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Making Tax Digital for Income Tax is one of the biggest changes to the UK tax system in recent years. From April 2026, many self-employed individuals and landlords will need to keep digital records and submit quarterly updates to HM Revenue & Customs instead of relying solely on an annual Self Assessment return. In this comprehensive guide, we explain who will need to comply, when the rules come into effect, what the income thresholds are, and how quarterly reporting will work in practice. We also cover key questions about software, digital record-keeping, penalties, and how the changes may affect small businesses, contractors, and landlords. Whether you are already using accounting software or still relying on spreadsheets or paper records, this article will help you understand what MTD means for your business and how to prepare well in advance of the new rules.
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With the rise of digital platforms and flexible working, more people than ever are generating income from “side hustles” — activities undertaken to supplement income from a main job or profession. While side hustles offer valuable financial flexibility, many individuals may not realise that this income can trigger tax or National Insurance (NI) obligations.
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Many directors of small companies, particularly those who have transitioned from self-employment, often blur the lines between business and personal finances. Running all expenses through the company bank account may seem convenient, but doing so can lead to significant tax consequences. In this post, we explore the tax position when a company pays for a director’s personal expenses and provide practical insights to help business owners navigate this issue effectively.
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When it comes to VAT, the rules on reclaiming input tax can be tricky — especially when it involves entertaining customers. While VAT on business expenses is generally recoverable, HMRC places strict limitations on VAT recovery for business entertainment. However, there is a key exception when it comes to entertaining overseas customers. In this post, we’ll break down what qualifies as business entertainment, when VAT can be reclaimed, and provide real-world examples to illustrate the rules in practice.
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The UK Government has announced significant changes to National Insurance contributions (NICs) and the Employment Allowance, set to take effect from 6th April 2025. These changes are aimed at strengthening public finances while continuing to support businesses and public services.
We are experienced certified accountants in Kent that are committed to helping small businesses achieve growth.
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