impacts. It’s clear that the panic is shared across the board.
Thought From the Insight Front
“While the chatter about the Autumn Budget is nonstop, reality remains murky. The survey shows that small‑business confidence has been hard‑won and fragile since the election, and any fiscal tightening could re‑kick that confidence into a skid,” said Joanna Morris, Head of Insight at Novuna Business Finance.
— Keeping a pulse on the next months of growth is essential. The budget will either lift or hold back the momentum we’ve gained.
What It Means For You
- Keep an eye on the latest tax news—small changes can have big ripple effects.
- Plan for flexibility: the ability to adapt will be key if the budget shakes things up.
- Stay connected with local business support networks— they can help you navigate any new regulations or cost pressures.
With the Autumn Budget looming, it’s a good time to double‑check your finances, budget for potential increases, and ensure you’re ready to keep your business on the growth track—no matter what the fiscal year brings!
