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JCM Accountancy Limited

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JCM Accountancy Limited

Precision in Numbers. Confidence in Business.

JCM Accountancy Limited provides premium accountancy and taxation services, delivering expert guidance across Accounts, VAT, Payroll, Bookkeeping, Xero, Tax Planning and Business Support.

23/10/2026

📢 Making Tax Digital is expanding again from April 2027 — will you be affected?

From 6 April 2027, MTD for Income Tax is due to apply if your qualifying gross income from self-employment and property is over £30,000 a year.

If this applies to you, Self Assessment is changing. Instead of dealing with everything once a year, you’ll need to keep digital records and use MTD-compatible software to report information to HMRC throughout the year.

Under MTD, you’ll generally have:

📅 4 quarterly updates throughout the tax year
📑 1 final tax return after the end of the year

💻 Our advice? Get ahead now.

Start using compatible software before April 2027 and get comfortable with recording your income and expenses digitally. If you can maintain good bookkeeping records yourself, you may also be able to avoid or reduce additional bookkeeping charges when MTD begins.

You’ll also need to make sure you’re registered for MTD for Income Tax when required.

April 2027 might sound a long way away, but changing your bookkeeping habits now will make the transition considerably easier.

Don’t wait until MTD becomes mandatory to start getting ready.

JCM Accountancy Limited
📞 0191 464 7173
📧 [email protected]

21/10/2026

📣 Had self-employed or rental income between 6 April 2025 and 5 April 2026?

If you need to complete a Self Assessment tax return but haven’t registered with HMRC yet, now is the time to get it sorted.

The registration deadline is generally 5 October 2026 where you need to notify HMRC that you are chargeable to tax for the first time.

Not sure where to start? You’re not alone. Whether you’ve started a new business, picked up some freelance work or begun receiving rental income, the process can feel confusing when it’s your first tax return.

At JCM Accountancy Limited, we can help with:

✓ Registering you for Self Assessment
✓ Confirming what records and information you need
✓ Preparing your accounts and tax return
✓ Calculating your tax liability
✓ Explaining Payments on Account where applicable
✓ Submitting your return to HMRC

⚠️ Don’t forget: registering for Self Assessment and submitting your tax return are two separate things. The online filing and payment deadline for the 2025/26 tax year is 31 January 2027.

Not registered and don’t know where to start? Get in touch and we’ll guide you through it.

📞 0191 464 7173
📧 [email protected]
📍 144–146 Fowler Street, South Shields

19/10/2026

💷 Why is my January tax bill so much higher than I expected?

The answer could be Payments on Account — and they can catch you off guard the first time they apply.

If your Self Assessment tax bill is more than £1,000, HMRC will normally ask you to make advance payments towards your next year’s tax bill too. There are exceptions, including where more than 80% of the relevant tax was collected outside Self Assessment.

Payments on Account are generally calculated as two instalments of 50% of the previous year’s relevant tax liability.

For example, if your relevant tax bill is £4,000:

➡️ 31 January: £4,000 balancing payment + £2,000 first Payment on Account = £6,000 to pay

➡️ 31 July: £2,000 second Payment on Account

That means you could be asked to pay £8,000 across the year, even though the tax liability shown for the previous year was £4,000.

The extra £4,000 isn’t another tax charge — it is being paid on account towards the following tax year. But if you weren’t expecting it, it can create a significant cash-flow shock.

This is another reason why getting your tax return completed early matters. Knowing your liability months before January gives you time to budget, save and plan.

If your income has genuinely fallen, it may also be possible to apply to reduce your Payments on Account — but they shouldn’t be reduced without a reasonable basis, as interest can arise if they’re reduced too far.

Don’t wait until January to find out what you owe.

JCM Accountancy Limited
📞 0191 464 7173
📧 [email protected]

16/10/2026

⏳ 31 January might feel a long way off… but it will be here before you know it.

The Self Assessment deadline has a habit of arriving quickly — and leaving your tax return until January can mean unnecessary stress and very little time to plan.

Getting your records to your accountant as early as possible gives them the time to properly prepare and review your return — and gives you more time to prepare financially.

💷 Tax to pay?
The earlier you know your liability, the longer you have to put the money aside before the 31 January deadline.

💰 Due a refund?
Why wait until January? Getting your return submitted sooner could mean receiving money owed back to you much earlier.

And remember — submitting your tax return early doesn’t mean you have to pay your tax early. You can still pay by the normal deadline.

Don’t let January become a last-minute rush.

Records ready? Send them to your accountant now.

JCM Accountancy Limited
📞 0191 464 7173
📧 [email protected]

14/10/2026

👔 Can you claim your work clothes as a business expense? Not necessarily.

One of the biggest misconceptions around business expenses is that if you only wear something for work, it automatically becomes tax deductible.

HMRC’s rules are stricter than that.

For the self-employed, an expense generally needs to be incurred wholly and exclusively for the purposes of the trade. Ordinary clothing such as suits, shirts, trousers and shoes normally has an inherent dual purpose: it keeps you clothed as well as making you presentable for work.

So even if you buy a £1,000 suit specifically for client meetings and never wear it socially, that does not normally make the cost allowable.

✅ What can potentially qualify?
Protective clothing required for your work, specialist uniforms or costumes, and clothing that genuinely forms part of an identifiable business uniform.

🏷️ What about company-branded clothing?
Adding permanent and conspicuous company branding — for example an embroidered company logo — can help turn clothing into a recognisable uniform rather than ordinary everyday clothing. But simply adding a tiny or removable logo isn’t an automatic route to tax relief; the overall facts still matter.

❌ A normal business suit with no branding?
Generally not deductible simply because you wear it exclusively at work.

The key distinction is business use versus dual purpose.

“I only wear it for work” and “HMRC allows it as a business expense” are not the same thing.

