Do I need a Limited Company Accountant ahead of the Autumn Budget?

With Labour now in government, a lot of self-employed workers and small business owners are waiting nervously to see what changes might be coming their way. The new Chancellor, Rachel Reeves, has set the Autumn Budget for October 30th 2024 — and being the first Labour budget since 2010, it’s got people talking.

Last time Labour were in power, Alistair Darling went after contractor tax schemes, so naturally there’s some concern about what Reeves might announce this time round. She’s already hinted that the state of public finances is worse than Labour expected when they took over from the Conservatives.

Before the election, the government had promised not to raise national insurance, VAT or income tax. That’s a big chunk of UK tax, but if the numbers aren’t adding up, Reeves might have to get creative.

For example, one pledge already on the table is scrapping the VAT exemption for private school fees, which could raise around £1.5bn. Sounds like a lot, but when you look at the £22bn black hole Labour inherited, it barely makes a dent — and most of it’s already earmarked for hiring new teachers anyway.

There’s also talk about cracking down on tax avoidance and closing loopholes like carried interest. Reeves also says she only wants to do one major fiscal event a year, instead of the surprise budgets we’ve seen in the past. Which means, basically, she’s got one shot at setting the agenda for the next 12 months.

Will IR35 be in the spotlight?

Contractors will be hoping so. The dream scenario is that the Off-Payroll Working rules get scrapped altogether, but honestly… that feels unlikely. Some tax experts are hoping Labour take things back to their original IR35 rules from 2000, but we’ll see.

Bit of a reminder: IR35 came in because of “disguised employment” — people working like employees but through their own limited company, meaning they paid less tax. The rules were meant to fix that, but in practice, they’ve caused a lot of confusion and driven contractors back into traditional employment.

Because of all this, some think Labour might go for a “Single Worker Status” approach instead.

What’s this Single Worker Status about?

In Labour’s plan published earlier this year, Single Worker Status would basically simplify the system. Instead of three worker categories (employee, self-employed, and other), it would lump a lot of people under a single definition of “worker.”

This could mean contractors end up with more rights — like holiday pay, sick pay, redundancy rights, maybe even family leave. Sounds good, but it might also bring more admin, more legal headaches, and less flexibility for people who like juggling multiple clients or short-term contracts.

So it’s not all positive.

Do you actually need a Limited Company Accountant?

Honestly, yes — especially with all this uncertainty. Running your own limited company can be great, but trying to stay on top of every change in tax law, rules, and reporting on your own can become a nightmare.

That’s where we at Number Crunch come in. A limited company accountant can:

• Keep you compliant with UK tax rules and company regulations (and make sure you don’t overpay).

• Save you loads of time by taking the boring bookkeeping and reporting off your plate.

• Help you actually understand your numbers, so you can make smarter decisions about your business.

Plus, when you join Number Crunch, you also get access to FreeAgent accounting software included in your package — which makes a lot of the admin and tax return stuff easier for both you and us.

The Autumn Budget & being prepared

No one knows for sure yet what Reeves will announce. People are hoping she doesn’t mess with the basic corporation tax rate too much, or that she tweaks Capital Gains Tax allowances, but until October 30th it’s all speculation.

What you can do right now is be prepared. Having an accountant in your corner means you’re not blindsided when changes hit. Instead of scrambling last minute, you’ll already have a plan.

At Number Crunch, we don’t just crunch the numbers for the sake of it — we help you grow your business, keep more of your money, and give you peace of mind while the government does its thing.

So whether you’re just getting started or looking to scale up, now’s a smart time to get a limited company accountant on your side.