November 2026
In this month’s Enews, we look at:
- Autumn Budget announcements
- 2026 Autumn Budget – the business reaction
- Register your rental property service
- Six months until next phase of MTD rollout
- Applications open for scheme to cut electricity bills for manufacturers
- Responses to Shadow Chancellor's party conference speech
- Savings expected for drivers as near real-time fuel prices to be shown on Google Maps
- Latest labour market data shows downturn in hiring
- Government issues consultation on employment status reform
- Over 3 million ‘lost’ pension pots in the UK
- Jackdaw gas field to boost UK's energy security
- Welcome to the team
Autumn Budget announcements
Reiterating Labour’s message for ‘growth in every postcode’, the Chancellor of the Exchequer, John Healey, delivered his first Budget on 28 October 2026.
A further two percentage point increase was announced to the Income Tax rates for property and savings income from April 2027. The rates applicable to property and savings income from 2027/28 will be 24% in the basic rate band, 44% in the higher rate band and 49% in the additional rate band. No changes were announced to other Income Tax rates. The freeze of the Income Tax Personal Allowance, higher rate threshold and additional rate threshold will remain until 5 April 2031.
The annual cash Individual Savings Account (ISA) subscription limit will be retained at £20,000 from 6 April 2027 (it was previously expected to reduce to £12,000 from this date). A new First Time Buyer ISA will be introduced from April 2029.
The new State Pension will increase to £13,037 from 6 April 2027 which is above the Personal Allowance. The government will introduce a Pension Tax Allowance in order to avoid recipients of the State Pension having to pay small amounts of tax.
From 1 April 2027, the National Living Wage will increase by 3.9% to £13.21 per hour. The National Minimum Wage for 18-20 year olds will also increase by 3.9% to £11.27 per hour and to £8.31 per hour for 16 to 17-year-olds and eligible apprentices.
In May 2026, the government announced a temporary 55p per mile rate for the first 10,000 business miles in a private vehicle which applied retrospectively from 6 April 2026. This has now been made permanent. In addition, the government is also increasing the rate above 10,000 business miles from 25p to 35p from 6 April 2027. Simplified mileage rates for self-employed individuals will be set at the same level.
The government is reducing the lifetime limit for capital gains eligible for Business Asset Disposal Relief (BADR) from £1 million to £500,000 for disposals made from 6 April 2027. For qualifying founders of high-growth, innovative companies, a new Founders’ Relief will be introduced from 6 April 2027, offering a reduced 10% Capital Gains Tax rate on up to £10 million of lifetime gains.
The main rate of Writing Down Allowances will be reduced by two percentage points from 14% to 12% from April 2027. The main rate First Year Allowance (FYA) will be increased from 40% to 50% for expenditure incurred on or after 1 January 2027.
The government will launch an expanded Enterprise Management Incentive 2 (EMI2, formerly Company Share Option Plan). EMI2 will double the value of tax-advantaged options employees can hold from £60,000 to £120,000 from 6 April 2027 and the exercise period will be extended from 10 to 15 years.
For the self-employed, the Trading Allowance will be tripled from £1,000 to £3,000 from 6 April 2027.
This Budget extended the temporary 0% rate of VAT on qualifying domestic electricity supplies in Great Britain for another three months, until July 2027.
A further £2.6 billion of support will be provided through the Household Energy Payment, with up to 20 million households in England receiving a direct £100 payment from January 2027 delivered through the council tax system.
Mr Healey said that:
‘My choice in the Budget today is to give families and businesses some breathing space now, and to begin the radical reform of energy to reduce bills in the future’.
Internet link:
2026 Autumn Budget – the business reaction
Business groups have reacted to Chancellor John Healey’s Autumn Budget speech.
The Confederation of British Industry (CBI) said that the Budget ‘does not meet the scale of the Government’s ambition’. Rain Newton-Smith, Chief Executive of the CBI, said: ‘On the face of it, this Budget lacks the bold moves that would have made it easier for firms to invest, hire and grow.
‘Fiscal discipline matters, and the Chancellor is charting a path through difficult circumstances. At a time of exceptional geopolitical pressures, using some fiscal headroom to absorb genuine short-term shocks is preferable to loading additional permanent costs onto business and weakening investment.’
