IM Bookkeeping Ltd

08/07/2026

🎉 We are officially of LEGAL AGE!
IM Bookkeeping turns 18! 🎂✨

Today marks a huge milestone for us: IM Bookkeeping has been standing behind businesses for 18 years, providing a solid background in the world of accounting, payroll, and financial consulting.

These 18 years have not only been about professional experience but also about the trust we receive from you day after day.
We are incredibly proud to have been part of countless success stories and to have grown together with our partners.
With a grateful heart, we would like to thank all of our clients, partners, and dedicated colleagues for walking this path with us.
We couldn't have done it without you! ❤️

Entering adulthood, we continue to support your business with the exact same momentum, precision, and expertise as always.
A stable background remains guaranteed with us! 😉📈

Thank you for being with us!
Cheers to the next years together! 🥂

29/05/2026

Big news for businesses and the self-employed!
🚗💼

The Approved Mileage Allowance Payment rate has increased for the first time in 15 years. From 6 April 2026, the rate for using your own car or van for business travel has risen from 45p to 55p per mile (for the first 10,000 business miles).

This applies to employees, directors, and the self-employed alike. If your employer is still reimbursing you at the old 45p rate, you may be able to claim tax relief on the difference.

Not sure if simplified mileage is the best option for you? Get in touch — we’re here to help!

21/05/2026

🏢 Starting a company, insolvency, starting again – what every director in the UK needs to know

The UK’s Insolvency Service recently updated three important guidance pages. I’ve summarised the key points, as these topics affect a lot of small business owners. 👇

1️⃣ Personal guarantees – think carefully before you sign!

A personal guarantee is a legally binding agreement: if your company can’t pay a debt, YOU have to settle it personally. This can put your personal assets at risk – your home, car, savings.

Lenders, landlords and suppliers often ask for one, especially from new companies with a short trading history or a poor credit rating.
⚠️ Before you sign, make sure you fully understand why you’re signing and exactly how much you’re personally liable for. Personal guarantee insurance does exist, and it’s worth getting independent specialist advice.

❗ Don’t confuse the two! Many people believe their liability only extends to the nominal value of their shares (often £1) – that’s limited liability, the automatic protection a limited company gives you. A personal guarantee, however, is a separate contract you voluntarily sign, and it deliberately breaks through that protection. Its amount is NOT tied to your share capital – it’s whatever the guarantee contract specifies, typically the full loan amount plus interest and recovery costs. Think of limited liability as a wall between your company and your personal assets; a personal guarantee is a door you yourself open in that wall.

2️⃣ Starting again after a company has become insolvent – allowed, but with rules

Not every business succeeds – and that’s nothing to be ashamed of. If your previous company has closed, you can start a new one, PROVIDED you’re not bankrupt or disqualified from acting as a director. The new company can even trade in a similar line of business.

Key points:

🔹 You can only use the old company’s assets (machinery, equipment, company name) if it’s done properly – speak to the liquidator/administrator and have the assets formally transferred over.

🔹 You can also take on former employees – here their rights may be protected by TUPE. (TUPE is the Transfer of Undertakings (Protection of Employment) legislation: when a business transfers, employees automatically move to the new employer on their existing terms and conditions, keeping their continuity of service.)

🔹 HMRC may require a cash deposit (a “security”) from the new company if they see a risk of tax not being paid.

3️⃣ When it’s NOT okay to start a new company

Starting again is not wrong in itself – but certain behaviour counts as misconduct. One example is “phoenixism”: when the same business or directors trade through a series of companies that repeatedly go into liquidation or are dissolved, leaving debts unpaid.

It becomes abusive when someone:

❌ repeatedly uses companies to evade debts
❌ acts as a director while bankrupt or disqualified
❌ doesn’t learn from past failures, or uses the company for fraudulent purposes

The consequences can be serious: director disqualification for up to 15 years, criminal proceedings, and HMRC issuing a “joint and several liability” notice that can make you personally liable for the company’s debts.

💡 The takeaway: get professional advice, transfer any assets formally and properly, and always pay your tax on time. Honest restarting isn’t just allowed – in many cases it saves jobs.

📎 Source: GOV.UK – The Insolvency Service, Director Information Hub

30/03/2026

From Tuesday, every sick day costs you money from day one. Here’s what else is changing this April 👇

Right, it’s that time of year again. A bunch of payroll and employment changes kick in from April, so here’s what you need to know – without the jargon.

