PLAN FOR 2026

I hope everybody is getting back in the swing of things after Christmas and the slow start of January.

We were inundated with self assessments in January and now getting back to concentrating on what 2026 has to offer.

Just before Christmas we reviewed our 2025 making a note of everything we achieved in the year.  We also made a note of what wasn’t so positive to avoid bringing that into 2026.

Then we put our heads together as a team to come up with a wish list plan for 2026

By doing this each year we find it really concentrates the mind into working on what is the most important for our daily business and personal lives.  Being able to achieve these wish list goals really motivates you to work that little bit harder and focus on what’s important.

We saw through 2025 a number of businesses still fighting to make a living.

We also saw a large number bucking the trend and growing in 2025.

Looking at the companies and individuals making money last year and the things that separated them from everyone else.    They had a full handle on the cashflow.   They remained thrifty with the money even when times were good.

Not allowing suppliers and staffing costs to get out of hand.   Not over financing with high interest loans.   They also had money spare to put money into their pension plans.   Saving into the future and saving tax at the same time.

We’ve got a large number of statutory changes outside of our control for 2026.   National insurance changes.   Making Tax Digital for Income Tax affecting property and business owners with turnover over £50,000, and ID Verification for Companies House affecting every Limited company on the Companies House register.    It’s all big operational changes that we’re all having to comply with, and completely out of our control.

So my biggest bit of advice for the forthcoming year 2026.

Make a plan both Business and Personal.  

What are your priorities for this year.  Write them down.  People who write down their goals and wishes are far more likely to achieve them over someone who doesn’t write anything down.

Mark off as you achieve them, give yourself a pat on the back, believe me yourve earned it.   You can always add to the list if you are doing really well.

Review your overhead costs.  Business and Personal

If your Amazon spend has gone extreme, or your supplier has put a big increase on you, shop around.  Or decide do I really need that item.

Save some money for a rainy day, put money into your pension

I am seeing a lot of 40 years plus clients with no long term savings at all.

Pay off that high interest credit card, by over paying over time, you save a lot of interest charges.

Do something fun on your days off.   It doesn’t have to cost money to do it.

Have some me time.

Wishing you all a successful and healthy 2026.

It’s the beginning of November and we’re working our way through the many self-assessment returns we have on the desk at the moment. That board is super filling up.

It’s the season for starting to think about Christmas, the weather is changing, the leaves are golden brown and reds. Its one of our favourite times of year. The Pumpkin soup is made, the Christmas parties been booked.

We are all working through a year of uncertainty.  Seems like this has gone on for years.  We’ve moved from Brexit, the Covid pandemic, to energy crisis and the crazy interest rates. We’re not alone, big countries like France, Germany and America are going through the same. But guess what we are all still here. We’re leading our lives and running our businesses. Goals are taking a little longer and we are seeing a number of clients taking their businesses into their own hands and putting long awaited goals into practise. So, wishing them all the success with these.

The delayed budget has not helped anybody, so many rumours and you can’t tell if it’s the newspapers scaring everyone and selling papers, or if stories and tax consultation is being tested in the marketplace.

It’s hurting our retail industry and people are waiting to buy Christmas presents. Retail is not just about big corporation but about small business owners working hard to make a living for themselves, in the town centres and the local villages. So please support your local business, the local gift shop, the card shop, even the little baker on the corner. They all need you right now. 

Hospitality has taken a beating over the past couple of years, they employ a lot of people and need your support too. Again, please give your family run local a try, bring the festive cheer to the community. We see several of them bringing and supporting local brewers, and artisan baking is a very popular thing. They are not all dealing with large corporations for their stock, but local family run businesses, preparing quality food and drink. Supporting these businesses you are supporting a whole community.

Preparing for time off or gearing up for it to be your businesses main time of year. Try to take some time for yourself, its all too easy to work late days and full on at weekends.  

The staff maybe wanting time off too, to spend with their families. It’s definitely a juggling act. Here at Cross Accounting, we always have a team discussion about holidays and put in place a buddy system, in that they need to discuss with their holiday buddy who is taking time off when. To ensure they are not all off together at the same time and someone with the same skillset as another staff member aren’t both off together, causing delays for the client base.  

We have a very colourful holiday planner, so everyone can see at the instant look who is off and when. It’s worked well for years. It also gives me a heads up if someone isn’t using up their time off and could ask for a lot of time off in a short time period. So, I encourage my staff to take time off throughout the year. They are more rested and motivated and also healthy. Give it a try.

Back to the tax return. Please get your return into your accountant before the weather changes. Remember accountants like to socialise and party too. So, if you’d rather your accountant not sing Christmas carols in your ear, get super organised this year and don’t put off that dreaded tax return. Concentrate on enjoying the festive season and even planning that super dream goal for 2026, with all that free time you now have.

Here’s to a better end to 2025, and a dream 2026.

Fresh from my time away over the summer holidays this year, with my two sons. I took two weeks off this year. I found that with such a busy job and life, which has so many deadlines and stresses that I needed a bit of r&r.

I found the time off rewarding as it gave me not only special time with my sons, but a way of decompressing from what is a very busy life.

I’ve come back to work full of energy, making a list of both personal and business plans to see us not only to the end of this year, but a wish list for next year too.

My garden on return had greeted me with lovely ripe produce, vegetables and fruit, getting me in the mood for harvesting and extending the life of the goods with preserving.    It reminded me of what I need to do with my business and life too.   

Feed it to preserve it for the future.

We’re currently invested in marketing and have a consultant helping us get those jobs off the desk that we have been putting off. Introducing us to new ideas and revisiting ones we haven’t tried in a while. The market has moved so much with the huge amount of legislation we all have to follow, the banks not being as helpful as they could be, and governments generally coming across as clueless of how to move our country forward.

