News

Directors’ Report Requirement to Be Removed

| 05-11-2025

As part of its move to reduce ‘red tape’ and aid business growth, the government has announced plans to remove the requirement for companies to include a

Government borrowing rises in September – what it could mean for businesses ahead of the Budget

| 28-10-2025

Official figures show that UK government borrowing reached £20.2 billion in September - the highest for the month in five years.

Government strengthens regulators’ duty to support business growth

| 28-10-2025

The government has announced a major shake-up in how UK regulators operate, aiming to make them more accountable and more focused on supporting business growth. Beginning last week, regulators have a stronger

Bridging Generational Gaps: How to Build a Better Workplace for Everyone

| 28-10-2025

Conversations about Generation Z (those born roughly after 1996) and the workplace tend to generate headlines - perhaps even blaming younger workers for disrupting the traditional norms

How to Save on Childcare Costs with the Tax-Free Childcare Scheme

| 21-10-2025

Running your own business often means juggling a lot - and for many, that includes childcare. With autumn school breaks rapidly approaching, HMRC is reminding working families that the Tax-Free Childcare

Why getting minimum wage calculations right matters more than ever

| 21-10-2025

Matthew Taylor CBE, author of the influential Taylor Review of Modern Working Practices, has been appointed as the first Chair of the new Fair Work Agency – a body that’s set to change how the UK enforces employment rights.

New Cyber Toolkit Helps Small Businesses Strengthen Their Defences

| 21-10-2025

Small businesses across the UK are being urged to take simple, practical steps to protect themselves from growing online threats - and a new free toolkit from the National Cyber Security Centre (NCSC) aims to make that

Charity Commission Warns on Key Risks for Charities

| 15-10-2025

A new “Charity Sector Risk Assessment” recently published by the Charity Commission identifies some of the serious risks charities in England and Wales are facing. The report draws on data

Why “Staff Welfare” Should Feature in Your Incident Response Plan

| 15-10-2025

Cyber incidents, data breaches and operational disruptions don’t just affect systems - they affect people. The National Cyber Security Centre (NCSC) has published guidance called

Striking Off vs Winding Up: What’s the Difference for Your Company?

| 15-10-2025

The Insolvency Service has reported on an investigation it made into a company that was serving as a front to enable unlicensed insolvency activities previously carried out by another

Weekly Cash Flow Checks: Stay Ahead of Surprises

| 15-10-2025

Cash flow is the lifeblood of any business. Without it, even profitable businesses can run into trouble. Yet many business owners, and even some finance teams, treat cash flow as a monthly or quarterly review item.

Why Thinking Like a CFO Can Help You Shape Your Business

| 15-10-2025

For many small and medium-sized business owners, bookkeeping, payroll and VAT returns are seen as a necessary part of their routine. These tasks are essential, but in terms of

Could Your Child Be Sitting on £2,000 Without Knowing It?

| 06-10-2025

New figures show that more than 750,000 young people haven’t claimed their matured Child Trust Funds – savings pots worth an average of £2,242 each.

Autumn Budget 2025 – What Might Be Coming for Businesses?

| 06-10-2025

The Autumn Budget will be delivered on 26 November, but the Chancellor’s recent speech in Liverpool gave us some useful hints about what could be on the

UK and US launch joint task force on the future of financial markets

| 01-10-2025

The Chancellor of the Exchequer, Rachel Reeves, hosted US Treasury Secretary Scott Bessent at Downing Street recently for a joint industry roundtable. The meeting

Building cyber resilience: Preparing for Recovery as Well As Defence

| 01-10-2025

Cyber incidents continue to feature in the news headlines, with airports now joining large UK retailers and manufacturers in experiencing serious disruption to

Businessman banned from acting as director after breaching bankruptcy rules

| 01-10-2025

A businessman has been banned from being a company director for eight years after being found to have acted as a director between July 2013 and July 2015 despite being bankrupt since

Government Signals Further Reform to Business Rates

| 23-09-2025

Small businesses looking to expand premises could soon find it easier following new government commitments to make business rates fairer. An interim report from the Treasury says that the Chancellor will examine ways to tackle

