Lodestar Accounting Limited

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Lodestar Accounting Limited

Lodestar . Here to . Let us make your life easier � But shh, don't tell anyone, our super power is creating time!

Who we are...We are business advisors, report generators, data processors and much more. We like nothing more than reviewing processes, streamlining them and creating more time for you. What we do...Whether you need someone to process the paperwork, prepare statutory returns, or help guide the business we are here. Whether it be a long term engagement, short term cover or one off project, our main

aim is to make your life easier. Why we do it...We love to show businesses the benefits of cloud based products. These enable near real time review of the business position at any moment in time, from wherever you are in the world. Let us help you realise the potential of finances in the cloud.

23/06/2026

Do you fall into the 864,000 sole traders and landlords affected?

If you’re a landlord or sole trader and are still scrolling past information around Making Tax Digital for Income Tax, you will be in for a nasty surprise later down the line, and a whole lot of stress!

MTD for IT was implemented in April this year, but even though you may be affected, you may not have actually made any changes to prepare… yet.

But August 7th is the date of your first submission, and the changes required NEED to be made by then, to ensure your submission is correct.

These include:
👉 Choosing MTD-compatible software - You will not be able to file your returns using the old HMRC online portal. You’ll need to find a software package that has been approved by HMRC for MTD for IT.

👉 Keep digital records - record your income and expenses using this new software so you’re ready to go with your submission once August 7th rolls around.

👉 Talk to an accountant or tax advisor - We know so many sole traders are doing everything themselves, which is impressive! But this is a complex change, and speaking to a professional, even just for the first submission, will be invaluable to making sure you are always compliant with the new system.

We support sole traders with as much or as little accounting advice and support as they need. If you need a hand, get in touch with us to ensure your transition into MTD for IT is smooth.

28/05/2026

Expense or nonsense: the “dual-use” dilemma!

This isn’t as straightforward as some expenses are.

You’re a freelance designer. You use your iPhone to join client Zoom calls, manage your portfolio, and send invoices. But you also use it to FaceTime your mum and scroll TikTok at 11pm…

So is your phone bill a legitimate business expense or is it nonsense?

The real question actually is - how much of your phone bill can be claimed as an expense?

Ultimately, this is an expense, but there is a grey area as mobile phones can fall into the ‘dual use’ category:

🌟 The Rule: You can only claim for the portion of the cost that relates “wholly and exclusively” to your business.

🌟 The Reality: If your bill is £50 a month and you use the phone for business 50% of the time, you claim £25. You can’t claim it all as it is dual-use.

🌟 The Trap: It’s not just the monthly contract. Hardware costs (buying the handset) follow different capital allowance rules depending on how your business is structured (Sole Trader vs. Ltd Co).

So if you’re not sure about how your dual-use items, such as mobile phones, should be handled as expenses, reach out to us.

We can take care of your expenses or just advise you on what the best course of action should be.

27/05/2026

Finding it tricky to get everything ready for MTD for IT still?

That’s understandable! It’s a whole new system to get used to and involves a few internal changes you need to prioritise now, if you haven’t already.

We’ve outlined a few potential sticking points you may come across in the run-up to the 7th August deadline, so you know what to expect and can make sure you’re prepared when August comes around.

The good news is, once you’ve submitted the first one, you’ll have a process template to follow for the next three quarters in this financial year!

If it is still overwhelming, or you just don’t have time to get everything in order, remember you can outsource financial support to us.

We can help you with as much or as little as you need, for as long as you need. A little help to get you started can go a long way.

25/05/2026

Lodestar has evolved over the last ten years, and our rebrand is catching up with reflecting our evolution.

Our core values remain the same, but it is no longer just Chloe Fallon at her dining table running a solo business - Lodestar is a 14-person strong team who are having an incredible impact on businesses across the UK.

Our brand has been similar for the last ten years - with the Lodestar logo remaining the same throughout, but this year it was time for a change, and we are so excited about the rebrand! 😁

Let us know what you think of the socials so far, and keep an eye out for the website launch when it will be official!

21/05/2026

More things have changed at HMRC than just MTD for IT…

So, how much do you really know about what is classified as ‘tax-deductible’ and what is not?

These can often be sticky points for some of our clients, so we thought we’d flag it to all of you too, so you don’t get caught out!

Recording the right expenses from the start of the financial year will make things so much easier for when you come to submitting your first MTD for IT submission this August!

Which other expenses are you unsure about when it comes to being tax-deductible or not?

