For many taxpayers, the beauty of autumn instead brings a familiar sense of unease, as key fiscal events lie just around the corner.
The 31 January Self Assessment deadline is only a few months away and this year it follows an Autumn Budget that has left plenty of taxpayers wondering what the future holds.
Chancellor John Healey will deliver his first Budget on 28 October, just a few months after taking office.
With a new Prime Minister and Chancellor in place, speculation about possible tax rises has been building for weeks, especially as the Government makes further commitments to spending without fully outlining how it will be costed.
It is understandable that people feel anxious, even if they support the policies being introduced, however, worrying about what might happen rarely helps. Planning for it usually does.
Much of what is being reported is guesswork and the Government has said its manifesto pledge on the rates of the main taxes, including income tax and VAT, still stands, which offers at least some certainty in a number of key areas.
Any changes are therefore more likely to come through thresholds and reliefs or through changes to taxation that do not cover these primary areas, such as Capital Gains Tax or Inheritance Tax.
A good deal has also already been decided in previous Budgets, as the personal allowance and higher rate threshold are frozen until April 2031 and tax rates on savings and property income are due to rise by two percentage points from April 2027.
These changes will more than likely still happen whatever is announced on Budget Day, so you can plan for them now.
It is also worth resisting the urge to act on rumours. Tax changes often take effect from the day they are announced or from the following April and some Budgets include rules designed to catch transactions rushed through in advance.
Decisions made in a hurry can end up costing more than they save, so don’t blindly follow rumours and seek help.
For anyone who files a Self Assessment tax return, the more pressing concern is often the bill due on 31 January.
This can include the balance for the 2025/26 tax year as well as the first payment on account for 2026/27, which can come as an unwelcome surprise.
Starting early gives you options. If your income has fallen, you may be able to reduce your payments on account.
If paying in full looks difficult, HMRC may agree a Time to Pay arrangement, but that conversation is far better had before the deadline than after it. Interest is charged on late payments and penalties can follow.
Filing early also means you know exactly what you owe well in advance and that gives you time to budget or look for tax planning opportunities, rather than scrambling to pay in the new year.
Making Tax Digital for Income Tax is another change to keep in mind. It began in April 2026 for sole traders and landlords with income over £50,000 and extends to those with income over £30,000 from April 2027.
The next submission deadline is 7 November and, if the first quarter is anything to go by, there are still many taxpayers out there who need to get the right processes and technology in place if they are going to meet their obligations.
The earlier you speak to an adviser, the more room there is to plan. That might mean making full use of pension contributions before the end of the tax year or reviewing how you draw income from your business.
Once the Budget has been announced, we will be able to explain what it means for you and whether anything needs to change.
In the meantime, there is no need to lose sleep. Get in touch with our team to talk through your tax position and plan ahead with confidence.
Contact Lamont Pridmore’s team of experts today on 0800 2346978 or email info@lamontpridmore.co.uk