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Kings Oak Accountancy Small Business Accounting / Making Tax Digital Experts / FreeAgent Gold Partner

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CIS and Making Tax Digital can work alongside each other. Here’s what that means for construction subcontractors in Some...
22/10/2026

CIS and Making Tax Digital can work alongside each other. Here’s what that means for construction subcontractors in Somerset.

If you’re paid under the Construction Industry Scheme, your contractor will usually deduct 20% from your labour payment, or 30% if you’re not registered for CIS. Some subcontractors have gross payment status, so no CIS is deducted.

Your contractor should give you a monthly CIS statement showing what you were paid and what was deducted. Keep these statements digitally with your own sales and expense records. Keep labour, materials and plant hire clearly itemised too, as CIS treatment can differ between materials and the labour element of your invoice.

MTD quarterly updates are summaries of your income and expenses. They don’t require a tax payment, and CIS deductions aren’t dealt with through these updates. They’re taken into account when your annual tax position is worked out.

CIS and MTD work alongside each other. If your contractor already uses CIS-capable payroll and RTI software, there’s nothing special they need to do for MTD.

Not sure how to keep your records in order? Kings Oak Accountancy supports CIS-capable payroll. Feel free to get in touch for a free, no-obligation chat.

If you’re a sole trader, keeping simple, up-to-date records can make your Making Tax Digital admin easier.HMRC’s simplif...
22/10/2026

If you’re a sole trader, keeping simple, up-to-date records can make your Making Tax Digital admin easier.

HMRC’s simplified expenses let you use set flat rates for certain costs, instead of working out the actual amount. They cover:

• Business mileage in cars, vans and motorcycles
• Working from home, based on the hours you work there each month
• Living on your business premises, such as a shop or pub with living accommodation, using a flat-rate adjustment for private use

Using simplified expenses is optional. It’s worth comparing them with claiming actual costs, as the right approach depends on your circumstances.

To keep your digital records current, log business journeys promptly and note your home-working hours each month. That way, the information is ready when you need it. You don’t need complex software or an accounting background to get started.

If you’re a sole trader in Somerset and would like a little guidance, feel free to contact Kings Oak Accountancy in Midsomer Norton for a free, no-obligation chat or quote.

Running a pub, café or restaurant in Somerset? Two recent developments may be worth understanding.A £10 million Hospital...
20/10/2026

Running a pub, café or restaurant in Somerset? Two recent developments may be worth understanding.

A £10 million Hospitality Grant Scheme has launched to support independent pubs, family-run restaurants and neighbourhood cafés. Funding may be available for new ventures, refurbishing vacant premises and training. A portion is also set aside for pubs diversifying into village stores and community cafés. As always, eligibility and application criteria will matter.

From April 2027, pubs, clubs and live music venues are due to receive a 20% business rates discount. Restaurants, cafés and hotels are excluded from this particular relief, so it’s important not to assume it will apply to every hospitality business.

Before applying for funding or investing in changes, it pays to work through the numbers. What could it mean for turnover, staffing, payroll, VAT and tax? Keeping your bookkeeping and records in order will also help support grant and relief claims.

At Kings Oak Accountancy, we help local hospitality businesses with bookkeeping, payroll and practical planning around grants and business rates changes.

If you’d like to talk through your plans, feel free to get in touch for a free, no-obligation chat or quote. We’d be happy to point you in the right direction.

With the Autumn Budget due on 28 October, the best preparation is to know your own numbers, not react to rumours or head...
19/10/2026

With the Autumn Budget due on 28 October, the best preparation is to know your own numbers, not react to rumours or headlines.

If you’re a small business, sole trader or landlord in Somerset, now’s a good time to:

• Bring your income and expenses up to date so you can see your real profit position.
• Check your current tax position, giving you a clear baseline if anything changes.
• Make a short list of decisions you’ve been putting off (perhaps a vehicle or equipment purchase, a property decision, pension contributions or taking on staff) and have the figures ready.
• Ask about timing. Tax treatment can depend on when you act, so it’s worth checking rather than assuming.

We won’t predict what the Budget will contain. Once the details are known, we’ll explain what they actually mean for your circumstances.

Kings Oak Accountancy is based in Midsomer Norton. Our fees are fixed, with no additional charge for one-off calls or queries. Feel free to get in touch before Budget day for a free, no-obligation quote.

Own a rental property with someone else? One property doesn’t mean one combined MTD submission.If a property is jointly ...
19/10/2026

Own a rental property with someone else? One property doesn’t mean one combined MTD submission.

If a property is jointly owned (by a couple, civil partners, siblings or friends) each owner has their own HMRC record. Each reports their own share of the rental income and expenses through their own quarterly updates.

The split will normally follow each person’s beneficial ownership: the share of the property they actually own. That means each owner needs their own digital records and compatible software. Alternatively, one accountant can manage both sets of records separately.

This is about making clear who reports what. It doesn’t mean paying more tax. Getting records set up in good time can make the process much more straightforward.

If you’re a landlord and would like to talk it through, Kings Oak Accountancy in Midsomer Norton is happy to offer a free, no-obligation chat or quote. This is general information, not personalised advice.