Unsure whether an expense is genuinely allowable? Speak to JCM Accountancy Limited before claiming it.

📞 0191 464 7173
📧 [email protected]

12/10/2026

⌚ Bought a Rolex through the business? That doesn’t automatically make it tax deductible.

Putting something through the company bank account and being able to claim tax relief on it are two very different things.

For most business expenses, HMRC considers whether the cost was incurred wholly and exclusively for the purposes of the trade.

A Rolex worn by a director or business owner has an obvious private purpose too. You can wear it outside work, enjoy it personally and retain the benefit of owning it. That dual purpose makes claiming it as an ordinary business expense extremely difficult.

But what if the Rolex is bought as an investment asset?

That can be different. If the business genuinely purchases watches as investments, holds them solely for investment/resale and there is no private use, the accounting and tax treatment needs to be considered based on the facts.

The problem? The moment the director starts wearing the watch, the position becomes much harder to defend. Simply calling something an “investment” doesn’t make it one for tax purposes.

A £10,000 Rolex bought by the company ≠ a £10,000 tax deduction.

This is an area where the purpose, ownership, accounting treatment and actual use of the asset matter — and getting it wrong can create further tax consequences.

Before putting luxury purchases through your company, get advice first.

JCM Accountancy Limited
📞 0191 464 7173
📧 [email protected]

09/10/2026

💷 Taking money from your limited company? A dividend isn’t your only option.

A Director’s Loan Account (DLA) can allow you to take money from your company without immediately treating the withdrawal as salary or a dividend — but the tax rules and repayment deadlines matter.

If your Director’s Loan Account becomes overdrawn, the company will generally need the outstanding balance to be repaid within 9 months and 1 day of the company’s year-end to avoid a Section 455 Corporation Tax charge.

⚠️ It’s important to remember that this isn’t simply a way of taking company money tax-free. Depending on the amount borrowed, how long it remains outstanding and whether interest is charged, there can also be benefit-in-kind and personal tax implications.

Used correctly, a Director’s Loan Account can be a useful short-term cash-flow tool. Used without proper planning, it can create an unexpected tax bill.

At JCM Accountancy Limited, we can help you plan withdrawals from your company and understand the most tax-efficient combination of salary, dividends and director’s loans for your circumstances.

📞 0191 464 7173
📧 [email protected]
📍 144–146 Fowler Street, South Shields

Before taking money from your company, understand the tax consequences first.

07/10/2026

💡 Starting a side hustle? Don’t assume it comes with another tax-free allowance.

One of the most common misconceptions we see is that income from a side business is automatically covered by your £12,570 Personal Allowance.

If you’re already employed, your salary may already be using some — or all — of that allowance.

There is a separate £1,000 Trading Allowance which can apply to certain types of self-employed or casual trading income, but once your gross trading income exceeds £1,000, you may need to register for Self Assessment and report it to HMRC.

Whether it’s freelancing, online selling, beauty services, consultancy, trades or another source of additional income, it’s worth understanding the tax position before the unexpected bill arrives.

At JCM Accountancy Limited, we can help you understand:

✨ Whether you need to register with HMRC
✨ What expenses you can claim
✨ How much tax you should put aside
✨ Whether Making Tax Digital applies to you
✨ The most tax-efficient way to structure your additional income

📞 0191 464 7173
📧 [email protected]
📍 144–146 Fowler Street, South Shields

Starting a side hustle? Speak to us early and get the tax right from day one.

06/10/2026

⚠️ MISSED THE 5 OCTOBER SELF ASSESSMENT REGISTRATION DEADLINE? DON’T PANIC.

If you needed to register for Self Assessment for the 2025/26 tax year and missed yesterday’s deadline, the important thing is not to ignore it.

Missing the 5 October registration deadline does not automatically mean you’ll receive a fine from HMRC. Penalties generally arise if the delay ultimately results in tax not being paid on time.

So, rather than worrying about it, get it sorted now.

💙 JCM Accountancy Limited can help.

We can:

✔️ Help you register for Self Assessment
✔️ Make sure you’re registered correctly with HMRC
✔️ Prepare your 2025/26 tax return
✔️ Calculate exactly what tax you owe
✔️ Make sure everything is submitted ahead of the 31 January 2027 deadline

The sooner you register, the more time there is to get everything in place.

Missed 5 October? Don’t panic — but don’t ignore it either.

📩 Message JCM Accountancy Limited and we’ll help you get it sorted.

05/10/2026

🚨 TODAY IS THE DEADLINE! 🚨

If you need to complete a Self Assessment Tax Return for the 2025/26 tax year and you’ve never filed one before, today — 5 October 2026 — is the deadline to notify HMRC.

You may need to register if, during 2025/26, you:

💼 Became self-employed
🏠 Started receiving rental income
💷 Received other untaxed income
📈 Made gains that need reporting
🤝 Became a partner in a business
🌍 Received certain foreign income
📋 Otherwise became liable to Self Assessment

⚠️ Don’t confuse this with the tax return deadline.

Today is the deadline to tell HMRC that you need to complete a return.

Your online 2025/26 Self Assessment Tax Return and any tax due are normally due by 31 January 2027.

Missed today’s deadline? Don’t ignore it. Register as soon as possible and get your tax affairs brought up to date.

Need help registering or completing your 2025/26 tax return?

📩 Message JCM Accountancy Limited

We can help make sure you’re registered correctly and ready for January.

Address

144-146 Fowler Street
South Shields
NE331PZ

Opening Hours

Monday	9:00am - 5pm
Tuesday	9:00am - 5pm
Wednesday	9:00am - 5pm
Thursday	9:00am - 5pm
Friday	9am - 3pm

Website

https://www.jcmaccountancy.co.uk/

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