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As part of its move to reduce ‘red tape’ and aid business growth, the government has announced plans to remove the requirement for companies to include a directors’ report as part of their annual accounts. Micro-entities are already exempted from the requirement to include a directors’ report in their accounts; however, it is intended that the requirement will be removed for all companies. It is estimated that this will affect approximately 440,000 companies. Medium-sized private companies will also be exempted from the requirement to prepare a strategic report as part of their annual report and accounts. Wholly-owned subsidiaries will also be exempted from preparing a strategic report, provided their disclosures are included in the UK parent company’s annual report and accounts. Estimates suggest that these changes could save UK businesses in the region of £230 million each year, and legislation to bring about these changes will be introduced as soon as possible. See: https://www.icaew.com/insights/viewpoints-on-the-news/2025/oct-2025/directors-reports-to-be-scrapped-and-more-companies-exempt-from-strategic-reports

Official figures show that UK government borrowing reached £20.2 billion in September – the highest for the month in five years. The figures, released by the Office for National Statistics (ONS), underline the financial pressures facing the Chancellor as preparations continue for next month’s Budget.

Borrowing, which measures the gap between government spending and income from taxes, was £1.6 billion higher than in September last year. The ONS said that although the government raised more through taxes and National Insurance, this was outweighed by higher spending, particularly on debt interest and inflation-linked costs.

Implications for the upcoming Budget

Higher borrowing means there is less room to manoeuvre in November’s budget. The rise in debt interest costs – nearly £10 billion in September alone – reduces the funds available for tax cuts or new spending commitments.

These figures are likely to make the Chancellor’s job more difficult when setting out her Budget plans. The Office for Budget Responsibility will update its forecasts alongside the Budget, setting out how much “headroom” the Chancellor has under her own fiscal rules. Many expect that the chancellor will need to raise taxes to meet those rules.

Analysts at Capital Economics estimate that around £27 billion may need to be raised, with households expected to carry much of that burden.

What might be in the Budget

Chancellor Rachel Reeves has been keen to emphasise that the government remains committed to manifesto promises not to raise the rates on income tax, VAT or National Insurance.

She has also made promises on taking “targeted action to deal with cost of living challenges” in the Budget. One idea suggests that the current 5% rate of VAT charged on energy could be reduced.

This suggests that any tax rises will at least be framed in such a way as to avoid the impression that people are receiving less in their pay packets.

Speculation around where tax rises could come from includes:

Freezing tax thresholds. This is a stealthy way of bringing more people into higher rates of tax and increasing tax yield without being immediately felt by most.

Cutting the employee rate of National Insurance, while adding the same amount to income tax. This would have a limited effect on those who are employed, but increase tax collected from pensioners, landlords and the self-employed.

Reforming property taxes, such as replacing stamp duty with a property tax, making landlords pay more and removing principal private residence relief.

Reducing the tax relief available on ISA and pension saving and the size of the tax-free lump sum that can be withdrawn.

Keep calm and carry on

Of course, the uncertainty that precedes a Budget leads to all kinds of speculation. We will only know what measures will definitely be used when the Budget announcement takes place.

We will keep you updated following Budget day on the measures likely to affect you. If you would like personalised advice on your tax situation, please call us at any time. We would be happy to help you!

See: https://www.bbc.co.uk/news/articles/c8035130918o

The government has announced a major shake-up in how UK regulators operate, aiming to make them more accountable and more focused on supporting business growth.

Beginning last week, regulators have a stronger growth duty, meaning they’ll be expected to balance their oversight role with helping businesses invest, innovate and expand. The change is designed to ensure regulation remains proportionate and doesn’t hold back economic activity.

A new public dashboard of regulator performance will also be launched. The new GOV.UK site, which will be updated quarterly, will bring together performance data into one place and allow for direct feedback to the government.

Business and Trade Secretary Peter Kyle explained that the aim is to strip back unnecessary rules and pointless paperwork while keeping essential protections in place. He described the stronger growth duty and new transparency measures as part of the government’s wider “Plan for Change” to boost investment and job creation.

For business owners, will these changes mean a more responsive and balanced regulatory environment that’s clearer about helping your business grow? Let’s see.

See: https://www.gov.uk/government/news/growth-placed-at-the-heart-of-regulators-remit-alongside-new-measures-to-boost-scrutiny-and-transparency

Conversations about Generation Z (those born roughly after 1996) and the workplace tend to generate headlines – perhaps even blaming younger workers for disrupting the traditional norms of office culture.

Generational differences are nothing new, but if differences lead to conflict this can be detrimental both to staff and your business. When differences are managed well, though, they can bring out the strengths of every generation – creating a more innovative, resilient and productive workplace.

