PML Accountants

Top Tip – Can You Claim for Meals & Drinks?

Not every meal or drink paid for through the business is automatically a tax-deductible expense.

If you're travelling for work and the journey qualifies as business travel, reasonable food and drink costs may normally be claimed as part of your subsistence expenses.

However, taking a client or customer out for lunch or drinks is generally classed as business entertaining and isn't tax deductible, even if you're discussing business.

And remember... paying with the company card doesn't automatically make something a business expense!

Keep your receipts and make a quick note of who the expense was for and the business reason ...it can make your bookkeeping much easier later.

📅Important September Accountancy Dates 📅

🔹7th September – VAT return and payment deadline for businesses with a VAT period ending 31st July 2026, where the standard online deadline applies.

🔸19th September – CIS monthly return deadline for the tax month ending 5th September.

🔹22nd September – Deadline for electronic payment of PAYE and National Insurance for the tax month ending 5th September.

🔸30th September – Companies House filing deadline for many private limited companies with a 31st December 2025 year end.

Company Director? Have You Verified Your Identity?

Companies House has introduced mandatory identity verification for company directors and People with Significant Control (PSCs).

If you're an existing company director, you'll generally need to:

✔ Verify your identity
✔ Receive your Companies House personal code
✔ Provide the code when your company's next confirmation statement is filed

If you're also a Person with Significant Control (PSC), there are separate requirements and deadlines to be aware of.

Don't leave it until your confirmation statement is due.

At PML Accountants, we can help you understand the new Companies House requirements and what action you need to take.

https://www.gov.uk/guidance/verify-your-identity-for-companies-house

Top Tip!
Using Your Personal Car for Business?

If eligible to use simplified mileage expenses, you can claim 45p per mile for the first 10,000 business miles and 25p thereafter rather than calculating actual running costs.

Got a side hustle? Don't forget about the tax.

Whether you're making extra money from:

📸 Photography
🎂 Baking
🐕 Dog walking
📱 Content creation
📦 Selling handmade products
🚗 Delivery work
💻 Freelancing

HMRC has recently reminded people earning additional income to check whether they need to report it.

If your gross trading income is more than £1,000 in a tax year, you may need to register for Self Assessment and tell HMRC.

And remember...the £1,000 threshold applies to your combined relevant trading income, not £1,000 for each side hustle.

For those who started earning additional income during 2025/26 and need to enter Self Assessment, the registration deadline is 5th October 2026.

Not sure where you stand?

Get in touch with PML Accountants and we'll help you understand your tax obligations.

https://www.gov.uk/government/news/say-i-do-to-getting-your-side-hustle-tax-right?utm_source=chatgpt.com

Making Tax Digital, Over 436,000 Submit First Quarterly Update!

More than 436,000 sole traders and landlords have successfully submitted their first Making Tax Digital (MTD) for Income Tax quarterly update for the 2026/27 tax year.

The first quarterly update was due by 7th August 2026, and HMRC has confirmed that from September 2026 it will begin signing up customers who should be using MTD but have not yet registered themselves.

If this applies to you, we recommend getting your records and software in order now rather than waiting to hear from HMRC!

At PML Accountants, we're here to support your business every step of the way. Our services include:

🔸 Bookkeeping
🔹 Payroll
🔸 VAT Returns
🔹 Making Tax Digital (MTD)
🔸 Management Accounts
🔹 Year End Accounts
🔸 Tax Planning
🔹 Business Advice

Using advanced AI powered accounting software alongside our experienced team, we help improve accuracy, streamline processes, minimise errors, and give you more time to focus on running your business.

Find out more about our services at www.pmlaccountants.co.uk

Ready to take the stress out of your finances? Get in touch with us!

🚨 Making Tax Digital Deadline Approaching

The first quarterly update for Making Tax Digital for Income Tax is due on 7th August for businesses using the standard quarterly reporting periods.

If you're affected, make sure your records are complete and your figures are ready for submission.

Need support? Our team is here to help.

📅Important Dates for August 2026📅

🔸1st August - Corporation Tax payment due for companies with an accounting period ending 31st October 2025, unless the company is required to make payments by installments.

🔹7th August - First Making Tax Digital for Income Tax quarterly update due.

🔸7th August - VAT return and payment due for businesses with a VAT quarter ending 30th June 2026, unless a different VAT period applies.

🔹19th August - CIS monthly return due for the tax month ending 5th August 2026.

🔸19th August - PAYE, National Insurance and CIS deductions must reach HMRC by this date when paying by post.

🔹22nd August - Electronic PAYE, National Insurance and CIS payment due for the tax month ending 5th August 2026.

🔸31st August - Companies House accounts filing deadline for private limited companies with a financial year ending 30 November 2025.

🔹31st August - Summer Bank Holiday in England and Wales. Businesses should allow additional time for payroll, supplier payments and banking transactions.

Working as a CIS Subcontractor?

If you work for a contractor in the construction industry, make sure you're registered under the Construction Industry Scheme (CIS).

✅ Registered subcontractors usually have 20% deducted from their payments.

❗ If you're not registered, deductions could increase to 30%.

Find out more or register with HMRC:
https://www.gov.uk/what-you-must-do-as-a-cis-subcontractor

Need advice? 📩 Get in touch with PML Accountants, we're happy to help.