While millions of Britons spend August switching off on holiday, many wealthy families are doing something very different: using the quieter weeks of summer to make some of their biggest financial decisions.

According to wealth manager Paul Denley, August has become an unofficial “financial MOT” month. Instead of reacting to market headlines or worrying about day-to-day volatility, affluent investors use the breathing space to review their investments, pensions, tax planning and long-term goals. He believes the biggest advantage isn’t having more money, but having more time to think clearly.

Paul Denley, CEO of London-based Oakham Wealth Management, said: “Affluent people certainly enjoy holidays, but many also use the quieter weeks of August to make some of their biggest financial decisions. While everyone else is trying to escape work, they’re creating the mental space to think about succession, investing, tax planning and what they actually want from the next decade. Wealth is often built not by working every minute, but by occasionally stepping back and making better decisions.”

Mr Denley said many people wrongly assumed wealth was built simply by working harder.

He said: “There is a paradox at the heart of this. The busiest, most successful people I meet do their clearest thinking when they are, on paper, doing the least. The inbox slows, the diary empties and, despite the occasional headline, the constant noise of day-to-day business begins to fade.

“What is left is space – and space is where good financial decisions are made. Most poor decisions, by contrast, are made in a hurry, in reaction to a headline, or under the low-grade pressure of a permanently full week.”

One of the first things many wealthy investors review is whether their portfolio still matches the level of risk they intended to take. After a strong run in markets, successful investments can quietly become a much larger part of a portfolio than originally planned. Rather than chasing the best-performing shares, Mr Denley said experienced investors often did the opposite.

He explained: “For many wealthy families, August is quietly the most productive financial month of the year. It’s when they carry out what I’d call a personal financial MOT.

“That review is less glamorous than it sounds and that is precisely the point. It starts with asset allocation – the single biggest driver of long-term investment outcomes and the thing most people never revisit. The disciplined response is not to chase whatever has done well, but to rebalance back towards the original plan.”

August is also when many families review whether they are making full use of tax allowances, whether cash is sitting idle and whether pensions and ISAs remain as tax-efficient as possible. With an Autumn Budget expected later this year, Mr Denley said wealthy families prepared rather than panicked.

He said: “Wealthy families rarely make knee-jerk decisions based on rumours. Preparation, not prediction, is the real edge.”

Perhaps surprisingly, he believes the most important conversations are rarely about money itself.

Mr Denley added: “They are the ones families put off all year: who inherits what and when, how much to help children and grandchildren now rather than later and what the next decade is genuinely for.

“The real lesson isn’t about wealth at all. Whether your portfolio is worth £50,000 or £50 million, taking one uninterrupted afternoon to review where you are, and where you’re trying to get to, may be one of the highest-return investments you make all year.”

Vodafone Group has reported higher sales and profits amid a drive to cut costs, which has led to the shedding of 1,200 jobs in Europe over recent months. The telecoms giant said its cost-saving initiatives had helped deliver the reduction in roles across Europe and in its shared operations in the three months to the end of June.

Vodafone did not specify how many UK jobs have been affected. It is understood that some of the reduction was due to natural attrition, as people were not replaced after they left the business. It is aiming to shave about £700million a year from its total costs and capital spending by the 2030 financial year.

This is partly coming from Vodafone’s merger with Three in the UK, which completed last year and formed the nation’s largest mobile operator.

The company has since been working to integrate the two brands, including sharing their 5G networks.

Vodafone has been pushing ahead with a major transformation under chief executive Margherita Della Valle, including a focus on its biggest markets in Germany and the UK, as well as Africa, while pulling out of countries where it has a smaller presence.

In the latest update to investors, the business said that its service revenues totalled 8.6billion euro (£7.4billion) for its first quarter, up by a 10th compared with the previous year.

On an organic basis, service revenues increased by 5.2%, while earnings on an adjusted basis were up by by 6.7% year-on-year.

Vodafone said it now expects adjusted earnings to be between 13 billion euros (£11.1billion) and 13.3billion euros (£11.4billion) for the year, after taking control of Kenya-based Safaricom last month.

In the UK, mobile service revenues declined organically by 0.7% in the three months to the end of June, compared with the year before.

Vodafone said this was partly because of the phasing out of mid-contract price rises, bringing down revenue growth per customer, after a crackdown by regulator Ofcom.

The number of UK customers with mobile contracts dropped by 48,000 during the quarter, including business SIMs, but it gained about 34,000 broadband customers.

Mark Crouch, market analyst for Etoro, says: “For years, Vodafone has promised that its turnaround would eventually show through in the numbers. This latest update suggests that promise is finally starting to become reality.

“While the headline revenue boost was helped by the consolidation of Three UK and Safaricom, the stronger message is that the underlying business is beginning to build momentum.”

Temporary VAT cuts on children’s meals, admissions and family attractions could trigger a summer of upheaval for businesses across the UK, it has emerged. Targeting families, the measure is being rolled out by the Government as part of a broader drive to bolster household spending throughout the summer holiday season.

A reduced VAT rate of 5% will apply to a range of supplies that are typically subject to the standard 20% rate from June 25, to September 1. The tax relief, collected by HMRC, is designed to lower the cost of activities for families during the school holidays, stimulate consumer spending across key sectors and deliver a short-term boost to the industries concerned.

The changes affect consumer-facing businesses supplying goods and services to families, spanning hospitality, leisure, entertainment and visitor attractions. Businesses in the firing line include restaurants, cafés and similar establishments supplying children’s meals, cinemas, theatres, concert venues and exhibition spaces and operators of live performances and shows.

