Householders and business owners should avoid knee-jerk reactions ahead of the Budget but there are some things they can look at, an accountancy expert suggests.

Becky Ames, a partner at accountancy firm Larking Gowen's Ipswich office, has cautioned against acting on speculation about changes that could apply from Budget day on October 30 - or start from April 6, 2025.

"Do not let the tax tail wag the dog," she said. "Having said that, if you were going to do something and you can afford to accelerate it, consider doing sooner."

Ms Ames - who works with owner-managed businesses - said pension contributions, dividends, gifts to loved ones and disposal of assets are all areas that could be looked at ahead of any changes. However, in all cases she advised seeking financial advice first.

"If you are planning pension contributions pre-April 5, 2025, to utilise the current annual allowance and you have the cash available, you could advance payment and to make the contributions prior to the Budget. 

"Speculation is that the annual allowance may change and/or that the relief on pension contributions could change."

Anyone planning to pay dividends from their company could declare these prior to the Budget in case dividend tax rates change, she said, but business owners should be confident first they have the available reserves.

"Gifts could be accelerated, to protect against any changes in Inheritance Tax reliefs change," she said. 

"However, this should be part of wider tax planning and you always seek professional advice.  You need to make sure you are not gifting assets which you want to continue to enjoy."

If you are thinking of disposing of assets which have grown in value this could be accelerated in case Capital Gains Tax rates change, she suggested. 

"However, investment advice should be obtained, and don’t do anything purely for tax reasons. 

She added: "Always seek professional advice, both your tax advisor and your financial planner.  Their understanding of your personal circumstances will mean that they can advise you on your overall position, and certainly not based on speculation of tax changes."