💷 Your wage bill is going up
From 1 April, the National Living Wage rises to £12.71/hr (21+). That’s about £1,000 extra per year for each full-time employee on minimum wage. Rates for younger workers go up too: £10.85 for 18–20s, £8.00 for 16–17s and apprentices. Accommodation offset goes to £11.10/day.
Worth checking: are your supervisors and team leads now earning uncomfortably close to new starter rates? If so, it might be time to look at your pay bands.

🤒 Sick pay – this is the big one
From 6 April, SSP is payable from day one. The 3-day waiting period? Gone.
The lower earnings limit? Also gone – so everyone qualifies now. For lower earners, it’ll be 80% of average weekly earnings or £123.25/week, whichever is lower.
Bottom line: those odd sick days that used to cost you nothing will now hit the payroll. Have a look at your absence policy sooner rather than later.

👶 Family leave & statutory pay
SMP, SPP, SAP, ShPP, SPBP and SNCP all go up to £194.32/week. Eligibility threshold rises to £129/week.
Also new: Paternity Leave and Unpaid Parental Leave are now day-one rights – no more waiting period.

🏢 Employer NIC – same rate, bigger bill
Still 15%. Threshold still frozen at £5,000 (until 2031). Employment Allowance still £10,500. But as wages go up, more of your payroll falls above that threshold – so your NIC bill creeps up anyway. Factor it into your budget.

📋 Benefits in Kind
You can now voluntarily register to payroll most BIKs from April 2026. From April 2027 it becomes mandatory (except loans and accommodation). P11Ds still required for 2026/27 – but this is your window to get your systems ready.

🏠 Homeworking perks
Employer-paid home office equipment, eye tests and flu jabs are now tax and NIC exempt via payroll. On the flip side, employees can’t claim homeworking relief through their tax code anymore.

⚖️ New enforcement body
The Fair Work Agency launches in April. It brings minimum wage, holiday pay, SSP and agency worker enforcement all under one roof – with inspection and penalty powers. Getting payroll right matters more than ever.

📊 Tax thresholds – still frozen
Personal allowance £12,570, higher rate £50,270, additional rate £125,140 – all unchanged until at least 2028. Wages go up, thresholds don’t – more of your staff’s pay ends up in higher bands.

Any questions, give us a shout – that’s what we’re here for 👋

27/02/2026

💡 Employer Pension Contributions – Timing and Structure Matter

Many directors assume pension contributions are deductible when they’re recorded in the accounts.
In reality, for Corporation Tax purposes, employer pension contributions work on a PAID basis, not accrual basis.

👉 What does that mean?

✔️ The company only receives tax relief when the money physically leaves the business bank account.
✔️ The payment date determines the tax year it falls into.
✔️ The contribution must be processed correctly as an employer contribution, not a private or third-party payment.

⚠️ Remember: the Annual Allowance includes ALL pension contributions – employer, employee, workplace, SIPP, private and third party.
For higher earners, this requires proactive planning.

📌 As we approach year-end, timing becomes critical.
A delayed payment could mean a missed tax optimisation opportunity.

If you’re unsure:
– When to pay
– How to structure it properly
– What the optimal contribution level is

Let’s plan ahead. Smart tax strategy isn’t reactive — it’s intentional.

** SIPP: Self-Invested Personal Pension.

It’s a UK pension scheme that gives you control over how your pension is invested, instead of being restricted to a standard workplace fund.

20/02/2026

Making Tax Digital is expanding – and it’s not just for Ltd companies anymore.

Making Tax Digital (MTD) is HMRC’s system requiring businesses and landlords to keep digital records and submit tax updates using compatible software.

From April 2026, it will apply to self-employed individuals and landlords with gross income over £50,000.

Important:
This is based on income, not profit.

For example:
If your self-employment income is £30,000 (not profit!)
and your rental income is £25,000,

your total gross income is £55,000 — meaning you’ve crossed the threshold.

This will require quarterly digital submissions instead of one annual tax return.

If you have any questions about how this may affect you, please feel free to contact us.

24/12/2025

10/12/2025

‼️Something is creeping closer…

And no, it’s not Vecna — it’s your Self Assessment deadline.
52 days left. Don’t panic… yet. 😈