What’s happening

Many employers are noticing a shift in attitudes. Younger workers tend to value flexibility, mental health, and meaningful work, while many older workers were shaped by more traditional ideas about presence, hierarchy and progression.

Older workers may view the younger generation as lacking “grit” or commitment, while younger employees might see their more experienced colleagues as resistant to change or too wedded to traditional ways of working.

Many Gen Z entrepreneurs are also bringing fresh values into the way they run their own businesses – building businesses that are tech-savvy, purpose-driven, and often more informal.

What can you do?

In the main, it’s about practical management and good communication. Here are a few ideas:

Review how you measure contribution. If your business still prioritises time in the office or visibility over measurable output, you may find tension between generations. Shifting the focus to outcomes helps value both experience and fresh ideas. To do that successfully, it’s important to recognise that productivity can look different across roles and stages of career.

Balance flexibility with consistency. Expectations around work-life balance and flexibility vary widely. Having a clear policy that sets boundaries while allowing reasonable autonomy will help both those seeking balance and those who value routine and predictability.

Create an environment that supports learning. While workers starting on their career are generally looking for progression and purpose, those with more experience benefit from opportunities to refresh their skills, share knowledge and adapt to new technologies. We’re not necessarily talking about training courses. De-emphasising hierarchy in the workplace and finding ways for younger and older workers to team up on projects can provide learning opportunities for everyone.

Encourage open, respectful communication. Different generations often prefer different communication styles. Agreeing on how and when to communicate – whether by message, call or face-to-face – helps avoid confusion and keeps everyone connected.

Value different work styles and motivations. Some people thrive on rapid change, others on stability. Help staff understand each other’s preferred way of working so that workloads and responsibilities play to everyone’s skills.

The takeaway

Generational differences aren’t a threat – they’re a resource. For your business, blending the energy and digital fluency of younger staff with the experience and resilience of older workers can be a real competitive advantage.

The most effective goal isn’t to preserve a single way of working but to create one that works for your business. That starts with communication, trust, and a willingness to keep learning from each other.

Running your own business often means juggling a lot – and for many, that includes childcare. With autumn school breaks rapidly approaching, HMRC is reminding working families that the Tax-Free Childcare scheme can be a good way to make some savings.

What’s on offer

Through the scheme, you can get up to £2,000 a year toward childcare costs for each child up to the age of 11, or up to £4,000 (up to the age of 16) if your child is disabled. The government adds £2 for every £8 you pay into your childcare account – and you can use that money to pay for approved childcare, such as nurseries, wraparound childcare, after-school clubs, or holiday clubs.

Your childcare provider needs to be signed up to the scheme before you can pay them, so you do need to check with them to see that they’re signed up.

It’s completely flexible: you can pay in whenever you like, use it straight away, or leave it in the account until needed. If your plans change, any unused money can be withdrawn.

Who can use it

You don’t need to be on a payroll to qualify – self-employed parents can use the scheme too. Your family may be eligible if:

Your child is 11 or under (or 16 if they have a disability).
You and your partner (if you have one) earn, or expect to earn, at least the National Minimum Wage or Living Wage for 16 hours a week on average.
You each earn less than £100,000 per year.
You’re not claiming Universal Credit or childcare vouchers.

How to get started

You can apply online by visiting the Tax-Free Childcare section of GOV.UK. Each child needs their own account, and the government top-up is added to each one separately.

Once your account is open, you’ll need to reconfirm your details every three months to keep the top-up payments coming.

With school holidays around the corner, now’s a good time to check if you’re eligible and set up your account – especially if you’re self-employed or running a small business and need reliable childcare to keep work flowing smoothly.

See: https://www.gov.uk/government/news/570000-families-avoid-the-halloween-chills-by-using-tax-free-childcare

The Agency, which launches in April 2026, will become a single point of contact for workers and employers.

Government figures suggest that 900,000 UK workers have holiday pay withheld each year and nearly 20% of minimum wage workers are underpaid.

The Fair Work Agency will be given stronger powers to investigate and tackle employers. These include workplace inspections, civil penalties for underpayments, and the ability to bring proceedings against an employer on behalf of a worker.

At the same time the Agency is being tasked with providing support to businesses on following employment laws so that employers who want to do the right thing aren’t being undercut by those who don’t.

With the Agency not being launched until next April, now is the time to review how your business calculates pay.

