Wills Accountants

Are you a sole trader or landlord? 📩

The first mandatory Making Tax Digital for Income Tax quarterly submission deadline has now passed — and nearly half of those expected to be in the first phase had not submitted their update.

The deadline was 7 August 2026. HMRC has reported that over 436,000 sole traders and landlords submitted their first update, compared to an estimated 864,000 taxpayers expected to be affected.

From September 2026, HMRC will begin automatically enrolling taxpayers who should be using Making Tax Digital for Income Tax but have not registered themselves.

If you are a sole trader or landlord and your qualifying income from self-employment and/or property is over £50,000, Making Tax Digital may apply to you.

If you're affected, you'll need to keep digital records and submit regular updates to HMRC using compatible software.

We want to make sure our clients are aware of these changes and don't get caught out.

📩 If you are a sole trader or landlord and think this may apply to you, please get in touch with us. We can discuss your circumstances and help you understand what you need to do next.

Source: 436,000 sole traders and landlords make their tax digital - GOV.UK

January can be a stressful month for many business owners—but it doesn't have to be.

The best tax planning happens throughout the year, not just when deadlines are approaching.

Planning ahead gives you time to:

✔ Understand your likely tax bill
✔ Improve your cash flow
✔ Make informed business decisions
✔ Avoid last-minute surprises

A little planning today can make the months ahead much less stressful.

If you'd like to review your tax position before the year-end rush, we'd be happy to help.

🚨 HMRC Scam Alert

We've seen an increase in scam texts, emails and phone calls claiming to be from HMRC.

Remember:

❌ HMRC will not notify you of a tax refund by text message.
❌ HMRC won't demand immediate payment by text.
❌ They won't threaten arrest over the phone.
❌ They won't ask you to pay using gift cards or cryptocurrency.
❌ They won't pressure you into making an immediate payment.

If you ever receive a message that doesn't seem right, don't rush to respond.

Taking a few minutes to check could save you a lot of money and stress.

If you're unsure whether a message is genuine, feel free to contact us before taking any action.

Is Your Business Structure Still Right for You?

Businesses change, and so do tax rules. That's why it's worth reviewing your business structure from time to time to make sure it's still the best fit.

Whether you're a sole trader or run a limited company, the right choice can change over time. It's not a one-size-fits-all decision.

Things to consider include:

• Your profits
• Future growth plans
• Tax efficiency
• Personal liability and financial risk
• Administrative responsibilities
• How much flexibility you need

Many people assume that once they've become a limited company, there's no going back—but that's not always the case. Equally, if you're currently a sole trader, incorporating could offer benefits as your business grows.

A regular review can help ensure your business structure continues to work for you, not against you.

If you're wondering whether it's time to make a change—or simply want to understand your options—we're always happy to help.

Many business owners know they'll have a tax bill to pay, but finding the money when it's due can still be stressful.

A simple habit is to put aside a percentage of every payment you receive into a separate savings account.

That way, when your tax bill is due, the money is already there.
Planning ahead can make a huge difference to your cash flow and help avoid unwanted surprises.

Not sure how much you should be setting aside?

Get in touch—we're happy to help you plan ahead.

👑 Cash is King

It's a phrase you've probably heard before...

You can have plenty of sales and still run into trouble if the cash isn't coming into your business when you need it.

Here are three simple ways to keep your cash flow healthy:

💷 Invoice promptly – The sooner you send an invoice to customers, the sooner you can get paid.
⏰ Follow up overdue payments – A polite reminder can often make all the difference.
📊 Review your regular costs – Check subscriptions and recurring expenses to make sure you're only paying for what you need.

Healthy cash flow gives you the confidence to pay suppliers, invest in your business and plan for the future.

If you're worried about cash flow or want to better understand the financial health of your business, we'd be happy to help.

Yesterday we celebrated a very special milestone as we said goodbye to our wonderful Sally after nearly 12 years with the practice.

To thank her for all of her hard work, dedication and the warm welcome she has given to our clients over the years, we enjoyed a lovely afternoon tea together.

Thank you for everything you've done – you've been an important part of the team and you'll be greatly missed by both colleagues and clients alike.

We wish you a long, happy and well-deserved retirement filled with new adventures, relaxation and plenty of time to enjoy the things you love. 💐🥂

Enjoy every minute – you've certainly earned it! ❤️

One of the easiest ways to pay more tax than necessary is by forgetting to claim legitimate business expenses.

Some commonly overlooked expenses include:

• Business mileage
• Professional subscriptions
• Home office costs
• Software subscriptions
• Business phone costs
• Training related to your business

Every business is different, so it's important to understand what applies to you.

If you're unsure what you can claim, we'd be happy to help.

✈️ Pre-Holiday Business Checklist

Planning a well-earned break? Before you switch on your out-of-office, spend 10 minutes making sure your business is ready too.

Here's a quick checklist:
✅ Send any outstanding invoices.
✅ Pay any bills due while you're away.
✅ Upload receipts and keep your bookkeeping up to date.
✅ Set up an out-of-office email message and update your voicemail.
✅ Let key customers or suppliers know if you'll be unavailable.
✅ Check any upcoming payroll, VAT or tax deadlines.

A little preparation before you leave can help you switch off properly and enjoy your holiday, knowing your business is in good shape.
Have a great summer! ☀️

Don't forget!

If you're part of Making Tax Digital for Income Tax, your first quarterly update is due by 7th of August.

Leaving it until the last minute can add unnecessary stress, especially if you discover information is missing.

✔ Check your records are up to date.
✔ Make sure all income and expenses have been entered.
✔ Submit before the deadline.

If you're unsure what's required or need a hand with your submission, we're always happy to help.