As we approach the first budget statement from Rachel Reeves and the new Labour Government on the 30th of October 2024, our Chair, Paul Goodman, has provided a detailed overview of potential planning steps and actions to consider before this key event:
- Review Financial Projections
Ensure your financial forecasts are robust and take into account potential tax or regulatory changes that could impact your business plans or cash flow. - Cost Management
Identify specific areas within your business where you can trim or control costs in preparation for any fiscal tightening measures that could affect your industry or operations. - Stay Informed
Stay up to date with policy announcements, budget predictions, and expert commentary so you can react swiftly and make strategic decisions based on the latest information. - Tax Planning
Work closely with your accountant and tax advisors to fully utilise current tax laws and benefits before any changes come into effect, optimising your financial position. - Capital Expenditures
Carefully evaluate the timing of any major capital investments to ensure they align with potential tax incentives. However, avoid letting uncertainty around policy changes cause unnecessary delays in decision-making that could negatively impact your business. - Scenario Planning
Prepare for various potential budget outcomes by developing flexible plans to remain agile and resilient regardless of what is announced. - Stakeholder Communication
Keep open lines of communication with your stakeholders, ensuring they are informed about potential budget impacts and how your business plans to respond strategically.
By concentrating on these steps, your business will be well-positioned to navigate any potential outcomes from the upcoming budget. Goodman Corporate Finance remains available to support your business, even if it’s just for a market sense check to confirm that the financing you have in place is still the most suitable for your business needs.