If you’re unsure whether your pay systems are up to date or need help understanding how upcoming changes in employment law might affect your payroll, we would be happy to help you! A quick review now could save a costly investigation later.

See: https://www.gov.uk/government/news/new-agency-chair-appointed-to-crack-down-on-minimum-wage-underpayment-and-worker-exploitation

Small businesses across the UK are being urged to take simple, practical steps to protect themselves from growing online threats – and a new free toolkit from the National Cyber Security Centre (NCSC) aims to make that much easier.

The Cyber Action Toolkit, launched this week at the NCSC’s Annual Review, offers tailored guidance to help sole traders, micro businesses and small organisations strengthen their cyber security.

NCSC’s latest annual review warns that every organisation with digital assets is a potential target for criminal cyber attackers. NCSC’s CEO, Dr Richard Horne, urged all businesses to ‘act now.’

A growing problem

Recent figures show that 42% of small businesses reported a cyber breach in 2024, while more than a third of micro businesses faced phishing attempts. Many small firms admit they simply don’t know where to start – often because cyber protection feels complicated or time-consuming.

The NCSC’s new toolkit aims to help with that. It breaks cybersecurity down into simple, achievable steps for businesses, with straightforward actions tailored to their size and needs.

What the new toolkit offers

The Cyber Action Toolkit is free to use and provides:

Personalised cyber security guidance.
Step-by-step actions tailored to business size.
Progress tracking and rewards to recognise each improvement you make.

It’s structured around three levels – Foundation, Improver and Enhanced – so businesses can progress through the levels at their own pace and build their resilience gradually.

As you put in place the basic measures recommended by the toolkit, this can be a good starting point in later working towards Cyber Essentials certification.

Taking the first step

For busy business owners, cybersecurity can easily fall down the to-do list. But the reality is that small steps now can save a lot of time and stress later, and the Toolkit seems to be a useful tool in helping with that.

You can access the Cyber Action Toolkit free through the NCSC website.

See: https://cybertoolkit.service.ncsc.gov.uk

A new “Charity Sector Risk Assessment” recently published by the Charity Commission identifies some of the serious risks charities in England and Wales are facing.

The report draws on data from annual returns, serious incident reports and casework. It notes several pressures that are making it harder for many charities.

What the risk assessment found

Some of the headline issues include:

Rising operating deficits: In the 2023 Annual Return, 22.5% of charities reported a deficit (i.e. spending more than they bring in), up from 20% in 2022.

Increasing demands vs costs: Many charities are seeing more demand for their services, while costs are rising and inflation is eating away at the value of their funding.

Use of reserves: Having a deficit doesn’t mean a charity is insolvent. However, many charities are relying on their reserves to cover the gap between income and expenditure. Overuse of reserves can quickly leave little safety net.

Risks to public trust: Though relatively rare, misuse of charity property, unauthorised payments, false claims for Gift Aid, or setting up charities for private benefit were flagged as significant because of the damaging effect even isolated incidents can have on public trust.

Other concerns: Governance, safeguarding, fraud, cyber threats, and external pressures such as geopolitical instability are also in the mix.

What should trustees do?

The Charity Commission have included some guidance for trustees in the report. The importance of careful forecasting and planning, and being able to respond quickly to any early warning signs, is emphasised.

The Charity Commission has a range of guidance to help trustees fulfil their responsibilities around financial stewardship, and it is planned to promote these further in a new awareness campaign this autumn.

If you would like personalised assistance with your charity, please get in touch. We would be happy to help you!

The full report can be read here: https://www.gov.uk/government/publications/charity-sector-risk-assessment-2025/charity-sector-risk-assessment-2025

Cyber incidents, data breaches and operational disruptions don’t just affect systems – they affect people.

The National Cyber Security Centre (NCSC) has published guidance called “Putting staff welfare at the heart of incident response” to help organisations consider the impact of a cyber incident on the people involved. While the guidance has been available for some time, the increasing prevalence of cyberattacks continues to make it timely.

When things go wrong – whether it’s a cyberattack, system failure or security breach – employees may feel stress, uncertainty, fatigue, guilt, or anxiety. The NCSC’s view is that if welfare is overlooked, it actually undermines the resilience of the whole response effort. A team that’s burnt out or demoralised is less able to think clearly, act decisively, or recover well.

What the NCSC recommends

The guidance lays out five core recommendations for making sure that staff welfare is considered:

Include all staff in the incident response plan: When planning how you will respond to an incident, identify the staff that will be affected by it. Consider what the potential stresses might be. For instance, what if key staff are absent? Can you call on staff to handle incidents outside normal working hours? Planning can reduce unnecessary stress if an incident happens.