Making Tax Digital doesn't mean you have to manage every step alone.For sole traders and landlords, an accountant can he...
19/10/2026

Making Tax Digital doesn't mean you have to manage every step alone.

For sole traders and landlords, an accountant can help with:

✓ Choosing and setting up compatible software
✓ Keeping digital records organised
✓ Preparing and submitting quarterly updates
✓ Completing the end-of-year final declaration
✓ Using your figures for practical tax planning

You’ll still need to keep your records and receipts up to date, and stay in touch with us throughout the year. That means we can work from accurate information and help you stay on track without the process becoming overwhelming.

At Kings Oak Accountancy, we provide personalised, responsive support from our small Somerset firm. Andrew Coombs has over 15 years’ experience in finance, and we keep our advice clear and practical.

Our fees are transparent and fixed, with no additional charges for one-off calls or queries. If you’d like to understand what support could look like for you, feel free to get in touch for a free, no-obligation chat and quote.

Quarterly figures can bring something positive: more visibility and less guesswork.For sole traders and landlords with i...
19/10/2026

Quarterly figures can bring something positive: more visibility and less guesswork.

For sole traders and landlords with income over £50,000, reviewing income and expenses every three months gives you a clearer picture of how the year is really going, while there is still time to act.

This can help you:

• Set aside a realistic amount for tax as income comes in, rather than waiting until 31 January.
• Spot slow-paying customers, seasonal dips and rising costs earlier.
• Keep business and personal money separate.
• Plan for large purchases or quieter months.
• Check that your expenses are accurate and complete.
• Speak to your accountant early if a quarter looks worse than expected.

The next quarterly update date is 7 November 2026.

Used well, this new rhythm is about calm control, not a bigger bill or unnecessary worry. It gives you better information to make sensible decisions sooner.

If you're unsure what your figures are telling you, feel free to contact Kings Oak Accountancy in Midsomer Norton for a friendly, no-obligation chat. We'd be happy to point you in the right direction.

From 6 April 2027, more sole traders and landlords will join Making Tax Digital for Income Tax.If your qualifying income...
15/10/2026

From 6 April 2027, more sole traders and landlords will join Making Tax Digital for Income Tax.

If your qualifying income is above £30,000, you may be affected. Qualifying income means your trading and property income added together. Around one million more people are expected to come into the system, and many will be filing quarterly updates for the first time. Those with qualifying income above £50,000 are already doing so.

A quarterly update is a summary of your income and expenses for the previous three months. For this group, the first update covers 6 April to 5 July 2027 and is due by 7 August 2027.

Now’s a good time to check whether you’re in scope and get your records digital during 2026/27, so your first quarter can pass as smoothly as possible.

Not sure where you stand? Contact Kings Oak Accountancy in Midsomer Norton for a free, no-obligation review. We’ll be happy to help you understand what’s ahead.

A new post in our Making Tax Digital education series: the £30,000 wave.If you're a sole trader or landlord, MTD for Inc...
14/10/2026

A new post in our Making Tax Digital education series: the £30,000 wave.

If you're a sole trader or landlord, MTD for Income Tax applies from 6 April 2026 if your combined self-employment and property income is over £50,000. From 6 April 2027, it extends to those with combined income over £30,000.

One common misconception: the threshold is based on gross income before expenses, not profit. For example, a trader with £58,000 in sales and £34,000 profit is in scope.

A quick check:
1. Add up your gross self-employment and property income, not your profit.
2. Check your own sign-up requirements with HMRC.
3. Start keeping digital records from the start of the tax year.
4. Choose software that keeps digital records and files quarterly updates.

This means reporting more often, not paying more tax. HMRC isn't applying penalty points for late quarterly updates during the first year of MTD in 2026/27, but the underlying deadlines still matter.

Unsure where you stand? Kings Oak Accountancy is a small, independent Somerset firm based in Midsomer Norton. Feel free to get in touch for a free, no-obligation chat or quote.

With the Autumn Budget taking place on 28 October, now could be a sensible time for landlords and business owners in Som...
14/10/2026

With the Autumn Budget taking place on 28 October, now could be a sensible time for landlords and business owners in Somerset to review their plans.

Budgets sometimes change tax rules. Capital Gains Tax has been discussed as a possible target, including potential closer alignment with income tax rates and changes to how some assets passed on at death are treated. Nothing is confirmed, so there’s no need to make rushed decisions.

The weeks before Budget Day can be useful for:

• Reviewing long-term investment, property and succession plans
• Gathering up-to-date figures and relevant paperwork
• Asking questions if you’re considering selling or transferring an asset or property

This is general information, not personalised tax advice, and everyone’s circumstances are different. The right decision will depend on your wider financial and family position, as well as any changes announced in the Budget.

At Kings Oak Accountancy, we’re happy to talk through what may apply to you in plain English. Feel free to get in touch for a free, no-obligation chat or quote.

Address

51 Stoneable Road
Radstock
BA33JR

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 7pm
Friday 8am - 3pm

Telephone

+443334559465

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