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M Squared Accounting Ltd

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M Squared Accounting Ltd

Chartered Accountancy firm providing a friendly, professional and reliable service.
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Chartered Accountant providing a friendly, professional and reliable service at affordable prices.

22/05/2026

Mileage rates are moving!

After more than 15 years without a change, the Chancellor has announced an increase to the approved mileage rate to cover the costs for using your own car or van for business travel.

Backdated to 6 April 2026, the tax-free rate for cars and vans is:
🔷 55p per mile for the first 10,000 business miles in the tax year (up from 45p)
🔷 25p per mile over 10,000 business miles (unchanged)
🔷 The motorbike and bicycle rates stay the same at 24p and 20p.

Employers are not required to increase the mileage rates paid to employees. Where a lower rate is paid, employees may be able to claim tax back from HMRC on the difference between the amount received since 06 April and the approved allowance.

The new rates could provide welcome relief against soaring petrol and diesel prices for anyone regularly using your own vehicle for work journeys.

28/04/2026

The M Squared Spring Sandwich Challenge – Week 4 (The Final!)

We’ve made it to the last round and this week did not disappoint.

Entry #4 is a soft sub roll filled with melt-in-the-mouth rare roast beef, peppery rocket & watercress, finished with a kick of horseradish sauce.

A big finish to the challenge!

21/04/2026

The M Squared Spring Sandwich Challenge – Week 3

Entry #3 is the Club Sub, layers of roast chicken, crispy bacon, lettuce & tomato with mustard mayo all packed into a soft sub roll.

Just one more week to go. Things are getting serious now…😃

14/04/2026

The M Squared Spring Sandwich Challenge – Week 2

Entry #2 is a classic Ploughman's style sandwich, combining thick slices of Double Gloucester cheese with a generous layer of tangy pickle, fresh salad and rocket leaves on buttered, crusty white bread.

The competition is heating up nicely, with more entries still to come…

08/04/2026

The M Squared Spring Sandwich challenge got off to a great start this week.

Entry #1 is an Italian-inspired, Caprese-style baguette, loaded with mozzarella, tomato, basil & olives plus delicious chicken and slices of prosciutto 😋

Over the next few weeks, we’ll be taking turns to impress the team with our sandwich skills before choosing the champion…

Masterchef watch out 😄

I can’t wait to see what next week brings!

13/03/2026

Why you might hear from us about BOTH Self Assessment and Making Tax Digital this year…

MTD for Income Tax starts in April 2026 for anyone whose total self-employment and/or rental income (before expenses) was over £50,000 in their last tax return.

In the first year under MTD, you still need to complete your 2025/26 Self Assessment tax return as usual,

while also starting to send quarterly and year-end digital updates for the new tax year.

MTD doesn’t change when your tax is paid. Payments will still be due on 31 January and 31 July, just as they are now.

If you’re unsure what this means for you, we’re always happy to help.

11/03/2026

⚠️ MTD for Income Tax – don’t ignore it! ⚠️

If your total income before expenses from self-employment and/or rent was over £50k on your last tax return, Making Tax Digital (MTD) starts for you from 6 April 2026.

This isn’t something you can opt out of and it means keeping digital records and sending quarterly updates to HMRC.

If you’re one of our clients and you’ve received a letter from HMRC about MTD, please forward it to us so we can help. We can support you in different ways, depending on how hands-on you want to be:

🔷 Option 1: File Your Own MTD Submissions - You can choose to file your own quarterly digital submissions. We will continue to prepare & submit your year-end digital tax return.

🔷 Option 2: You Keep Digital Records, We File Quarterly MTD Submissions for each source of income - You maintain your records in Xero and we’ll handle the quarterly MTD submissions and your year-end digital tax return.

🔷 Option 3: Full Bookkeeping & MTD Filing - We’ll take care of everything for you, from bookkeeping to quarterly MTD submissions and your year-end digital tax return.

03/03/2026

UK Spring Statement 2026

Later today, the Chancellor will deliver the Spring Statement, setting out the latest update on forecasts for the UK economy.

Global events have overshadowed the announcements and no major new tax or spending measures are expected.

As always, we’ll be reviewing the detail carefully to see what it means for our clients, whether you’re a limited company, sole trader or landlord.

12/02/2026

New 40% First-Year Allowance for Sole Traders & Partnerships

From 1 January 2026, unincorporated businesses can claim a new 40% First-Year Allowance (FYA) on qualifying new, unused main-rate plant and machinery in the year of purchase.

What this means for your business:

🔷 The allowance is available to sole traders and partnerships, that couldn’t previously benefit from full expensing.

🔷 Businesses can claim a 40% deduction on the cost of eligible plant & machinery against taxable profits in the year you buy it.

🔷 Relief applies to assets acquired for leasing which were previously excluded.

🔷 This allowance has been introduced on a permanent basis offering greater certainty for long-term investment planning.

At the same time, there’s another change coming:
The main rate of writing-down allowance (WDA) will reduce from 18% to 14% from 6 April 2026, meaning slower tax relief on existing assets.

If you’re planning significant investment in equipment, taking advice before committing could make a real difference to your tax position.

Our Factsheet includes more information 📲 https://msquaredaccounting.co.uk/factsheets/?op=/factsheets/corporate-and-business-tax/capital-allowances

06/02/2026

Celebrating 10 Years in business with some of our incredible clients 🥂
A fabulous atmosphere and some gorgeous food and drink.

1086Winebar

Address

Botley Mills
Botley
SO302GB

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Website

http://www.msquaredaccounting.co.uk/

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