Build a culture where staff feel safe to speak up: In a stressful incident, people cope with it differently. The guidance encourages a positive, secure culture where staff will feel able to speak up if they are feeling overwhelmed, burnt out, or need help, or if they spot worrying signs in their colleagues. This will help you to handle a problem before it becomes too serious.

Plan your internal communications: During a live incident, people want clarity. Keep everyone – including staff that are not directly involved – informed about what’s happening.

Be conscious of staff concerns: Staff are likely to worry about how the incident will impact their own livelihoods, whether because their personal information has been stolen or they will lose their job. Clearly communicating how the business plans to get through the incident can help people focus on what they need to do rather than worrying.

Practise your response: Practice can help your staff feel better prepared. NCSC offers a free Exercise in a Box that can be used for this purpose.

If you have an incident response plan (or are planning to build one), it’s worth reviewing it through a welfare lens by using NCSC’s guidance.

To review the guidance, see: https://www.ncsc.gov.uk/guidance/putting-staff-welfare-at-the-heart-of-incident-response

The Insolvency Service has reported on an investigation it made into a company that was serving as a front to enable unlicensed insolvency activities previously carried out by another firm.

The investigation resulted in the Insolvency Service winding up the company in the public interest. The case serves as a reminder that only properly licensed insolvency practitioners can act as a liquidator or administrator for a company.

However, if you’ve reached the point where your company has run its course and you want to close it down, does that mean your only option is to formally wind it up using a licensed insolvency practitioner?

No. Another option open to many companies is to have the company ‘struck off.’

Let’s explore the differences between striking off a company and winding it up, and in what circumstances you might choose one over the other.

What is striking off?

Striking off, often known as ‘dissolution,’ is the simpler and usually cheaper way to close a company. Basically, you apply to Companies House (using form DS01) to have the company removed from the register. Once that happens, the company no longer legally exists.

It’s typically used when the business is no longer trading, there are no debts outstanding, and all assets (like cash in the bank or equipment) have been distributed to shareholders.

What is winding up?

Winding up (or “liquidation”) is a more formal process. A licensed insolvency practitioner is appointed to sell off the company’s assets, settle debts, and distribute anything left over to shareholders. Once everything is complete, the company is struck off the register.

It’s typically used when:

The company cannot pay its debts (insolvent liquidation).

The directors or shareholders want a formal, orderly closure, even if the company is solvent (members’ voluntary liquidation).

There are complex affairs that need professional handling.

Key differences at a glance

Cost: Striking off is inexpensive (a small Companies House fee), while winding up involves professional fees for the liquidator.

Debts: Striking off is only an option if debts are cleared. If creditors are owed money, they can object and force the company into liquidation instead.

Control: Striking off is handled directly by directors, whereas winding up requires external oversight.

Risk: If directors strike off a company without properly settling debts or assets, creditors can restore the company to the register and pursue them. Winding up offers more protection.

Why choose one over the other?

If your business is small, debt-free, and you just want to wrap things up simply, striking off is often a good option. It’s also common for dormant companies or businesses that never really got off the ground.

On the other hand, if your company is insolvent, if you want legal certainty that everything has been settled properly, or if you’re dealing with significant assets or liabilities, then the formal winding up process is better.

Final thought

Both routes end with the company being removed from the register, but the right choice depends on your company’s financial position and how much formality is needed.

To get personalised advice on the right option for your company, please give us a call. We would be happy to help you!

See: https://www.gov.uk/government/news/manchester-company-used-as-front-for-unlicensed-insolvency-activities-is-shut-down

A weekly cash flow check is a simple, powerful habit that keeps you informed, proactive and in control. It’s a simple routine that will help you to keep your business financially healthy, spot opportunities early, and gain confidence in every decision.

What can weekly checks do for you?

Weekly cash flow checks can help you to:

Avoid surprises. When you review your cash inflows and outflows weekly, you’ll spot timing gaps, slow-paying clients, or unexpected expenses before they become urgent.

Plan smarter. Being able to see what’s happening to cash will help you make better decisions and avoid problems. For instance, should you delay a payment, push harder on collections, or hold back on spending?

Spot opportunities early: Regularly reviewing cash flow can reveal trends and openings you might otherwise miss, such as funds that are available to grow the business or potential savings on expenses.

