LM Griffiths & Co Ltd

16/10/2026

📢 Wise Tax Statement Error Affects Around 4,000 UK Customers

A recent software error at Wise has resulted in around 4,000 UK customers receiving incorrect tax statements relating to its Interest and Stocks investment products.

The errors affected statements covering 2021 to 2025 and included incorrect figures for Capital Gains Tax and investment income, meaning some customers may have paid too much or too little tax through Self Assessment.

Wise has now issued corrected statements and is in discussions with HMRC about a bulk settlement for potential tax shortfalls. It also intends to compensate customers who overpaid because of the errors.

It’s a useful reminder that even when figures are provided by an investment platform or third party, it’s important to make sure the information going onto your tax return is correct.

If you’ve received a corrected statement from Wise, or you’re concerned that investment income or capital gains may have been reported incorrectly, it’s worth reviewing your position.

At LM Griffiths & Co, we can help check the figures, review previous tax returns and advise on any corrections that may be needed.

📞 01437 763454
📧 [email protected]

09/10/2026

📢 What Happens When HMRC Disagrees With Your Tax Return?

Most tax returns are processed without any issues. However, if HMRC believes something doesn't look right, they may open an enquiry and ask for further information.

🔹 It doesn't always mean you've done something wrong
Sometimes HMRC simply wants to understand how a figure was calculated or to see evidence supporting a claim.

🔹 Good records are your best defence
Receipts, invoices, mileage logs, and bank records can make the process much smoother if questions are raised.

🔹 Claims need to be supported
HMRC expects expenses to be genuine and backed by evidence. Claiming personal purchases as business expenses, inflating mileage, or including costs you didn't incur can lead to additional tax, penalties, and interest.

🔹 Social media isn't always a reliable source of tax advice
We regularly hear stories of people being told they can "put everything through the business". In reality, HMRC has clear rules about what can and cannot be claimed.

🔹 Prevention is better than cure
Taking a little extra care when preparing records and tax returns is usually far easier than dealing with an HMRC enquiry later.

The best approach is often the simplest: claim what you're entitled to, keep good records, and don't be tempted by advice that sounds too good to be true.

At LM Griffiths & Co, we help clients keep accurate records, submit compliant tax returns, and stay on the right side of HMRC.

📞 01437 763454
📧 [email protected]

18/09/2026

📢 If It Sounds Too Good to Be True, It Probably Is

A recent tax tribunal case has once again highlighted the risks of getting involved in schemes that promise to dramatically reduce your tax bill. While the case itself focused on technical tax rules, it serves as a useful reminder that HMRC continues to take a close interest in arrangements that appear too good to be true.

🔹 There's a difference between tax planning and tax avoidance
Using legitimate allowances and reliefs is sensible tax planning. Artificial arrangements designed solely to avoid tax can attract unwanted attention from HMRC.

🔹 Claiming expenses you didn't incur is tax fraud
Whether it's inflating mileage, claiming personal purchases as business expenses, or rounding up costs without evidence, deliberately overstating expenses is not tax planning.

🔹 A quick saving can become a long term headache
Many people are tempted by advice from social media, friends, or scheme promoters promising huge tax savings. The reality can be years of correspondence, enquiries, and uncertainty.

🔹 Good records matter
If you're entitled to a deduction, make sure you can support it with proper records and evidence.

At LM Griffiths & Co, we help clients reduce their tax bills using legitimate reliefs and allowances while staying fully compliant with HMRC.

📞 01437 763454
📧 [email protected]

04/09/2026

📢 HMRC Mileage Rate Increased to 55p Per Mile

If you use your own car or van for business journeys, there's a change worth knowing about.

HMRC has increased the approved mileage rate from 45p to 55p per mile for the first 10,000 business miles each tax year.

🔹 That's an extra 10p per mile
For someone driving 10,000 business miles a year, that's an additional £1,000 of tax-deductible mileage expenses compared to the previous rate.

🔹 The rate then drops to 25p
Once you've claimed for 10,000 business miles in the tax year, the rate remains 25p per mile thereafter.

🔹 Accurate records are essential
To support any mileage claims, HMRC expects businesses to keep records of business journeys, including dates, destinations, and mileage travelled.

🔹 Check you're using the correct rate
Many business owners are still familiar with the old 45p rate, so it's worth making sure your bookkeeping and expense claims reflect the latest change.

At LM Griffiths & Co, we help businesses stay on top of HMRC updates and ensure they're claiming all the tax relief they're entitled to.

