Hampshire business adviser shares tips for small businesses after Autumn Budget

Yesterday’s Autumn Budget has revealed changes that will affect businesses across the UK.

Chancellor of the Exchequer Rachel Reeves announced her financial updates on Wednesday.

Business adviser Colin Bielckus has shared his thoughts, as well as some advice for small businesses.

Colin, who runs The Outsourced Finance Director said: “The most talked-about change that is already being widely talked about online is the rise in National Living Wage and National Minimum Wage. While opinions have been split, I have already seen from businesses owners that they feel this will put further financial pressure on them, specifically smaller businesses who aren’t able to absorb the extra cost as easily as larger businesses.

“Personally, I am always in favour of increased wages. Not only is this necessary in line with inflation, but it may also mean that individuals have more disposable income to then spend.”

Colin says that there are things that small businesses can do to offset the increases in wages.

He advised: “If you’re running a business and are now faced with increased wages, there are always ways to ensure that your finances don’t suffer too much.

“For example, one thing that was announced in today’s budget was full funding for all apprentices under the age of 25 for SMEs. If you were someone who was budgeting to hire a full-time employee in 2026, maybe it’s worth redirecting and looking into hiring an apprentice instead.

“Also, there will be reductions in business rates, meaning that businesses who pay these rates on their properties may be able to pay a reduced fee.”

Colin added: “It’s important to remember that the news coming out from the Chancellor’s Autumn Budget is currently quite surface level, and that the real impact will be shown in the months – and even years – to come as these changes take effect. The devil is in the details and most of what you will see today – especially on social media – is largely a generalisation.”