What are the core steps for a weekly check on cash flow?

Hopefully, you’re convinced of the benefits, but how do you do it? Here are five steps to a weekly check on cash flow.

STEP 1: Update Cash Position

Start by reviewing your bank balances and reconciling them with any outstanding invoices and bills.

You’ll need to make sure your accounting data is accurate and up-to-date, but this should help you know exactly how much cash is available.

STEP 2: Project the Next 2-4 Weeks

List out everything you expect to receive and everything you expect to pay out over the next 2-4 weeks.

This will help you to see where potential shortfalls could come, or where you might have an opportunity.

STEP 3: Compare Forecast to Reality

Look back at last week’s projections and notice how they differed from what happened in reality. Make sure you know the reason “why” behind differences. Was it a late payment? Were there unexpected expenses? Or did a sale you were expecting not come off?

As you do this, you’ll get better at estimating what’s likely to happen in future. For instance, you might tend to be too optimistic about when customers will pay you.

STEP 4: Identify Action Items

Based on what you’ve learned, you should be able to list out some actions that can be taken over the coming week.

Don’t necessarily try and list everything possible. You only have a week before the next review. Make sure that you flag the most critical issues so that you can make a meaningful adjustment.

You might decide to set a program of calls to customers to chase collections, defer non-critical expenses, or adjust staffing plans.

STEP 5: Document and Track Trends

Keep a simple log of your weekly checks. Over time, patterns can emerge that will help you in your budgeting, forecasting and decision making.

Tips

A simple spreadsheet with columns for inflows, outflows, net cash and comments can be a good start and make it easier to collect and record the information you need.

Many banking apps can be set to automatically notify you if balances drop below a preset threshold.

Consistency is key, so you’ll want to schedule a fixed day each week for this review. Mark it in your calendar and make it non-negotiable.

Bottom line

Weekly cash flow checks can transform your financial management from reactive to proactive. It can mean peace of mind and smarter decisions, and give you an insight into your business that goes way beyond what day-to-day bookkeeping allows.

If you would like assistance in making a cash flow check part of your weekly routine, please get in touch. We would be happy to help you!

For many small and medium-sized business owners, bookkeeping, payroll and VAT returns are seen as a necessary part of their routine. These tasks are essential, but in terms of shaping your business, they can only tell you what has already happened.

It can give you a real advantage if you also spend some time thinking like a strategic Chief Financial Officer (CFO). That means using your financial data to plan and forecast so that you make smarter decisions for your business.

Bookkeepers record history, CFO thinking shapes the future

A bookkeeper’s job is to make sure that the numbers are complete and accurate, but a CFO – or a business owner thinking like one – takes those numbers and asks questions like:

Which customers or products generate the most profit?
How much cash do we really need in the next six months?
Where should we invest resources for maximum impact?

Adopting this kind of mindset can transform how you run your business. The good news is that it’s not that difficult to develop some core skills that will help you to do this.

Core skills every business owner can learn

Financial Literacy: Understand P&Ls, balance sheets and cash flows. These aren’t just for accountants; they can be your roadmap for understanding the financial performance of your business.

Forecasting and Budgeting: Forecast what your business income is likely to be, plan for expenses and prepare for seasonal variations.

Key Metrics: Track metrics that matter to your business – cash flow, margins, costs to acquire customers – so that you can make decisions based on data, not just gut feel.

Risk Awareness: Identify risks to your finances early on, whether it’s a slow-paying customer or an investment that’s costing too much.

Just picking one of these areas and making a small improvement can pay dividends.

Start small, think big

You don’t need fancy software or a finance degree. You could begin with:

Weekly checks on your cash flow.
Reviewing profit margins per product or service.
Setting simple financial goals for the quarter.

Gradually, these habits build the foundation of strategic financial thinking allowing you run your business more confidently and proactively.

The bottom line

Treating finance as a back-office chore keeps you in the dark. Thinking like a CFO – tracking the right numbers, asking the right questions, and planning ahead – can give you control, clarity, and confidence.

Bringing a CFO’s mindset into your business doesn’t mean you need to do it all alone. Sometimes an outside perspective can make the numbers clearer and the decisions easier. That’s where we can help. If you’d like a sounding board to help you step back, see the bigger picture, and plan with confidence, we would be happy to help you!

New figures show that more than 750,000 young people haven’t claimed their matured Child Trust Funds – savings pots worth an average of £2,242 each.

