October often feels like a natural checkpoint for a business owner. The year isn’t finished, but there’s enough behind you to see what’s worked, what hasn’t and what needs to change before year-end. For business owners, that makes October the perfect moment to take stock and get proactive about financial planning.
The reality is simple, businesses that plan ahead are better placed not just to survive, but to grow. With that in mind, here’s a practical October checklist to help you prepare for a smoother, stronger 2026.
What to focus on this October
- Review your profit and loss – Look at your year-to-date numbers. Are revenues on track? Are expenses creeping higher than expected? Spotting trends now means you can adjust before the year closes. Even small changes, such as cutting unused subscriptions or reallocating spend into growth areas can make a big difference.
- Decide on director salaries and dividends – If you run a limited company, October is a good time to think about the balance between salary and dividends. Is your salary structured for maximum tax efficiency? Is there scope to declare dividends before the year-end? Getting clarity now avoids last-minute scrambles in March.
- Review pension contributions – Pension planning isn’t just about the future; it can also reduce today’s tax bill. Reviewing what you’ve paid in so far and topping up before the year-end may help lower your corporation tax liability.
- Forecast cash flow into 2026 – Cash flow is the lifeblood of any business. Build a forecast for at least the next 6 to 12 months, taking into account seasonal patterns, upcoming tax deadlines and any big investment plans. Identifying potential pinch points in advance allows you to plan with confidence.
- Get ahead with tax planning – Don’t leave tax to the last minute. October is the time to ring-fence money for liabilities, check payments on account due in January and review expenses to ensure you’re claiming everything allowable.
- Set growth goals for 2026 – Numbers should do more than tick compliance boxes; they should help you build the business you want. Ask yourself: what turnover and profit targets do I want next year? How much do I want to pay myself? What investment will help me achieve those goals? When your business finances align with your personal ambitions, the results are far more rewarding.
Final thoughts
October isn’t only about autumn leaves and shorter days, it’s a chance to get organised, gain clarity and take control of your finances. By reviewing your numbers now, you avoid year-end panic and set yourself up for success in 2026.
If this feels overwhelming, you don’t have to tackle it alone. With the right systems and support, planning ahead becomes far simpler and can even feel empowering.
To find out more or if you need a little help, please call us on 01173 700 079 or e-mail hello@steppingstonesaccountancy.co.uk. You can also book a free 20-minute call with Yarka – https://calendly.com/yarka-ssa/20min
