Peyton Tyler Mears Chartered Accountants

Business mileage rates increase for the first time in over 15 years

From 6 April 2026, the approved mileage allowance for business journeys using personal vehicles will increase to 55p per mile for the first 10,000 miles.

The government also announced:
• Temporary 5% VAT on children’s meals
• Reduced VAT on selected family attractions over summer 2026

Affected businesses should review pricing systems and VAT settings ahead of implementation.

Announced: 21 May 2026.

We’re really pleased to see the launch of Shiltons’ Silverlining, a new charity set up by Peter Shilton and his wife Steph to support people affected by gambling harm.

It’s a brilliant initiative focused on raising awareness, reducing stigma, and providing practical help for individuals and families dealing with addiction and financial difficulty.

You can find out more about the work they’re doing here: https://shiltonssilverlining.org

As accountants, we see first-hand how important financial wellbeing is, and it’s great to see a charity taking such a joined-up approach to both addiction support and financial recovery.

Home - Shilton's Silver Lining Peter and Steph Shilton are renowned in the UK and internationally for their extensive work around raising awareness of gambling harm. They have worked in reducing the stigma around gambling disorders and providing the necessary support to affected others.

Coming soon!

Making Tax Digital is coming – and HMRC says it’s “on track”. Are you ready?

From 6 April 2026, Making Tax Digital for Income Tax becomes mandatory for sole traders and landlords with gross income over £50,000 from self-employment and/or property.

HMRC has confirmed the rollout is proceeding as planned, but their own figures show that around 40% of those affected do not currently use an accountant or bookkeeper. That’s hundreds of thousands of taxpayers who will be expected to keep digital records and submit quarterly updates using software, often without support.

Even HMRC has acknowledged that this “unrepresented group” is the biggest risk area, particularly in sectors like construction, where record keeping has traditionally been more informal.

What MTD will mean in practice:
• Digital record keeping using compatible software
• Quarterly income and expense submissions to HMRC
• A final year-end declaration by 31 January
• No change to payment dates, but much more frequent reporting

The first year will not include penalties for missed quarterly updates, but HMRC’s expectation is clear: digital, regular reporting is here to stay, with thresholds reducing to £30,000 in 2027 and £20,000 in 2028.

We already have clients in HMRC’s MTD testing programme, so we are prepared well ahead of April 2026. If you are self-employed or a landlord and are unsure whether MTD will apply to you, now is the time to check.

If you don’t currently have an accountant, or if you want to be sure you’re ready, feel free to get in touch.

Our Quick Budget Guide

Autumn Budget 2025: What to Expect
• The Chancellor aims to protect public services like the NHS, reduce national debt, and support economic growth.
• Full details of the Budget will be announced on 26 November; until then, everything is speculative.
• Tax rises on working people are unlikely, but targeted increases on higher earners, property, and capital gains are being discussed.
• Potential changes could include freezing income tax thresholds, reforms to inheritance tax, pension tax relief, and property-related taxes.
• Businesses are expected to be largely protected, with support continuing for R&D reliefs, full expensing, and the corporate tax rate remaining stable.
• Small adjustments to taxes, pensions, or property may raise additional revenue, but the Chancellor faces a delicate balance between political promises, public finances, and economic growth.

🎩 An odd old tax we’d love to see return?

Back in 1784, Britain introduced a genuine Hat Tax, thinking the wealthier you were the more, and fancier, your hats.

Today we’re hearing that the 2% rise in income tax will not be going ahead. With that in mind, here’s one idea that wouldn’t touch our clients, but sure would raise eyebrows: bring back the Hat Tax.

At PTM, our job is to spot what’s real, what’s coming, and what’s purely imaginative, so you’re always prepared.

Companies House fees are changing from 1 February 2026

The cost of incorporating a business is set to increase from £50 to £100, while confirmation statements will rise from £34 to £50.

These changes affect all companies and LLPs filing digitally, as part of Companies House’s wider plans to improve transparency, strengthen ID verification for directors, and invest in enforcement activity.

If you’re considering setting up a company, it may be worth incorporating before the changes take effect.

📅 Key changes from 1 February 2026:

Incorporation (digital): £50 ➜ £100

Confirmation statement (digital): £34 ➜ £50

Voluntary strike-off (digital): £33 ➜ £13 (yes it's going down!)

If you’d like advice on the best timing or structure for incorporation, we’re happy to help.