The Federation of Small Businesses (FSB) stated that the Autumn Budget ‘misses the mark’ on helping small firms with their costs and jobs.
Tina McKenzie, National Chair of the FSB, said: ‘This Budget should have been the moment to help small businesses with the soaring costs holding them back, and the taxes restricting job creation. Instead, they got nothing to ease sky-high energy bills and nothing to make hiring someone more affordable, while the increase in business rates relief excludes too many.’
Meanwhile, the British Chambers of Commerce (BCC) labelled the Budget as ‘a steady approach’ but warned growth was ultimately missing.
Shevaun Haviland, Director General of the BCC, commented: ‘This was a ‘steady as you go’ Budget, sending the right signals to business, but lacking big calls that would really shift the economic dial.
‘Most sectors will be pleased to have avoided any further taxes being piled upon them. But, overall, most businesses won’t notice this Budget at all.’
The Institute of Directors (IoD) said that business leaders will be relieved that the Budget ‘included no nasty surprises’. Jonathan Geldart, Director General of the IoD, said: ‘There is still some way to go for the Government to win back the trust of British businesses, who will be looking for measures and assurances in the upcoming Ten Year Plan that restore long-term confidence in the UK economy enabling them to invest and grow.’
Internet links:
Register your rental property service
The Renters' Rights Act 2025 introduced a new requirement for landlords in England to register their property on a national landlords database and provide key information about both the landlord and the property.
Registration for the new database, known as the 'Register Your Rental Property Service' will open in December 2026. There are different deadlines for each region to register by, as follows:
| Region | Database opens | Deadline to register |
| West Midlands | 15 December 2026 | 14 March 2027 |
| East of England | 15 January 2027 | 14 April 2027 |
| East Midlands | 15 February 2027 | 14 May 2027 |
| South East | 15 March 2027 | 14 June 2027 |
| Yorkshire and Humber | 15 April 2027 | 14 July 2027 |
| North West | 15 May 2027 | 14 August 2027 |
| North East | 15 June 2027 | 14 September 2027 |
| London | 15 July 2027 | 14 October 2027 |
| South West | 15 August 2027 | 14 November 2027 |
Failure to register on the database can lead to significant penalties so it is vital that landlords who need to sign up, do so promptly. Penalties include fines of up to £40,000, rent repayment orders, or being barred from gaining possession of the property.
To create an entry on the database each landlord will have to submit information about the landlord along with separate submissions for each property they own. A fee of £65 per annum is payable for each individual property.
As part of the registration process, landlords will have to provide key details about their tenancy, the property, as well as their contact details.
Landlords must also register any currently vacant properties on the database when they are occupied on an assured tenancy.
Agents are not permitted to register on the landlord’s behalf; the legislation explicitly states that the landlord must register themselves unless one of a small number of exceptions applies. However, agents can assist by providing some information on the landlord’s behalf, and further guidance will be published before registration opens
Initially landlords only need to register a property if it's let under an assured or regulated tenancy. They won't need to register unoccupied properties until they become occupied under an assured tenancy. In the future this will change, legislation will be introduced requiring landlords to register before marketing a property for let under an assured tenancy. No date has been set for this change
Internet links:
gov.uk
Six months until next phase of MTD rollout
HMRC expects that more than one million taxpayers will be required to use digital recordkeeping and send quarterly updates to HMRC when the second phase of Making Tax Digital (MTD) for Income Tax is extended to individuals with qualifying self-employment and property income over £30,000 from 6 April 2027.
With HMRC data suggesting that 37% of this cohort do not have an authorised agent, this could represent a significant shift in how taxpayers are dealing with HMRC, and how frequently. HMRC are encouraging taxpayers to start preparing now so they can ensure details are correct and have time to choose the best software for them.
Craig Ogilvie, HMRC's Director of Making Tax Digital, commented:
'Signing up now means you can prepare and familiarise yourself with the process before it becomes mandatory next April.'
Those with income in excess of £50,000 have been mandated into MTD since April 2026; for them, the next milestone is the second quarterly update due on 7 November 2026. From September 2026, HMRC has started to automatically enrol anyone who should be using MTD for Income Tax for 2026/27 but has not yet signed themselves up.