If your children, employees, or even apprentices are aged between 18 and 23, there’s a good chance some of them could be sitting on money they don’t know about.

What is a Child Trust Fund?

Child Trust Funds (CTFs) were set up by the government for children born between 1 September 2002 and 2 January 2011. Each account started with a government deposit of at least £250, and many families topped them up over the years.

The accounts are tax-free, and once the child turns 18, the money becomes theirs. They can either withdraw it or reinvest it.

Why so many are unclaimed

When the scheme was running, if parents didn’t open an account, the government did it for them. Now, according to HMRC, 758,000 accounts are sitting unclaimed.

September is the most common birth month so there is a new wave of 18-year-olds who have just become eligible to claim their savings pot.

How to find out if you’ve got one

If you already know who the provider is, you can contact them directly. If not, there’s a locator tool on GOV.UK – it takes a few minutes to submit a request, and you’ll usually hear back within three weeks.

You’ll need the young person’s National Insurance number and date of birth when using the tool.

A quick reminder for business owners

If you employ young people in this age group, it might be worth mentioning this to them. Some may not know they might have a CTF waiting. A quick word could genuinely make a difference to their finances – and they’ll likely remember you helped point them in the right direction.

See: https://www.gov.uk/government/news/savings-stash-worth-thousands-waiting-for-758000-young-people

The Autumn Budget will be delivered on 26 November, but the Chancellor’s recent speech in Liverpool gave us some useful hints about what could be on the table.

The Chancellor Rachel Reeves appeared to prepare the ground when she said: “We will face further tests, with choices to come, made all the harder by harsh global headwinds and long-term damage to the economy, which is becoming ever clearer.”

Her comments note two factors:

Global headwinds – trade tensions, wars and higher interest rates driving costs up.
The UK’s own productivity problem – the Office for Budget Responsibility (OBR) is due to publish a critical reassessment of the long-term productivity performance of the UK economy.

In short, the message seems to be: don’t be surprised if taxes rise, and don’t expect giveaways.

How might taxes be raised?

It looks as though there will be no change to the main tax rates (Income Tax, National Insurance and VAT). When pressed on whether VAT could rise, the Chancellor said: “The manifesto commitments stand.” She further said that she wants to protect pay packets and “not put up the prices in shops” – which also makes a straight VAT rise unlikely. But she hasn’t ruled out changes elsewhere.

One option for raising money without headline rate rises is to keep tax thresholds frozen. As wages rise with inflation, more people and businesses get dragged into higher tax bands.

Pensions, housing-related tax breaks, and other business reliefs could also be reviewed. The government may frame these as closing “loopholes” rather than introducing new taxes.

Reeves has also confirmed that there could be changes to the legally required biannual forecasts carried out by the OBR. When the mid-year OBR forecasts don’t meet expectations, the resulting speculation about tax changes can lead to wider instability. These forecasts might now only happen once a year, which could help with this.

What this could mean for you

We won’t know the detail until the budget is delivered at the end of next month. But this Budget is unlikely to bring windfalls for business – it looks like it could be more about stability and plugging gaps in public finances.

As ever, preparation is key. Keep an eye on the announcements and be ready to adapt. We’ll be keeping you informed with details of what’s changed following the Budget. As ever, if you would like any personalised advice please give us a call. We would be happy to help you!

See: https://www.bbc.co.uk/news/articles/cj6x07j9e43o

The Chancellor of the Exchequer, Rachel Reeves, hosted US Treasury Secretary Scott Bessent at Downing Street recently for a joint industry roundtable. The meeting reaffirmed the close ties between London and New York as leading global financial centres and announced the creation of a new Transatlantic Taskforce for Markets of the Future.

Purpose of the task force

The task force will provide recommendations to both governments on how the UK and US can work more closely together in areas such as:

· Digital assets – exploring both short-term opportunities while regulation is still developing and long-term possibilities for innovation in wholesale digital markets.

· Capital markets – identifying ways to make it easier for UK and US firms to raise funds across borders, reducing unnecessary burdens and strengthening competitiveness.

The task force will feed its recommendations through the existing UK-US Financial Regulatory Working Group and report within 180 days.

See: https://www.gov.uk/government/news/boosting-collaboration-between-uk-and-us-financial-systems-to-drive-innovation-and-growth-in-global-markets

Cyber incidents continue to feature in the news headlines, with airports now joining large UK retailers and manufacturers in experiencing serious disruption to supply chains and services.

