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The UK government has announced a significant change for taxpayers preparing to join Making Tax Digital (MTD) for Income Tax. Those required to submit quarterly updates of their income and expenses under MTD in the 2026/27 tax year will not face penalties for late filing. This move aims to ease the transition for self assessment taxpayers, especially those earning non-PAYE income over £50,000, who will be the first group affected by the new system. This blog post explains wha

The UK government has announced a major change that will affect all VAT-registered businesses selling to other UK businesses. Starting April 2029, electronic invoicing, or e-invoicing, will become mandatory for all business-to-business (B2B) and business-to-government (B2G) transactions involving VAT invoices. This shift will transform how companies handle invoicing and accounting, moving beyond simple digital record keeping to direct digital communication between accounting

Inheritance Tax (IHT) can place a heavy burden on families passing down farms and businesses. Recognizing this, the government has announced a significant increase in the thresholds for Agricultural Property Relief (APR) and Business Property Relief (BPR). These changes aim to protect more family farms and businesses from IHT, allowing them to thrive across generations without the threat of excessive taxation. Government raises inheritance tax relief thresholds to support fam

Employers face ongoing changes in tax and employment regulations that require careful attention. The December 2023 issue of the HMRC Employer Bulletin brings important updates that will affect payroll, tax responsibilities, and employee benefits. Staying informed about these changes helps employers avoid penalties and ensures compliance with the latest rules. This article breaks down the key points from the bulletin, explaining what employers need to know and how to prepare f

Filing your self assessment tax return can be stressful, especially when the tax bill feels overwhelming. Many taxpayers worry about meeting the 31 January 2026 deadline for paying what they owe in full. Fortunately, HMRC offers a helpful option called Time to Pay arrangements that can ease this burden by allowing you to spread your payments over time. This blog post explains how these arrangements work, who can use them, and how they can help you manage your tax bill with c

Managing your company’s finances can feel overwhelming at times. But it doesn’t have to be that way. With the right approach to company accounting management, you can keep your business on track and avoid unnecessary stress. I want to share some practical tips and insights that have helped many small businesses stay organised and confident about their accounts. When you understand the basics and have a clear system in place, managing your accounts becomes much simpler. Let’s

Navigating the world of finance can feel overwhelming, especially when it comes to understanding the rules and regulations that keep everything running smoothly. But it doesn’t have to be that way. I’m here to share some simple, practical advice to help you master financial compliance guidelines without stress. Whether you’re managing your personal finances or running a small business, getting a handle on these rules will give you confidence and peace of mind. Let’s dive into

Managing payroll can feel like a daunting task, especially when you’re juggling the many responsibilities of running a small business. I’ve been there, and I know how important it is to get it right. That’s why I want to share some insights on efficient employee payroll solutions that can make your life easier and your business run smoother. Whether you’re new to payroll or looking to improve your current system, this guide will walk you through everything you need to know. W

Managing your finances as a small business owner can feel overwhelming. I know how easy it is to get lost in receipts, invoices, and endless spreadsheets. But keeping your financial records in order is crucial for your business’s success. The good news? With a few simple strategies, you can streamline your financial tracking and make bookkeeping a breeze. Let’s explore some practical tips that will help you stay on top of your finances without the stress. Whether you’re just

Keeping your finances in order can feel like a never-ending task. I know how easy it is to get overwhelmed by receipts, invoices, and bank statements. But staying organised is key to running a smooth and successful business. That’s where professional business bookkeeping solutions come in. They take the stress out of managing your accounts and help you focus on what you do best. Why Choose Business Bookkeeping Solutions? When I first started managing my own finances, I quickl

What is Stamp Duty Land Tax? Stamp Duty Land Tax is a tax paid when purchasing property or land in England and Northern Ireland. The amount depends on the property price and whether it is a first home, a replacement main residence, or an additional property. SDLT rates increase for second homes and buy-to-let properties, with an extra 5% surcharge on top of the standard rates. The tax applies to both residential and non-residential properties, but the rules and rates differ.

What is Making Tax Digital for Income Tax? Making Tax Digital is a government initiative aimed at modernizing the tax system. It requires digital record-keeping and online submission of tax returns. For Income Tax, phase one targets self-employed people and landlords with gross income above £50,000. From April 2026, these taxpayers must keep digital records and submit their tax information through compatible software. Who Needs to Follow the New Rules? Starting with the 2024/

The UK tax authority, HM Revenue and Customs (HMRC), has restarted its programme to recover unpaid taxes directly from debtors' bank accounts. This move, paused during the Covid-19 pandemic, is now back in a "test and learn" phase. If you owe tax debts of £1,000 or more, this change could have a direct impact on your finances. Understanding how this policy works and what safeguards are in place can help you avoid unexpected withdrawals and manage your tax obligations better.

Governments often introduce new laws to clamp down on tax avoidance, aiming to protect public revenue and ensure fairness. The latest legislation targeting rogue tax agents and tax avoidance schemes has raised concerns from the Chartered Institute of Taxation (CIOT). The CIOT warns that the new rules may fail to catch the real offenders and could unintentionally harm taxpayers who seek legitimate advice. New tax legislation documents on a desk . What the New Legislation Inten

Navigating the world of capital gains tax can feel overwhelming. I know how confusing it can be to figure out what you owe, when to report it, and how to keep everything organised. But it doesn’t have to be that way. With a little guidance and some practical tips, you can simplify the process and feel confident managing your finances. Let’s walk through the essentials together and make capital gains tax reporting a breeze. Understanding the Capital Gains Tax Guide First thing

More than 750,000 young people aged 18 to 23 have yet to claim their matured Child Trust Funds, according to HM Revenue and Customs (HMRC). These accounts hold an average value of £2,242 each, representing a significant amount of unclaimed savings that could help many young adults as they start their independent financial lives. Child Trust Funds were introduced as long-term, tax-free savings accounts for children born between 1 September 2002 and 2 January 2011. The governme

Managing your finances can sometimes feel overwhelming. Whether you’re running a small business or managing your personal budget, having a clear, organised financial plan is essential. I’ve found that expert business financial services can make a huge difference. They help you stay on top of your money, reduce stress, and even save you time and effort. Let’s explore how these services can enhance your financial wellbeing and give you peace of mind. Why Business Financial Serv

Avoiding Late Filing Penalties – What You Need to Know    We all lead busy lives. Between running your business, handling customers, and keeping on top of paperwork, it’s easy for deadlines to slip. But when it comes to your HMRC Self Assessment tax return, missing that deadline can cost you both money and peace of mind.   At Jackson Lee Accountants in Bury, we help clients stay compliant, avoid fines, and sleep better knowing everything is handled properly. Here’s what you n

Why Cloud Accounting (Xero & MTD) Is the Future of Small Business Finance    The days of spreadsheets and shoeboxes full of receipts are over. With Making Tax Digital (MTD) expanding in 2026, businesses are being encouraged — and soon required — to keep digital records and send electronic submissions.   At Jackson Lee Accountants, we’re proud to be certified Xero partners, helping small businesses in Bury stay ahead of the changes and enjoy the benefits of cloud accounting.  

What the new digital tax rules mean for small businesses and landlords in Bury. 🧾Making Tax Digital 2025 – What You Need to Know   Making Tax Digital (MTD) is one of the biggest changes to the UK tax system in decades — and it’s about to expand again.   From April 2026, HMRC will roll out new MTD rules affecting more small business owners, landlords, and self-employed individuals.   At Jackson Lee Accountants in Bury, we help clients understand what’s changing, who’s affecte