Getting your business on track in 2026

by Michael Blaken

Now we’re well into the New Year, what plans can you put in place, in 2026, to help your business thrive?

Start with your business plan, and remind yourself that it is a dynamic, living document. This isn’t just a startup formality; it’s a vital tool.

Use it to reflect critically on your progress, measure success against goals, and strategically update your priorities for the upcoming year.

While the year ahead presents significant headwinds – including rising employment costs – the path to success is clear: businesses that focus on financial literacy, effective resource allocation, and rigorous cashflow forecasting are the ones most likely to stay on track and achieve success.

It won’t be long until we are at the end of the financial year in April, so now is the time to work out how you can maximise your tax allowances.

Here are key areas to consider:

• Individual Savings Accounts (ISAs): Maximise your contribution to utilise the full £20,000 tax-free allowance.
• Personal allowance: If you can control your income level, ensure you take full advantage of the current tax-free income allowance of £12,570. Make sure you are earning enough to obtain a state pension stamp as well.
• Pension contributions: The standard annual allowance is £60,000 per person. If you haven’t reached this limit, consider making additional contributions before the new tax year (always consult your financial adviser first).
• Capital Gains Tax (CGT) allowance: The tax-free limit on profits made from disposing of assets is currently £3,000.
• Dividend allowance: For shareholders and directors, utilise the small tax-free dividend allowance of £500.

Finally, with economic uncertainty persisting and cost pressures (like the rise in the National Living Wage) continuing, strong financial discipline is crucial.

Spend time building detailed financial forecasts, carefully monitoring your cashflow and margins – it’s all about understanding the numbers, and this is where the accountancy team at Optimum can help you.

If you’d like to talk to us about plans for 2026, please get in touch.