Also affected will be theme parks, amusement parks and fairs, zoos, wildlife parks and aquariums, museums and cultural attractions, soft play centres and indoor/outdoor activity venues. The reduced rate applies exclusively to children’s meals marketed and priced for children, children’s admission tickets and admission tickets to qualifying family attractions.

However, Andrew Hopkins, a VAT partner at accountancy and business advisory firm Azets, believes that while the measure deserves a warm reception, it will also present considerable challenges.

He said: “While this presents a timely opportunity to drive consumer demand, it also introduces additional complexity for businesses. For many, implementing short-term tax changes can place added pressure on already stretched teams.

“Although temporary, the change brings significant practical and compliance considerations for businesses that may be disruptive if not managed carefully. We recognise that short-term policy changes like this can be difficult to implement, particularly for businesses with complex or high-volume transactions.

“The Government expects businesses to pass on the VAT savings to customers. While not mandatory, doing so may help attract more families and increase footfall.

“With VAT rates shifting from 20% to 5% and back again over a short period, the practical and compliance implications shouldn’t be underestimated. From pricing and systems to VAT treatment and reporting, careful planning will be essential. Taking action early will help businesses manage the transition effectively and make the most of the potential uplift in demand.”

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Mr Hopkins urged businesses to examine the matter promptly in order to ease the burden, sidestep last-minute complications, limit disruption and remain fully compliant. This encompasses pinpointing qualifying supplies and verifying eligibility, getting systems and processes ready ahead of June 25, reassessing pricing strategy and commercial impact, training finance and operational teams, and planning well in advance for the return to standard VAT rates in September.

Mr Hopkins added: “Businesses will need to clearly identify which supplies qualify for the reduced rate and which remain at the standard rate. Accurate classification will be key to avoiding errors and potential compliance risks.

“The change may require updates to pricing structures, ticketing models and accounting systems. Businesses will also need to consider how the reduced rate impacts their pricing strategy and margins.

“With VAT rates changing twice in a short timeframe (20% to 5% to 20%), careful planning is essential. This includes managing advance bookings, determining cut-off points and ensuring accurate VAT reporting across periods. Some businesses may need to reconsider how offerings are packaged (for example, adult vs child tickets or family bundles) and how these are positioned for VAT purposes.”

A new Nationwide deal has been awarded an “outstanding” rating by financial experts this week. The Moneyfactscompare.co.uk Pick of the Week showcases the finest new products and rate changes to emerge in the consumer finance market.

Personal Finance Analyst Caitlyn Eastell has assessed the following deals, along with their associated benefits. In terms of mortgages, a Nationwide product was brought to the fore — specifically its two-year fixed rate mortgage at a 95% loan-to-value.

Caitlyn said: “Nationwide Building Society has reduced a selection of its fixed rate mortgages by up to 0.36%. While the two-year option at 95% loan-to-value has seen a slightly smaller cut, it’s enough to enter the ‘Best Buy’ tables and is now priced at a competitive 5.42%.

“First-time buyers may also be pleased to note the generous incentive package, which includes a free valuation and £500 cashback. On top of this those with qualifying green properties could receive up to an additional £500.

“Borrowers have the option to make overpayments, which can reduce their overall term and underpayments are also permitted subject to approval and provided overpayments have been made. Overall, this product becomes a Moneyfacts Best Buy and earns an Outstanding Moneyfacts product rating.”

Caitlyn also examined a range of other financial products, including savings accounts, drawing attention to Kent Reliance’s one-year fixed rate bond — issue 31.

She said: “This week, Kent Reliance increased the rate on its range of Fixed Rate Bonds. The one-year option fares best and now pays an attractive 4.71% AER, which takes the market-leading position.

“Savers will need to deposit at least £1,000, but further additions are permitted for 14 days from account opening via a nominated account, which may add to its appeal. As well as paying interest on its anniversary, there is also a monthly interest option.

“Like many fixed bonds, earlier access is not permitted so savers should plan carefully and be comfortable locking away their cash for the full term. On assessment, the account earns an Excellent Moneyfacts product rating.”

The expert also turned her attention to buy-to-let mortgages, singling out NatWest’s five-year fixed rate mortgage at 60% loan-to-value.

Caitlyn said: “The latest change from NatWest sees it reduce its fixed rate offerings. One deal to see a small cut is the five-year fixed rate at 60% loan-to-value for house purchase customers. The deal now charges 4.83% until July 31, 2031, this may appeal to landlords looking to minimise costs as the already reasonable £995 product fee is offset by its free valuation incentive.

“However, this deal is only available online, which some may want to consider. When assessed as a whole, this product takes a prominent position as a Moneyfacts Best Buy and earns an Outstanding Moneyfacts product rating.”

The Virgin Money Dual Credit Card Mastercard was the final product to receive a mention.

Caitlyn said: “This week Virgin Money has increased the introductory 0% purchase and balance transfer terms to 20 months on its Dual credit card. This may appeal to borrowers looking to transfer existing balances and make purchases interest-free over a longer period, however, the credit card APR rises to 24.9% after this period which should be considered.

“The balance fee stands at just 2.95% and is one of the most competitive rates available. Customers can enjoy exclusive offers and rewards on the Virgin Red app, which enhances its overall appeal. In any case, borrowers should consider the terms of their credit card carefully to ensure it’s the best deal for them. Overall, the card earns an Excellent Moneyfacts product rating.”