Ipswich professionals are dealing with a huge spike in workload ahead of Labour's Autumn Budget.

Accountants at Larking Gowen and lawyers at Ellisons Solicitors have even had to turn away new business as staff work flat out getting transactions over the line ahead of October 30 - because of worries that taxes may rise.

After pledges from chancellor Rachel Reeves that workers would not see their taxes go up, many businesses fear that Capital Gains Tax might be among the areas targeted.

Ian Fitch, a partner at Larking Gowen, said management buyouts were being brought forward - just in case rates go up.

"Lawyers and accountants are flat out at the moment and they are turning work away because they can't get everything done by Budget day," he said.

Businesses are concerned that Capital Gains Tax will go up and that there will be changes to inheritance tax and possibly to the pension regime - with larger tax-free lump sums among the areas that could be targeted.

From left, Guy Longhurst and Ian Fitch (Image: Lucy Taylor)

"A lot of people are cashing in their tax-free lump sum," said Mr Fitch. 

Guy Longhurst, managing partner at Ellisons Solicitors, said his colleagues on the commercial team were reporting their busiest period ever.

The teams were seeing comfortably double their normal workload for this time of year - a rise of more than 100%, he added.

"They are regularly taking shifts beyond midnight," he said.

"For existing clients we are doing everything we possibly can to achieve deadlines but with new clients wea re being very honest and saying we couldn't do it. From our teams' perspective we are at capacity."

The long gap between the general election on July 4 and the first Budget had led to "incredible" speculation, he said. 

He predicted that the government would have a "very, very big tax take" - just as a result of the huge volume of deals being brought forward.

Guy Longhurst and Ian Fitch (Image: Lucy Taylor) There were fears that business sales - including sales to employee ownership trusts or management buyouts - could see detrimental changes, he said.

His hope was that any changes would not take effect until the new tax year to soften the blow.

But if the government does decide to go ahead and put up CGT this could put a damper on its house-building plans, he predicted, as landowners would simply wait for a change of government before selling if they don't think the conditions are right.

But he added: "I'm an optimist. I think Rachel Reeves' Budget will be sensible from a business perspective. I don't think it will be nearly as harsh as expected because they have based their strategy around growth."

(Image: Lucy Taylor)