Get Prepared For Wednesday's Budget
Get Prepared For Wednesday's Budget
The news
The Autumn Budget is reported to be on Wednesday 28 October. Stay one step ahead by getting your bookkeeping up to date before the Chancellor stands up.
Why it matters to your private practice
Most private practices run on tight, predictable margins: fee income in, room rent, consumables, software and wages out. A small change to tax, business rates or wage costs can move that picture quickly. If you are self-employed, you carry the tax bill yourself. If you employ reception or associates, any change to employment costs lands on you.
The practitioners who cope best with Budget news are the ones who already know where they stand. Then a headline becomes a number you can plan around, not a worry.
Your action plan
Log in. Open your accounting software, whether that is Xero, QuickBooks, Sage or FreeAgent. If you are not using accounting software you can follow our Xero set-up guide here:
Reconcile. Match every payment in and out against your bank feed so nothing is sitting unmatched. Tick off card payments, cash takings and any online bookings paid in advance.
Print your management accounts. Run the profit and loss and the balance sheet for the year so far. A printed copy is easy to mark up and easy to hand to your accountant.
See where you stand. Look at income, costs and profit against the same period last year.
Mark up Budget day. Once the announcements land, write next to each line how a change may affect it, and book a call with your accountant for anything big.
What to look for
Costs that have crept up since last year, such as room rent, software, consumables and wages.
Slow-paying patients, insurers or referrers, and how much is outstanding.
How much cash you hold compared with the tax you will owe, so a bill never surprises you.
Any month where income dipped, and whether missed appointments played a part.
Keep an eye on
Business rates reform, including Small Business Rates Relief, which the government has promised (reported by Grant Thornton).
Income tax thresholds, which are reported to be frozen until April 2031.
The 2027 minimum wage rate, which Simply Business expects to be announced in the Budget. This is expected, not confirmed.
Making Tax Digital for Income Tax, which HMRC says reaches sole traders and landlords with turnover above £30,000 from 6 April 2027. This is already confirmed, so tidy books now will make it far easier.
How Practice Autopilot can help
Practice Autopilot is NOT accounting software but it does produce daily Practice Performance Reports for our users. This empowers our users to keep a close eye on how their practice is performing this month, compared to last month and the year before... and crucially how they compare to other practices in the UK.
You can download last months UK Practice Performance Report HERE
Income tax thresholds, which are reported to be frozen until April 2031.
The 2027 minimum wage rate, which Simply Business expects to be announced in the Budget. This is expected, not confirmed.
Sources:Autumn Budget 2026 for small business, Simply Business, reviewed 13 October 2026;Autumn Budget 2026 predictions, Grant Thornton, updated 20 October 2026;Sole traders and landlords earning more than £30,000 urged to act now, HMRC, 5 October 2026
General information, not financial or tax advice. Speak to a qualified accountant about your own circumstances.
