Cofton Financial Limited

12/10/2026

Self-employed or employed — which suits you best? 💬

Being self-employed can give you more control over your work, but it also means wearing all the hats. Finding customers, chasing payments, keeping the books… and somehow taking a day off!

Employment can offer a regular wage, paid holiday and the chance to switch off when the working day ends — although every job is different.

At Cofton Financial, we work with people who have taken the leap into self-employment, and everyone has their own reason for doing it.

We’d love to hear yours 👇

Are you employed, self-employed or juggling both? And what’s the best — or hardest — part?

Would you ever swap?

09/10/2026

☕ Fun Fact Friday: your tea-break snack has a tax story!

Is a Jaffa Cake a cake or a biscuit? 🍊🍫

For VAT purposes, it’s a cake—and that distinction matters.

HMRC’s guidance explains that cakes are zero-rated, even when covered in chocolate. Biscuits wholly or partly covered in chocolate are generally standard-rated.

The Jaffa Cake question even reached a tax tribunal! It considered the ingredients, texture, packaging and what happens when they go stale.

One factor? Jaffa Cakes go hard when stale, like cakes, rather than soft like biscuits. The tribunal considered all the evidence and decided they qualified as cakes.

Who knew a tea break could turn into an accounting lesson? 😂

Now for the important question: what’s your favourite treat with a cuppa—and are you a dunker? 👇

08/10/2026

More time for your business, less time sorting receipts! 📊

Let Cofton Financial take bookkeeping off your to-do list.

Message us to get started. 💬

07/10/2026

Our high streets need thriving businesses as well as open shopfronts. 🏘️

The government has announced a £210 million package to help bring empty buildings back into use as workspaces, cafés and community hubs.

But the British Retail Consortium warns that the cost of running a business could hold back that recovery.

Its analysis puts the combined tax bill for retail and hospitality at £62 billion in 2025/26, including business rates, employer National Insurance and VAT.

For every £1 of pre-tax profit, retailers paid the equivalent of 72p in business taxes. For hospitality, that figure was 82p.

These figures cover several business taxes—not just tax charged on profits—but they highlight the pressure facing shops, cafés, pubs and restaurants.

When more money goes towards running costs and taxes, there’s less available to recruit staff, invest in the business or absorb price increases.

At Cofton Financial, we believe understanding your costs, margins and cash flow is essential to making informed decisions in a challenging trading environment.

If you run a retail or hospitality business, what’s putting the most pressure on you right now—taxes, staffing costs, rent or fewer customers? 💬

06/10/2026

Payroll taking up too much headspace? 🧠

Let Cofton Financial handle the details so you can focus on your business.

What’s your biggest payroll headache? Tell us below or message us for support. 💬

05/10/2026

Halfway through the tax year already—how did that happen? 📅

With six months to go until the next phase of Making Tax Digital for Income Tax, now is a good time to get prepared.

From 6 April 2027, sole traders and landlords with qualifying income over £30,000 in the 2025/26 tax year will need to follow the new rules, unless exempt.

That means combined income from self-employment and property before expenses—not your profit.

You’ll need to keep digital records and send quarterly updates to HMRC using compatible software.

Feeling unsure about what this means for you? You don’t have to work it all out alone.

At Cofton Financial, we can help you check whether you’re affected, choose suitable software and build a bookkeeping routine that works for you.

Let’s use the next six months to get you ready. Get in touch to start the conversation. 💬

28/09/2026

💷 Cash ISA savings have reached record levels—but a big change is coming. What do you think?**

New HMRC figures reportedly show that savers deposited around £95.9 billion into Cash ISAs during 2024/25—an increase of more than 37% in just one year.

It’s perhaps not surprising.

With tax thresholds remaining frozen and savings interest potentially pushing more people beyond their Personal Savings Allowance, Cash ISAs offer a simple way to protect interest from Income Tax.

However, from 6 April 2027, the annual Cash ISA limit for people under 65 will reduce from £20,000 to £12,000.

The overall ISA allowance will remain at £20,000, meaning the remaining £8,000 can be placed into other types of ISA, such as a Stocks and Shares ISA. Those aged 65 and over will retain the full £20,000 Cash ISA limit.

The aim is to encourage more people to invest rather than hold all their savings in cash—but is that the right approach?

Cash savings and investments serve different purposes. Some people may be comfortable accepting investment risk for potential long-term growth, while others value the certainty and accessibility offered by cash.

It raises some interesting questions:

💬 Should people be encouraged towards investing by restricting Cash ISAs?
💬 Is £12,000 still more than enough for most savers?
💬 Or should people be free to use the full £20,000 allowance in the way that suits them?

For now, the Cash ISA allowance remains £20,000 for the 2026/27 tax year.

I’d love to know what you think—will this change encourage more people to invest, or simply make saving more complicated?

Investments can fall as well as rise. Consider taking regulated financial advice before making investment decisions.

25/09/2026

📣 MTD exemption applications are now open for the next group of sole traders and landlords—but qualifying is not automatic.

If your combined gross income from self-employment and property was over £30,000 in the 2025/26 tax year, you will normally need to use Making Tax Digital for Income Tax from 6 April 2027.

This will mean:

💻 Keeping digital accounting records
📅 Sending quarterly updates to HMRC
🧾 Submitting your tax return through compatible software

However, HMRC has confirmed that those due to join MTD from April 2027 can now apply for an exemption if they are genuinely digitally excluded.

This could apply if:

❌ Your age, health condition or disability prevents you from using digital technology
❌ Your religious beliefs are incompatible with using digital communications
❌ You cannot access reliable internet at home, at your business or at a suitable alternative location

But HMRC will not normally accept an application simply because:

⚠️ You have always filed a paper tax return
⚠️ You are unfamiliar with accounting software
⚠️ You only have a small number of transactions
⚠️ MTD will involve additional time or expense

Every application will be assessed individually. Even if an accountant applies for you, the decision will still be based on your personal circumstances.

An exemption from MTD also does not remove your obligation to complete an annual Self Assessment tax return.

Applications can be made by calling or writing to HMRC. If you’re already using MTD and apply because your circumstances have changed, you must continue meeting the requirements until HMRC confirms its decision. HMRC aims to respond within 28 days.

Not sure whether you’ll need to join MTD in April 2027—or whether you may qualify for an exemption?

📩 Send us a message and we can help you understand your position and prepare for what comes next.

25/09/2026

📣 Does the thought of completing your Self Assessment leave you feeling stressed?

You’re not alone—and you don’t have to deal with it by yourself.

Whether you’re self-employed, a landlord, part of a partnership or have additional income to declare, we can help make the process simple and straightforward.

We’ll help you:

✅ Understand what information is needed
✅ Claim the allowable expenses you’re entitled to
✅ Check your figures carefully
✅ Submit your return accurately and on time
✅ Understand your tax bill in plain English

No confusing jargon. No last-minute panic. Just friendly, reliable support from people who are here to help.

📞 0121 720 0502
📧 [email protected]

Get in touch today and let us take the stress out of your tax return.

24/09/2026