Basically, it’s all in our own hands, if we are going to make it, it will be down to our working through ideas and plans and making it happen for ourselves.  Nobody is going to hand it to us on a plate.   Although that would be very nice.

I talk to business owners all the time and quite a few as its so up and down with getting work in, that they maybe not be taking the breaks they need, to maintain motivation and energy levels that they might have had when they started.

I find that having that break away, apart from giving me that time away to give me the revitalised energy levels back.   It allows me to focus on what is important and get work done that gives value not just to the clients but to me also.

I always find creating a wish list both personal and business really helps me focus on getting things done that provide me with reward and motivation.  It’s so easy to get lost in the noise of the day-to-day activities, we often forget why we're in business at all.

If you can take anything from this, always take your breaks.    Your sleep patterns should return, you will have more energy and definitely be more focused.    We all need this to keep our health in good order.

Not taking time off is one of the biggest reasons company owners give up self-employment, they suffer burn out.   Don’t let that be you.

I also find that having a hobby for when you’re not in work helps too.  Something to allow you to decompress after a long day.  Whether that be art, gardening, going for a two-mile walk.  Whatever you like, it can be anything.    Enjoy the life you have,  its all in your own hands.

There are approximately 5.6 million businesses in the UK, of which 98% are considered small to medium sized businesses. So, we small businesses are crucial to the UK economy, there is no denying this.

Whether you are a start-up and excited for the times ahead, or an establishment renewing your challenges, we all want to be successful with our business. In our latest blog, we talk about tips we think are vital to any business.

We all have a vision in mind, of where we’d like to see our business in the future. This vision needs to be translated on paper as your business plan. A business plan is a must for all business owners. This can help outside investors get an insight of your business, for if ever you need funding to grow your business.

Business Plan

A business plan should consist of;

·    Summary – What is your purpose, what is your vision?

·    Target market – Who are you likely to sell to

·    Competitors – What is your rivals weakness? Why are you different?

·    Staff – Do you need people to help run your business. What level of skill and pay is required?

·    Suppliers – Who will be your main supplier?

·    Marketing Plan – How will you advertise yourself to the world

·    Operations – Which is the best way to run your business.

·    Finance – How much money do you need? Determine the profitability of the business.

Business Structure

As well as a business plan, you will need to have a business structure. Sole trader, partnerships and limited companies all have their own pros and cons. Deciding which structure to choose is not always straightforward. If an asset is owned outright, then you would need to consider retaining personal ownership on incorporation. If you’re not sure which structure model you should go for, then here at Cross Accounting we can give tailored advice to you.

Year End

We cannot stress enough the importance of doing your year end as early as possible. Once completed, this will give you peace of mind as you will not have to worry, until next year. It will also give you more time to budget for your tax bill. You will not be in a rush to find the money for the tax bill and not kill your cashflow. Keep all receipts for your expenses, these will all help lower the tax bill. If you buy equipment or tools, mobile phone bills, petrol, these are all deductible. HMRC can conduct random spot checks, so it’s important to keep paperwork, recommended for 6 years.

Budgeting

Having budgets in place for your business can help you predict the near future. This allows you to have a spending plan, so you can make sure you have money for the things you need and the things that are important to you. You can see what is eating up your cash and avoid spending on unnecessary fees. Below is an example of a very simple budget.

These tips will keep you motivated and more importantly give you an idea of where your finances lay, helping you to quickly identify if there are rainy days ahead.

If you need expert tailored advice, please do get in touch as we are always happy to help.

The Bank of England held interest rates at 4.25% but signalled that further cuts may be on the horizon. While this can present opportunities for those looking to refinance, borrow, or invest, getting the best deals is all about how prepared you are.

Credit Scores

Whether you’re applying for a personal loan, a business overdraft, or a mortgage, your credit score is key. A better credit profile often gives you access to lower interest rates, better terms, and higher borrowing limits.

It’s not just personal — businesses are being judged too. Especially if you’re running a small or cash-heavy business, you need to show the banks that your income is consistent and traceable. This means banking regularly. If you’re taking in cash, deposit it frequently. Banks and lenders want to see a clear money trail, and this trail heavily influences their decisions.

Identification

A number of people come to us facing delays simply because their names don’t match across official documents. Whether you’ve been married, divorced, or just changed your name, your passport, driving licence, utility bills, and bank statements should all align.

Why? Inconsistent ID records can drag down your credit score or delay financial approvals, especially when you're trying to refinance or borrow.

Budgeting

When it comes to credit scoring and financial health, the basics still matter. Set a budget, pay on time, and don’t miss repayments. These small, consistent habits are the biggest contributors to long-term financial strength.

Payback Criteria

Lenders are getting stricter. Working capital requirements have increased. Before, many banks were happy if you had 1.5 times your loan payment obligations in working capital. Now they want to see 2 times making it so much harder to obtain a loan.

For example, if your business has monthly loan and interest payments of £1,000, you now need at least £2,000 in working capital a month to be considered financially stable in their eyes.

This change is a big deal for small businesses or anyone looking to re-finance.

Plan Now to Take Advantage

• Review your credit score and dispute any error
• Align your ID documents (especially name consistency)
• Build your working capital reserves if you’re a business owner
• Start comparing re-mortgaging or refinancing options now
• Speak to a financial adviser or broker who can help position you before rates change
• Planning ahead is key

Being prepared isn’t just about having money, it’s about showing lenders that you manage it well. The most successful borrowers and businesses are the ones who plan ahead.

If you need help with your credit, your documentation, or just planning your next financial move, we’re here to support you every step of the way.