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14/07/2026

Limited company directors - more info needed for your 2025-26 Tax Returns and risk of penalties!

If any limited company shareholder-directors have completed their Tax Returns as yet for 2025-26, they may have noticed that, differently this year (or their accountant may have asked them) that more disclosure is required about their salary and dividends from a “close company” (this being a company which is controlled by five or fewer shareholders and/or the majority of those controlling the company are also directors – which basically, I would think, covers the majority of small companies within the UK, and a good number of medium ones as well).

There are additional boxes on the Return asking what dividends have been received by the individual, what percentage of the total share holding is owned by that person, as well as details like the company name and registration number.

A further change is that an employment page will be required for each individual directorship will be required, even if no salary or benefits have been derived from that business. This includes companies that are dormant.

What happens if this information isn’t included on the Return (i.e. the boxes are not completed, or populated with misinformation)- there is a potential £60 fine for each misdeclaration/omission, which marks a new approach, the likes of which I’ve not seen before.

10/07/2026

Another great We Are In Business event yesterday hosted by Ian Earl and Tracey Earl, if a little too warm. Great to catch up with existing contacts and meet a good few new ones. In my view, "Face to Face" is definitely the way to go, at least you don't rely on the algorithms to make it work!
Credit to Hannah Goldie for the photo.
See you in September for the first meeting of the Autumn Term!

08/07/2026

Thanks to Alan Reynolds and Austin Williamson for a really insightful Self Employed Professionals Group meeting last night, brilliant hosting by Starling Harrogate . Austin gave a very open and personal account of his experiences of mental health and actions he has taken to overcome these challenges. He had also arranged a "doodle and talk", or, if preferred a "just doodle" or "just talk" (whatever suits each person) for the group to experience as a way of reducing stress and anxiety through creativity.

I must admit, even as an adult, I loved the opportunity to go made with crayons, too. No points for guessing where the inspiration came from!

Thanks again, for the experience and to Austin for being so open about his situation.

24/06/2026

When discussing Making Tax Digital, once people have understood how the quarterly submissions work, the next question, more often than not, has been "will I have to pay tax quarterly too?"
My standard response is "not now, it is still January and July, but I wouldn't be surprised if this is a move towards quarterly tax payments" The below came through in HMRC's e-mail yesterday, along with a number of other technical changes entitled Tax Update 2026 - Simplication, Modernisation and Fairness"

Although at this stage a consultation only, it appears as though the move towards more regular (possibly quarterly) payments for self employed /non PAYE people in the future has begun.

02/06/2026

Thanks Alan Reynolds for giving me the opportunity to talk to the Self Employed Professionals Group in the lovely event space at Starling Harrogate , with a tax update and other small business tax and finance tips. The hour seemed to pass very quickly and thanks for the subsequent discussion and some really great questions. I hope that you all found it useful.

The next meeting is on Monday 6th July, if you want to come along. The presentation that evening is yet to be confirmed, but it's a great group with a very supportive environment. It's free to attend too 😊 and we always meet for pizza beforehand (drinks and food paid individually)

21/05/2026

This seems to very much have crept under the radar but is a welcome announcement from the treasury and HMRC. First increase in 15 years from 45p to 55p for less than 10,000 although interesting to note that the rate of 25p in excess of the 10,000 miles, (which was supposed to represent the marginal fuel element after "fixed motoring costs"such as insurance, depreciation and road tax were covered under the higher rate) hasn't changed at all. Still, every little helps.

It's backdated to the start of the tax year, so can be applied to mileage claims after 6th April 2026.

13/05/2026

Are you a small business owner, or do you know someone who is?

Are you thinking about starting a new business and you're feeling

Tears over your taxes 😢
Confused over your cash flow😕
Frustrated with your finances 😖

I'm presenting at the Self Employed Professionals Group which will hopefully answer some of your questions and help you stay on track, on 1st June, at Starling in Harrogate. We'll be there from just after 5 pm (for pizza and drinks) and starting around 6 pm, or just after (finishing around 8.30 pm)

I'll make it as lively and interactive as I can, I appreciate I've got a challenge making tax interesting at 7 pm on a Monday evening!

If you feel like you'll benefit, please comment, drop me a DM or contact Alan Reynolds to bag a spot. The meeting itself is FOC, food and drinks are paid for direct;y at the bar.
Look forward to seeing you there!
(Pic from a previous SEPG event)

04/05/2026

One of my favourite days of the year! IYKYK 😉

28/04/2026

It’s the time of year, a new tax year has just started and it’s a popular time for people to start their own business and venture into self employment for the first time.

I thought this would be a good opportunity to share five of my “top tips” for those who have recently started, or are thinking about starting.

My first tip would be to budget for your taxes. It’s not like being employed, you get paid into your bank, taxes all dealt with and paid, you spend it and then a month later, you get more money into your bank to spend.

Remember, as a business owner, you get paid to do some work, you will probably have to spend money to enable you to do that work, and then at a later date, possibly even nearly two years after you’ve been paid, you’ll need to pay income or corporation tax on that money to HMRC. If you’re VAT registered and charge VAT, don’t spend that either, that money is not actually yours.

So, set up an additional bank or savings account to run alongside your main business account. Transfer a % of your income into that and let it build up as a “Tax Account”. So you’ll have no problem when the taxes are due and, if your tax is less than you saved, you may even be able to pay yourself a bit of a bonus.

21/04/2026

So, we're a couple of weeks into the new tax year.....

For business owners, it's the ideal opportunity for the year ahead, maybe a fresh start and review their plans as unfortunately, this “New Year” is likely to present more challenges.

Don't forget, from a tax point of view, the income tax free allowances are frozen at £12,570, the higher rate tax threshold at £50,270 (until 2031!).

I’m also continuing to see the effects of the freezing of the VAT threshold at £90,000, as businesses either continue to grow, or need to raise prices to meet cost challenges, and getting dragged “into the net”

Directors need to ensure that they are continuing to pay themselves in the most tax efficient manner -bear in mind that for owner-directors, the tax rate on dividends has increased by two percentage points for basic and higher rate (10.75% and 35.75% respectively)

There are welcome increases to the minimum and living wage for the lowest paid, but whether and how much this will actually benefit people is debatable, if jobs are at risk as a result of the additional pressures on business.

Investors and those selling assets using Business asset Disposal Relief and Investor Relief also see the tax rate on such sales increasing to the full 18%, the completion of a staged of increase from 10% two years ago.

Finally, for sole traders, Making Tax Digital is here for those bringing in more than £50,000 in turnover and/or rental income. R I P to the carrier bag of receipts for these people!

Address

Harrogate Business Centre, Hammerain House, Hookstone Avenue
Harrogate
HG28ER

Website

http://www.mikebestaccounts.co.uk/

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