Three things to do right now to prepare for the 2025 Budget

Almost everyone I've spoken to recently (myself included) is nervous about the upcoming Government Budget.

It's understandable - our brains don't like uncertainty, and as a business owner we often like to be 'in control' - after all, we became our own boss to make our own decisions right?

Well, if you're feeling a little nervous about what might be happening, here are three things every small business owner or freelancer can do right now to prepare before #Budget25

Let's start at the beginning...

What is the Budget? (In Plain English)

The Budget is the government’s big financial update - basically a yearly announcement where the Chancellor explains:

• what taxes are changing (if any),

• what support schemes will run or stop,

• and how the UK economy is expected to perform.

It’s like the country’s financial sat-nav update: “here’s what’s coming next, here’s where we’re heading.”

Because it’s full of jargon and dramatic headlines (and a lot of rumours!), it can create a lot of anxiety. Business owners (again, I include myself in this group) start to feel that familiar knot of worry. What’s going to change? Will it affect me? Will I need to do something differently? Will this be the final nail in the coffin?????

But there is some good news. There are practical things you can do now to feel grounded, calm, and prepared - even before anything changes.

Action 1 — Don’t Panic: Nothing Changes Overnight

Budget announcements do not take effect instantly.

Most changes happen from the start of the next tax year (so April 2026 at the earliest), and some take even longer.

And importantly: There will be a lot of clear, plain-English analysis published after the Budget - including simplified explanations from trusted professionals. You won’t need to decode it yourself.

That means you’ll have time to:

• understand what’s actually changing,

• ignore any misleading newspaper headlines,

• and check the impact on your business specifically.

No knee-jerk decisions needed. No instant price changes.

Take a beat. Let the dust settle. Keep breathing.

Action 2 — Know Exactly Where You Are Right Now

This is the biggest one.

And actually this is the one action you should always take if you're stuck or nervous, whether a budget is coming or now.

You can only understand the impact of any tax or threshold changes if your records are up to date and you have a clear picture of your current numbers. Without that, everything sounds like it might affect you — even if it won’t.

You can't make good decisions if you don't have up to date info to base it on.

What to do this week:

• Bring your bookkeeping fully up to date (bank feeds, receipts, invoices, mileage etc).

• Check your year-to-date income, expenses and profit.

• Make sure you know your VAT position if you’re registered.

• If you’re DIY’ing everything, set aside one hour to get back on track.

This gives you a baseline. You can only measure any impact by knowing where you’re starting from.

Action 3 — Reconnect With Your Business Goals

This is about putting any future changes into context for you and what you want for your business.

When you’re clear on:

• what you’re building,

• what your priorities are,

• what you want the next 6–12 months to look like…

…it’s much easier to work out how to adapt if anything does change.

Think of your goals a bit like your compass.

When new information arrives (like a Budget announcement), you can check it against your direction of travel and build a strategy that supports where you actually want to go - not where the headlines try to push you.

A 10-minute check-in with your goals now can save you a lot of stress later. Grab a blank page in your notebook or laptop and put down what you want most from your business in the next 6-12 months.

Bonus Action

I mean, times are tough out there so I have one final thing for you.

Don't worry alone.

If something in the Budget leaves you feeling uncertain, confused or anxious…

Please reach out.

Use your business community, groups or me(!) to discuss things and look for options and solutions.

We’re in this together.

You’re welcome to send me any questions you have after the announcement, and I’ll help explain what’s changing - calmly, clearly, and in plain English.

And if you’d like to get updates and simple business tips straight to your inbox, you can join my newsletter here: subscribepage.io/oxB1Zf

Final Thoughts

A little worry is normal - it just means you care about your business.

But with the right information, the right support, and a solid understanding of your own numbers, you’ll be able to navigate any changes confidently.

Davinia x