Hydref Accounting Ltd

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Hydref Accounting Ltd

Experienced chartered accountant offering FD services, process review and cloud platform training.

28/05/2026

Big changes are coming to how many of us manage our taxes. From April 2026, Making Tax Digital (MTD) becomes mandatory for many self-employed people and landlords.

If your annual business or property income is above £50,000, you will need to move away from annual filing and start sending quarterly updates to HMRC using compatible accounting software.

How do quarterly returns work?
Instead of one big tax return at the end of the year, you’ll send four smaller updates. This helps you keep a closer eye on your finances and ensures your tax information is always up to date.

When are they due?
Updates are due every three months, with a deadline exactly one month after the quarter ends:
📅 5 August
📅 5 November
📅 5 February
📅 5 May

Implementing a new system can be a challenge, but you do not have to do it alone. At Hydref Accounting, we can help you prepare your records and make sure you are ready for the 2026 deadline. Book a discovery call at the link in the comments

26/05/2026

Common Bookkeeping Mistakes from Sole Traders Number 5: Master Your Tools: Chasing Payments and Software

It can feel uncomfortable to ask clients for money, but unpaid invoices are a major risk. Trying to "DIY" your accounting software without training often makes these tasks even harder.

The Solution: Most software can send polite, automatic reminders. Invest in bespoke training with Hydref Accounting to ensure you are using your tools correctly, saving you time and stress in the long run.

21/05/2026

Common Bookkeeping Mistakes from Sole Traders Number 4: No More Tax Surprises: Drawings and Planning

As a sole trader, entering your drawings as "wages" is a common error that confuses your accounts. This lack of clarity often leads to the "January Surprise" where you haven't saved enough for your tax bill.

The Solution: Let us review your entries. A Power Hour session can ensure your drawings are recorded correctly, allowing you to see your tax liability in real-time and plan ahead.

19/05/2026

Common Bookkeeping Mistakes from Sole Traders Number 3: Don't Work for Free: Cash and Invoicing

That parking fee or small supply run paid in cash is still a business cost, but it is often forgotten. Similarly, forgetting to invoice regularly means your cash flow will suffer.

The Solution: Log cash transactions on your mobile software immediately and set up automated invoicing. We can show you exactly how to do this during a training session so you never work for free. Book a call at the link in the comments.

14/05/2026

Is going limited the right advice for MTD? While limited companies fall outside MTD for ITSA, incorporation brings stricter compliance requirements.

Before changing your business structure, explore digital record-keeping. Many find that using the right software provides a clearer financial picture without the January scramble.

Hydref Accounting offers:
Honest advice on business structure.
Practical software training for accountants.
Support to meet deadlines with confidence.

Read our latest blog here https://hydrefaccounting.co.uk/is-your-accountant-suggesting-you-go-limited-why-it-might-be-about-mtd-and-what-other-options-there-are/

12/05/2026

Common Bookkeeping Mistakes from Sole Traders Number 2: Getting it Right: Categories and Consistency

Are you unsure if a purchase counts as a business expense? Putting items in the wrong category can lead to problems with HMRC, especially if you have fallen behind and are rushing to catch up.

The Solution: Small, regular updates are better than one big year-end rush. Use an expert to sense check your work. Our £99 Power Hour sessions are perfect for a quick professional review to ensure your categories are correct. Book a Power Hour at the link in the comments.

07/05/2026

Common Bookkeeping Mistakes from Sole Traders Number 1: Stop the Muddle: Banking and Receipts

It is easy to use your personal card for a quick business purchase, but muddling your bank accounts makes your bookkeeping a chore. Furthermore, losing those crumpled receipts means you are paying more tax than necessary.

The Solution: Open a dedicated business bank account to keep your data clean. We also recommend using cloud software to snap photos of receipts instantly. If you are not sure where to start, we offer bespoke training to get you up to speed.

Book a discovery call here https://calendly.com/kath-hydref

05/05/2026

Success in business is not just about what you earn, it is also about what you keep. Many sole traders work incredibly hard only to find their profits drained by avoidable errors in their financial records.

Throughout May, Hydref Accounting will be sharing a series on the most common bookkeeping mistakes made by sole traders. We will cover everything from the pitfalls of mixing personal and business funds to the risks of incorrect expense categorisation. Most importantly, we will provide the solutions you need to keep your business financially healthy.

Follow our page to ensure you do not miss a single update this month

30/04/2026

When you hire an accountancy firm, you expect to pay for expertise. But in many larger practices, your daily queries and VAT returns are often passed down to a junior trainee while you only see the senior partner once a year.

At Hydref Accounting, we do things differently.

Your business is handled exclusively by a Chartered Accountant with three decades of experience. There are no layers, no "middlemen," and no risk of your financial data being a training exercise for a beginner. You get senior-level insight on every single task, from basic bookkeeping to complex tax planning.

Experience the peace of mind that comes from knowing an expert is always the one looking at your books.

Address

Nailsworth, Dursley, Cirencester, Malmesbury
Tetbury
GL76JJ

Telephone

+443333449270

Website

http://Www.hydrefaccounting.co.uk/

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