Insights

New requirements came into force in November 2025 making it compulsory for every UK director to verify their identification. You only must do this once, even if you hold several directorships. The deadline is dependent on your next annual confirmation statement filing...

This is finally almost upon us after many delays in its implementation. Anyone who has qualifying income of over £50k, from April 2026, must maintain digital records of their income and expenses, with quarterly returns being made to HMRC via compliant software. The...

The Autumn budget is being held this year on 26th November. Speculation is mounting regarding which taxes are going to be targeted to fill the current black hole. The potential changes can impact small businesses as well as individuals. As an existing client, you will...

The Government has typically held two major fiscal events each year – the Autumn Budget and the Spring Statement – each updating on the economy’s performance, significant tax changes, fiscal measures, and adjustments to allowances. However, in 2024, major tax changes...

Labour is holding its first budget on 30th October and speculation has been rife about its potential impacts, especially on small businesses. All existing clients will receive a summarised easy to understand budget report on the 31st October, highlighting any issues...

If you are a sole trader, or operating in a partnership, then the basis period reform which commences in 2023/24 could affect you. If your accounting period does not align with the tax year, then you must extend your accounting period to 5th April (or 31st March)....

The latest HMRC scams seem to be reverting back to postal letters – just as everyone is now more alert to potentially fraudulent emails and text messages purported to be from HMRC. If you receive any communication from HMRC asking for payments (especially with some...

As we embark on the 2024/25 tax year, just now is as good a time as any to have a ‘spring clean’ of your business accounts, or your personal tax situation. Although January 2025, being the deadline for submitting your self-assessment tax return and paying any tax due,...

In the dynamic world of business, maintaining a firm grip on your financials is crucial for success. No matter the size or industry of your company, managing your financial transactions is a task that can't be ignored. That's where Smith Accountancy steps in to help...