Accounting Insights

October marks the start of the final stretch before the Self Assessment deadline on 31 January 2026. HMRC has begun issuing reminders to taxpayers, and accountants across the UK are urging clients to start preparing now. Getting organised early can prevent last minute stress, reduce mistakes, and even improve cashflow planning. Whether you are a sole trader, landlord, or company director, this is the perfect time to gather your records and get your Self Assessment ready for s

Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) will transform how individuals and businesses manage their tax. From April 2026, sole traders and landlords with income over £50,000 must maintain digital records and send quarterly updates to HMRC. September is the right time to prepare, with pilot schemes already underway and guidance now available for early registration.

With the new tax year well underway, there is still time to make contributions that lower your tax bill and build long-term savings. Many business owners, contractors and employees use the quieter summer months to assess what they have contributed so far and what additional payments might make sense.

As the 2025/26 tax year progresses, HMRC is stepping up its compliance activity. Summer often marks the start of new investigation cycles, with increased scrutiny on tax returns, VAT filings, and company records. Understanding what triggers HMRC investigations and how to avoid them can save you stress, time and money.

By June 2025, most businesses are halfway through their financial year and looking ahead to the second half. Mid-year reviews are essential for understanding whether profit forecasts are realistic, VAT obligations are being managed, and cashflow is strong enough to support operations.

Each year, the Spring Budget sets the tone for UK businesses and households by announcing tax changes, allowances and spending plans. The Spring Budget 2025 brought new thresholds, compliance updates, and targeted incentives that now shape the financial year ahead. Alongside those announcements, May carried its own practical deadlines, including the requirement for employers to provide P60s by 31 May.

April always brings fresh rules and figures for businesses and individuals to adapt to. The 2025/26 tax year is no different, introducing new allowances, thresholds and National Insurance adjustments that will affect how much people take home, how businesses plan, and what contractors and property owners need to prepare for.