📞 01437 763454
📧 [email protected]

21/08/2026

📢 The First MTD Quarterly Deadline Has Arrived

Making Tax Digital for Income Tax reached an important milestone this month, with the first quarterly updates due by 7 August 2026. The updates covered the period from 6 April to 5 July 2026 and marked the first time many taxpayers have reported income to HMRC during the tax year rather than after it.

HMRC estimates that more than 864,000 sole traders and landlords are now within the scope of MTD for Income Tax and required to submit quarterly updates through compatible software.

Early feedback suggests the process has been relatively straightforward for those with up-to-date digital records and regular bookkeeping. The quarterly updates are not tax returns and do not create a tax bill, but they are intended to give taxpayers a clearer picture of their position throughout the year.

With MTD due to expand to those earning over £30,000 from April 2027 and over £20,000 from April 2028, many more taxpayers will be affected in the coming years.

At LM Griffiths & Co, we're helping clients prepare for MTD, maintain compliant digital records, and stay on top of the new reporting requirements.

📞 01437 763454
📧 [email protected]

14/08/2026

📢 Are You Charging Enough?

One of the biggest challenges for small business owners isn't winning work – it's making sure that work is actually profitable.

🔹 Costs change over time
Fuel, materials, utilities, wages and software costs have all increased in recent years. If your prices haven't changed, your profit margins may have quietly reduced.

🔹 Being busy doesn't always mean being profitable
A full diary can be a great sign, but if prices aren't keeping pace with costs, you could be working harder for less return.

🔹 Know your numbers
Regularly reviewing your costs helps ensure your pricing remains competitive and sustainable.

🔹 Small increases can make a big difference
A modest price increase can often have a greater impact on profitability than taking on additional work.

Taking time to review your pricing isn't about charging more for the sake of it – it's about making sure your business remains healthy and profitable in the long term.

At LM Griffiths & Co, we help businesses understand their numbers and make informed decisions for the future.

📞 Call us on 01437 763454
📧 Email [email protected]

31/07/2026

📢 Celebrating 20 Years with LM Griffiths & Co 🎉

This month, we're delighted to celebrate Paul Murray's 20th anniversary with LM Griffiths & Co.

Over the past 20 years, Paul has become a familiar face to many of our clients, helping businesses and individuals with practical advice, expert guidance, and a commitment to excellent service.

Having progressed to become a Director of the firm, Paul has played an important role in the growth and development of LM Griffiths & Co, and we're grateful for everything he has contributed along the way.

Congratulations, Paul, on this fantastic milestone and thank you for 20 years of dedication, hard work, and support.

24/07/2026

📢 Our First MTD Quarterly Updates Are In

This month, we submitted our first Making Tax Digital quarterly updates as the new reporting requirements begin to take effect.

The process has gone smoothly, thanks to good bookkeeping, accurate records, and being prepared well in advance. It's been a great opportunity for us to gain hands-on experience with the new system and ensure we're ready to support clients as MTD continues to roll out.

At LM Griffiths & Co, we're staying ahead of the changes so our clients can too.
📞 01437 763454
📧 [email protected]

30/06/2026

Hope they all enjoyed the All Wales Scout camp!

Huge thanks to LM Griffiths & Co Ltd for donations of funds for our coach travel to All Wales Scout Camp 😁 without them we wouldn't have been able to travel up in such comfort! 🚌 ⚜️

19/06/2026

📢 Keeping Your Books Up to Date Can Save You Money

Staying on top of your bookkeeping isn’t just about being organised - it can make a real difference to how much tax you pay and how smoothly your business runs.

🔹 Missed receipts = missed expenses
If receipts aren’t kept or get lost, it often means expenses go unclaimed, and you could end up paying more tax than necessary.

🔹 Last minute bookkeeping costs more
Leaving everything until year end often means more time spent sorting through paperwork - which can increase accountancy costs and stress.

🔹 Better records = better decisions
Up to date bookkeeping gives a clearer picture of how your business is performing, helping you plan ahead with confidence.

🔹 Why this matters
Good habits throughout the year usually lead to:

More accurate tax returns
Fewer missed opportunities to claim expenses
A smoother, less stressful year end

👉 A simple approach
Keeping records organised as you go - whether digitally or with a clear system makes everything easier down the line.

At LM Griffiths & Co, we help you keep your bookkeeping simple, up to date, and working for your business.
✅ Unsure if you’re keeping the right records?
✅ Feel like things always build up towards year end?
📞 Call us on 01437 763454
📧 Email [email protected]