The next phase of the MTD rollout will be to extend to sole traders and landlords with income in excess of £20,000 from April 2028.
Internet link: HMRC
Applications open for scheme to cut electricity bills for manufacturers
Applications opened on 1 October 2026 for the British Industrial Competitiveness Scheme (BICS) as part of a government project to cut costs for businesses.
BICS will cut eligible manufacturers’ electricity costs by up to 25% from April 2027 and more than 10,000 businesses across Great Britain are expected to benefit. Support will be targeted at the UK’ s frontier and foundational industries, where about 98% of firms are small businesses. Frontier industries are broadly those driving future economic transformation and technological advancement whilst foundational industries provide the inputs which support the frontier industries.
Those successful in applying for BICs this year will also be eligible for an additional one-off lump sum payment equivalent to approximately a year’s relief.
BICS is part of wider government action to tackle industrial energy costs and reindustrialise Britain. Energy Secretary Miatta Fahnbulleh said:
‘We’re cutting electricity bills for thousands of manufacturers to help firms invest, grow and create good jobs.’
Eligible manufacturers should sign up before registrations close on 30 November.
Internet link: GOV.UK
Responses to Shadow Chancellor's party conference speech
On 5 October, Shadow Chancellor, Andrew Griffith, delivered his speech to the Conservative Party conference.
In his speech, the Shadow Chancellor outlined his 'plan to make our country prosperous again' by focusing on five key areas: lower, simpler and fairer taxes, cheaper energy, getting people into work, cutting red tape and backing business.
He stated his ambition to scrap at least one tax every Budget including: removing stamp duty land tax entirely on primary homes, reversing the limits on Agricultural and Business Property relief and removing VAT on private school fees. Other proposals discussed in the speech included support for the Heathrow expansion and an emphasis on faster planning and proportionate regulation.
John Foster, Chief Policy & Campaigns Officer, CBI responded:
'Andrew Griffith is right to put competitiveness and the conditions for private-sector growth at the heart of the economic debate.'
Kate Shoesmith, Director of Policy at the British Chambers of Commerce, said:
'We welcome the shadow Chancellor’s pledge to cut taxes and give firms some breathing space on their future bills. This is central to allowing them to plan with confidence and unlock much needed investment in the UK economy. '
Internet links:
Image Credit: Andrew Griffith ©House of Commons/Laurie Noble members.parliment.uk
Savings expected for drivers as near real-time fuel prices to be shown on Google Maps
From 8 October, near real-time petrol and diesel prices will be included on Google Maps in a move which is expected to help millions of drivers find the cheapest fuel in their local area.
Since February 2026, petrol stations have had to report any changes to their fuel prices within 30 minutes under the Fuel Finder scheme launched following a recommendation by the Competition and Markets Authority. Whilst this data is already in use across apps such as Waze, Petrol Prices and Confused.com, the integration with Google Maps is expected to help many more motorists.
Marking a step in the government's aim to tackle the affordability crisis, it is suggested that comparing prices can save car-owning households around £40 per year.
Minister for Energy Consumers Polly Billington said:
'Tackling the affordability crisis is our first responsibility and for so many families and businesses, petrol and diesel are essential goods, not luxuries.
'Accessing the cheapest fuel should be simple, which is why it is a gamechanger for near real-time fuel prices to be shown on Google Maps for the first time in the UK, helping drivers to find the best deal and save money at the pump.'
Internet link: gov.uk
Latest labour market data shows downturn in hiring
The latest statistics on the labour market released by the Office for National Statistics (ONS) show a decrease of 21,000 in the number of vacancies compared to the previous quarter. The decrease is mostly attributed to smaller firms who suggest increased labour costs have slowed recruitment.
In addition, the estimate for payrolled employees in the UK fell by 111,000 (0.4%) between August 2025 and August 2026. Commenting on the data, Alex Hall-Chen, Principal Policy Advisor for Employment at the Institute of Directors said:
‘Demand for labour has been undermined by a succession of employment policies which have increased the cost and risk of hiring staff. The labour market is unlikely to strengthen until the Government tackles this cost of employment crisis.’
