K2 Accountancy Group

03/06/2026

HMRC Payments on Account are advance payments towards your next Self Assessment tax bill. They are designed to help eligible taxpayers spread the cost of tax across the year, rather than paying one larger amount in a single payment.

Payments are usually made in two instalments, due on 31 January and 31 July, with each payment typically based on your previous year’s tax bill.

For many self-employed individuals, landlords, freelancers and business owners, understanding how Payments on Account work can make budgeting easier and improve cash flow planning.

Key benefits include:

- Spreading tax payments across two instalments
- Better visibility over future tax commitments
- Improved budgeting and cash flow management
- Greater confidence when planning ahead

Payments on Account usually apply if your Self Assessment tax bill exceeds £1,000 and less than 80% of your income has already been taxed at source.

Understanding your liabilities early can help you stay organised, prepared and focused on running your business.

Need support understanding your upcoming HMRC obligations? Our team is here to help.

29/05/2026

More small businesses are facing greater tax complexity

Analysis based on HMRC data suggests tax investigations into small businesses are recovering more money than ever, with average recoveries increasing by around 23%.

That does not necessarily mean businesses are getting more things wrong.

As tax rules and reporting requirements continue to evolve, accurate records and good processes matter more than ever.

Keeping on top of compliance early can help avoid issues later.

If you are unsure whether your records or reporting processes are up to date, now could be a good time for a review.

Need confidence that your records and reporting processes are up to date? Speak to the K2 Accountancy Group.

27/05/2026

New analysis from global tax firm Ryan suggests the UK ranks highest for property taxes as a share of GDP among major economies.

With business rates receipts forecast to reach £37.1 billion in 2026/27, property related costs remain an important consideration for many businesses, particularly those operating from physical premises.

Combined with wider increases in wages and operating costs, this continues to place greater focus on planning ahead, managing cash flow and improving efficiency.

Understanding the impact early can help businesses make more informed decisions and prepare with confidence.

Speak to the K2 team if you would like support planning ahead.

26/05/2026

K2 recently attended the Ferrari Challenge Weekend at Silverstone

A weekend of speed, sound and serious performance - an unforgettable experience both on and off the track. 🏁🏎️

22/05/2026

With the England squad announced today, here's the finance team you can rely on for all your accounting needs.

20/05/2026

An excellent day at Beeston Fields Golf Club, for this year’s K2 Accountancy Group & Evelyn Partners Golf Day, raising an incredible £12,000 for Nottingham Forest Community Trust.

Following the success of last year’s event, which raised £10,000 for the Community Trust, we were delighted to continue the partnership for another fantastic day of fundraising, networking and giving back.

Bringing together businesses from across the region, the day reflected a shared commitment to making a positive impact locally and helping support the important work delivered by the Trust.

A huge thank you to everyone who attended and contributed to making the day such a success.

19/05/2026

Last Friday, together with Evelyn Partners we raised a huge £12,000 for Nottingham Forest Community Trust

Thank you Beeston Fields Golf Club for having us & for the amazing post game meal 🍽️

Take a read of the official blog to find out how the money raised will support local communities in Nottinghamshire❤️

Latest News Date: 19/5/2026 Posted By: Matt Category: Trust News£12,000 raised at charity golf dayNottingham Forest Community Trust was delighted to once again be the chosen charity partner for this year’s annual golf day, hosted by Evelyn Partners in partnership with K2 Accountants at Beeston Fi...

15/05/2026

HMRC has clarified that VAT return deadlines do not change when they fall on a weekend or bank holiday.

The due date remains the same, even if it falls outside normal working days.

Businesses that cannot submit or pay on those days are expected to do so by the last working day beforehand.

HMRC says some confusion appears to have come from third party websites and AI generated search summaries suggesting there is extra time when deadlines fall outside working days. According to HMRC and the Chartered Institute of Taxation, this is incorrect.

The same applies to VAT payments. They must reach HMRC by the due date, or earlier if needed to avoid delays caused by weekends or bank holidays.

Worth checking ahead rather than risking late submission penalties.

08/05/2026

The Personal Allowance has remained frozen at £12,570 since 2021.

At the same time, wages, pensions, and living costs have continued to rise, meaning more people are gradually being pulled into paying more tax, or into higher tax bands.

This is often referred to as ‘fiscal drag’. Tax rates may not have increased, but frozen thresholds can still increase the amount of tax people pay over time.

It’s a reminder that tax planning is no longer just for higher earners or large businesses.

Understanding allowances, thresholds, and how income is structured has become increasingly important for employees, landlords, pensioners, and business owners alike.

If you’d like advice around tax planning, allowances, or managing your tax position more efficiently, the team at K2 Accountancy Group is here to help.

Based on recent reporting and HMRC threshold guidance.