While small businesses are unlikely to grab the same headlines, the risks are just as real. For many, a serious cyber-attack could stop their business from trading altogether. That is why it is important not only to think about preventing attacks, but also how your business would recover if the worst happened.

Start with the basics

The National Cyber Security Centre (NCSC) encourages all businesses to adopt the Cyber Essentials programme. This focuses on five straightforward measures that block the majority of common attacks. They cover areas such as keeping software up to date, controlling access to your systems, and protecting your internet connection with firewalls.

These are practical steps that any small business can put in place without needing a large IT team. Some insurers and customers also now look out for Cyber Essentials certification as a reassurance that you take cyber security seriously.

Know what matters most

If your business were hit by an attack, what would you need to keep running at all costs? For some, it might be your customer database. For others, it could be your booking system, your payment processing, or even email.

By thinking this through in advance, you can:

· Identify your most important systems and data

· Decide how you would keep the business going if they were unavailable

· Put in place simple backup and recovery processes so you are not left starting from scratch.

Plan and practice

NCSC advise that the businesses that recover best from disruption are those that have rehearsed their response. This doesn’t need to be complicated. It could mean, for instance:

· Making sure you know who to call – is it your IT support provider, your bank, or the police’s cyber-crime unit?

· Keeping offline copies of important contact details and documents

· Agreeing who in the business will speak to customers or suppliers if systems are down

· Running through “what if” scenarios with your team so everyone knows their role

Leadership matters

Cyber risk is often left to whoever looks after the IT. However, a cyber-attack poses a risk to the whole business. Just as you would take a threat to your cash flow or business operations seriously, cyber risk needs to be considered in the same way. This includes staying informed about and interested in the steps you’re taking as a business to minimise problems.

Next steps

If you want to build the resilience of your business, consider:

· Reviewing NCSC’s advice for sole traders and small organisations to respond to cyber attacks

– Working towards Cyber Essentials certification

· Making a simple recovery plan covering your critical systems and contacts.

No business can guarantee it won’t be targeted, but by preparing now, you can reduce the damage, recover faster, and keep your customers’ trust. See: https://www.ncsc.gov.uk/cyberessentials/overview

A businessman has been banned from being a company director for eight years after being found to have acted as a director between July 2013 and July 2015 despite being bankrupt since 2005.

In addition to this disqualification, he was sentenced to 22 months in prison in October 2024 for contempt of court in an unrelated case involving company transfers made in breach of a freezing order.

The Insolvency Service’s view

The Insolvency Service made clear that bankruptcy automatically prevents someone from being a company director. They say the ban is there to protect creditors and the public, and that investigations into misconduct will be pursued thoroughly.

What this means for business owners

This case highlights the importance of understanding the restrictions on who can act as a company director.

It is also worth noting that even if paperwork at Companies House suggests a directorship has ended, what matters in practice is whether someone is still involved in running the business.

Therefore, if you are considering bringing someone on as a director in your company or to run the business, it is important to check their status first.

If you are facing bankruptcy yourself, it is best to seek advice early so that you can avoid potential complications.

If you need help with company secretarial or insolvency services, please give us a call. We would be happy to help you! See: https://www.gov.uk/government/news/former-manchester-businessman-banned-after-ignoring-bankruptcy-restrictions-to-act-as-company-director-for-two-years

Currently, if a small business opens a second property, it immediately loses all entitlement to Small Business Rates Relief (SBRR). The government now says it will review how SBRR can support business growth.

The report also confirms that from April 2026, permanently lower tax rates will be introduced for shops, pubs, restaurants, and other retail, hospitality, and leisure businesses with a rateable value below £500,000.

Changes to how business rates are calculated are also under review

Business groups have been advocating for changes in the way business rates are calculated. They welcomed the report’s confirmation that the government will also consider moving from the current “slab” model (where the whole property is taxed at the highest rate) to a “slice” model (where tax gradually increases with value).

What happens next

This is an interim report. An update will be provided at the Autumn Budget on 26 November 2025.

If you are looking to expand your business into new premises, business rates are not the only factor to consider. If you would like help formulating or assessing plans for business expansion, why not contact us? We would be happy to help you!

See: https://www.gov.uk/government/news/chancellor-commits-to-explore-pro-growth-tax-reforms-to-support-small-businesses-opening-new-premises

01233 630000

mg@mageegammon.com

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