UK unemployment was estimated at 4.7% for June to August 2026, down 0.1% on the year and the last quarter. Unemployment for those aged 16 to 24 was 15.6% for the three-month period, down from 16.4% in the previous three months but higher than the rate seen in the equivalent period last year (14.6%). Youth unemployment remains a government focus with Work and Pensions Secretary Pat McFadden commenting on the release of the Industrial Strategy Jobs Plans:
‘Too many young people have been locked out of opportunities for too long.’
Other data released showed annual growth in average regular earnings (excluding bonuses) was 3.7% in June to August 2026 and had been relatively stable. Adjusted for inflation, annual growth in real terms was 0.8%.
Internet links:
Government issues consultation on employment status reform
Last week, the government issued a consultation on targeted reforms to the employment status framework for employment rights as part of the ‘Plan to Make Work Pay’.
Proposals of note included placing less emphasis on personal service when determining worker status and instead focusing more on factors like control. The intention here is to avoid ‘substitution clauses’ in contracts which don’t necessarily reflect the reality. In addition, the consultation suggests improving compliance by including a ‘presumption of worker status’; the burden of proof of status will be shifted to the employer.
The consultation focuses solely on employment rights and any changes made as a result will not necessarily impact IR35 or off-payrolling status for tax purposes. Some commenters consider this to be a missed opportunity: IPSE’s Head of Policy and Research, Josh Toovey, said:
‘Tax and employment rights are two sides of the same coin. Yet we continue to have separate systems, creating confusion for individuals and businesses and leaving the door open to inconsistent outcomes. This consultation was an opportunity to take a more joined-up approach and start addressing that problem.’
The consultation closes on 8 January 2027.
Internet links:
Over 3 million ‘lost’ pension pots in the UK
Research published by the Pensions Policy Institute (PPI) estimates that there are approximately 3 million lost pension pots in the UK containing in the region of £18.7 billion of pension assets in total. The average value of each lost fund is £6,220.
The survey, which was sponsored by the Money and Pensions Service showed that over four out of five (81.88%) of lost pension pots were held by members aged under 55 citing potential reasons including patterns of employment and the impact of automatic enrolment resulting in individuals having multiple small pension pots.
For the first time the survey included some evidence on Defined Benefit (DB) pensions. Results suggested that lost DB entitlements existed and may be valuable enough to affect member outcomes although it was noted improved data would be needed to understand the full scale and impact.
Dr Suzy Morrissey, Deputy Director of the PPI, commented:
‘As the PPI’s new figures show, lost pension pots remain a significant issue for savers, providers, and policymakers. At a time when pensions policy decision-making could particularly impact tomorrow’s retirement adequacy challenges, the PPI is proud to provide an updated examination of this multi-billion pound policy issue potentially affecting millions of individuals.’
Internet link: PPI
Jackdaw gas field to boost UK's energy security
The Energy Secretary has agreed that consent may be given for gas to be produced at the Jackdaw field in the North Sea. Potentially supplying gas from the end of this month, Jackdaw is expected to increase domestic gas production by around 6% at its peak and add an estimated £2.9 billion to the UK economy.
Also announced was a new Energy Wealth Fund which will use revenues for North Sea oil and gas to support the green transition and make investments in renewable and low carbon energy projects.
The long-term aim is to reduce the UK's reliance on gas for electricity and therefore exposure to volatile international gas markets.
Prime Minister, Andy Burnham said:
'Our approach will ensure we can boost our energy security, back British workers, ringfence future North Sea proceeds to speed up the green transition, hit our ambitious climate targets and - crucially - bring down bills.'
Responding to the announcement, Ben Martin, Policy Manager at the British Chambers of Commerce, said:
'With continuing conflict in the Middle East and significant concerns around energy security, the gas provided from Jackdaw will boost domestic supply.
'Gas from Jackdaw is also significantly less carbon intensive than imported LNG, so it provides a double win, demonstrating the value of domestic production.'
Internet links:
Welcome to the team
We are pleased this month to announce a new addition to the Walker Thompson team. James Willis has joined us with eight years experience in the accountancy industry, having qualified as an ACCA member in October 2025.
Outside of work you’ll usually find James at the gym, out running, or attending Coventry City games.
We shall be supporting James as far as possible to ensure his further career success in the coming years.
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