Feel free to ask us!

20/05/2026

We are so pleased to be sponsoring the National Retail & E-commerce Award for the UK StartUp Awards!

It isn’t only businesses and individuals’ financial journey we support. We are always looking for ways to support businesses more widely and recognise their ambition and success along the way.

The UK Startup Awards recognise the achievements of amazing individuals who have had a great idea, spotted the opportunity and taken the risks to launch a new product or service.

Starting a business is a brave and ambitious thing to do, but it is also something that is often rewarding and fulfilling.

At the core of our values at Lodestar is to support businesses on their business journey, and sponsoring awards such as the National Retail & E-commerce Award helps us champion founders and businesses in more ways than one.

Have you seen the shortlist yet?

18/05/2026

PSA to all the sole traders who are looking for answers: Don’t rely on AI for tax advice!

AI can be very useful for some queries and questions in life, but financial advice is not one of them.

Many financial questions and sticking points can be subjective to the person or business, and even if you provide AI with the right context, they may not find your answer in credible places online.

It is also common for AI to give you advice applicable to countries other than the UK, that do not apply to you.

Also, depending on how you frame your question, AI often wants to tell you what you want to hear, which can be damaging when it comes to financial advice, rules and regulations.

Either do your own online research using credible sources or, for a speedier and more reliable answer, reach out to financial advisors, like Lodestar.

You don’t have to bring us on to take care of your finances (though we absolutely can if you’d like!), we can provide you with financial guidance and let you do the rest!

We’re here to guide you, with as much or as little as you need.

14/05/2026

Remember that your tax year looks different if you are affected by MTD for IT this year.

If you know you are affected, you should by now have moved to a compatible software package that has been approved by HMRC.

There are many options available, from full accounting packages to simpler, more user-friendly ones designed for smaller businesses.

You will be unable to file your returns using the old HMRC system, so this step is a must and needs to be done before your first submission, which will creep up sooner than you think.

Swipe for the deadline for your first submission, and reach out to us if you need a hand choosing and making the move into more compatible software.

13/05/2026

Don’t worry, it should be less stressful, rather than more stressful in the long run!

This year is the first year Making Tax Digital for Income Tax will be rolled out for sole traders and landlords with a qualifying income of more than £50,000 from their self-employment and/or property.

Instead of an annual tax return, you will be required to send a summary of your income and expenditure to HMRC every quarter.

Don’t worry! This doesn’t mean that you’ll have to worry four times a year instead of one.

It spreads your workload, keeps you on top of your finances throughout the year, and will help ensure you don’t end up in a panic each January.

With these changes to the systems, there are also changes you have to make, such as:

👉 Keep digital records: All business income and expenses must be recorded digitally using MTD-compatible software. This means no more shoeboxes of receipts or manual spreadsheets.

👉 Submit quarterly updates: Instead of an annual tax return, you will be required to send a summary of your income and expenditure to HMRC every quarter.

👉 Finalise your tax position: At the end of the tax year, you will use your MTD software to submit a “Final Declaration” to HMRC, which will be the equivalent of your current Self Assessment tax return.

If this sends you into a spiral of confusion or stress, please reach out to us and we can support you through the transition, or just provide you with expert advice where you need it.

11/05/2026

Completing your taxes isn’t as cost-saving as you may think…

Most sole traders start out doing their own books to save money. It makes sense!

But as we roll into a new tax year, it’s time for a quick reality check: Did choosing to do it on your own last year really save you money, or did it actually cost you more in the long run?

When you’re juggling client work, marketing, and making time for life outside of that, it’s easy for the small details to slip through the cracks.

We call these “Hidden Leaks” - the allowable expenses and tax breaks that you’re legally entitled to, but potentially aren’t claiming because... well, you have a business to run, nevermind spotting other financial opportunities on the side!

Think about it:
➡️ Did you claim for that portion of your home Wi-Fi?
➡️ What about the training courses you took part in this year?
➡️ Did you track those low-cost professional subscriptions or specific insurance?

If you miss just £1,000 in valid expenses, you’re essentially handing the government money that is yours to spend or reinvest in business growth.

So outsourcing an accountant this year could save you more in the long run. We’re the ones who find the leaks, spot opportunities and handle the complex financial management so you can stop staring at spreadsheets and get back to the work you love.

We’re always here to support you with as much or as little as you need.

Address

17 Wigginton Road
Tamworth
B798RH

Website

https://www.lodestaraccounting.co.uk/new-blog

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