Just a quick reminder that the filing deadline for personal tax returns is 31 January 2026. If you haven’t yet returned your tax return checklist or supporting information, we’d be really grateful if you could let us have this as soon as possible. The earlier we receive everything, the more time we’ll have to prepare your return smoothly and avoid any last minute pressures. Thanks so much for your help – we really appreciate it!
Chancellor’s Pre-Budget Speech
Chancellor Rachel Reeves has refused to rule out tax increases in her upcoming Budget, following a major speech at Downing Street. She declined to deny the possibility of raising income tax, VAT or National Insurance as the government seeks to tackle a significant gap in the public finances.
When asked directly whether she planned to raise taxes for working people, Ms Reeves said: “I will set out the individual policies of the Budget on the 26th of November. That’s not what today is about. Today is about setting the context up for that Budget.”
In a rare move, the Chancellor acknowledged the growing speculation surrounding her upcoming fiscal plans. She attributed the current economic pressures to the previous Conservative government’s policies, the Brexit deal they negotiated, as well as the pandemic, telling her audience:
“There is a lot of speculation about the choices I will make. I understand that – these are important choices that will shape the future of our country for years to come. I want people to understand the circumstances we are facing, the principles guiding my choices and why I believe they will be the right choices for the country.”
Ms Reeves argued that it would be irresponsible to rely on short-term fixes, saying that “politicians of recent years have become addicted to shelling out for short-term sticking plaster solutions rather than making long-term economic plans.”
The Chancellor further hinted that difficult decisions lie ahead, warning that relying on “easy answers” in the face of economic challenges would be “irresponsible.” She insisted, however, that the country would not be returning to austerity measures.
We’ll provide full details of the upcoming Budget on 26 November.
New Code of Fundraising Practice
The Fundraising Regulator’s updated Code of Fundraising Practice is now live and enforceable, as of 1 November. The revised Code takes a principles-based approach, moving away from overly prescriptive rules and providing a more flexible, long-term framework. Fundraisers will need to exercise greater judgement in applying best practices and future investigations will help clarify areas that are open to interpretation.
To support charities and fundraisers, the Regulator has released new guidance covering:
- Fundraising events
- Fundraising on social media
- Online gaming and fundraising (published in July)
- Cashless donations (published in September)
Charities are encouraged to review their fundraising policies regularly to ensure they align with the new Code. Trustees should also ensure robust oversight of their fundraising strategy and compliance processes.
Explore the full Code of Fundraising Practice and supporting resources on the Fundraising Regulator’s website.
Real Living Wage to Increase by Almost 7%
Great news for almost half a million workers – the Real Living Wage rates for 2025/26 have been announced and will be implemented by 1 May 2026 at the latest.
Here’s what’s changing:
- London: £14.80 per hour – up 95p (6.9%)
- Rest of the UK: £13.45 per hour – up 85p (6.7%)
Not to be confused with the government’s minimum wage, these rates are voluntary, apply to anyone aged 18 and over and are calculated to reflect the true cost of living.
What it Means in Real Terms
- Full-time workers outside London could earn an extra £2,418 per year
- In London, that figure rises to £5,050 extra annually
Living Wage Employers are leading the way. Half of the FTSE 100 companies, including big names like Aviva, Ikea and Burberry, plus thousands of small businesses, are committed to paying all staff (and even contractors like cleaners and security guards) the Real Living Wage. One in seven employees now works for a Living Wage Employer, helping to make fair pay a reality across the UK.
Leadership Support
Feeling your energy dip as the nights draw in? You’re not alone – it’s natural to feel your energy and motivation start to dip as the days get shorter.
Yet in business, we’re called to show up and lead with purpose and clarity, whatever the season brings. That’s why now might be the perfect time to pause, reflect and reconnect with why you do what you do. Have you lost sight of your purpose? Or are you ready to realign your direction for the months ahead?
Our Leadership Support Package is designed to help you rediscover clarity and confidence and focus on your next steps. Start with our Clear Visioning Checklist, a simple yet powerful tool that can spark fresh insights and bring your purpose back into focus.
Take a moment today to refocus on what truly drives you. Or get in touch, Matt will be happy to help you explore what’s next.
Vantage Tax Fee Protection Cover
HM Revenue & Customs (HMRC) increasingly uses advanced technology and AI to check tax compliance, including a significant rise in R&D Tax Credit reviews. From previously reviewing about 1% of claims, HMRC has escalated this figure to an unprecedent 20%. As a result, the likelihood of an HMRC enquiry into your tax affairs has never been higher, even for those with fully compliant tax affairs.
The Vantage Tax Fee Protection Service provides peace of mind, by covering the professional costs of responding to HMRC enquiries on your behalf. Tax investigations can be lengthy and complex, often lasting months or years and our standard annual fees do not cover this extra work.
This year, annual renewal and new client invitations will be sent out by email at the end of this month. Please note that these will come directly from Vantage, the service provider.
How We Can Help
If you have any questions about the topics covered in this month’s newsletter and how they might affect you or your business, please don’t hesitate to get in touch.
At Clear Vision, we’re a team of dedicated professionals, each with our own unique skills. We love supporting our clients and are always here to provide the guidance you need.
How ever you need us to support you through your journey as a business owner, we’re here for you!
This month’s Clear Vision positive thought:
“When we strive to become better than we are, everything around us becomes better too.”
Paulo Coelho