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The Autumn Budget is scheduled for 28th October, but what announcements can small businesses expect?Here are some of the measures and proposals to watch:- Making Tax Digital: From April 2027, the threshold is due to fall to £30,000, bringing more businesses into quarterly digital reporting.- Business rates: A 20% reduction for pubs and live music venues in England is scheduled for April 2027. There have also been proposals to raise the Small Business Rate Relief threshold, potentially allowing more firms to qualify. These proposals are not confirmed.- Capital Gains Tax and business exits: Possible CGT changes are being discussed, but remain speculation. Owners considering selling or passing on a business may want to review their plans, particularly following earlier changes to reliefs for Employee Ownership Trusts.- Business costs: Hospitality and retail businesses will be watching for targeted help with energy, payroll and other overheads.- Tax commitments: The government has pledged not to raise Income Tax, VAT or National Insurance for “working people”.We’ll share the confirmed measures and what they could mean for your business after the Budget. If you’re planning ahead, speak to our Baldock team.#McColes #AutumnBudget #Accountant #Baldock #Hertsbusiness #Letchworth #Royston #smallbusinessUK
If you need to submit a tax return for 2025/26 for the first time, you must notify HMRC by today, 5 October 2026.You may also need to reactivate your account if you’ve registered before but didn’t need to submit a return for 2024/25.Started working for yourself, earning from a side hustle or receiving rental income? Check whether you need to register.The deadline for submitting your online return and paying any tax due is 31 January 2027 - but registration comes first.Unsure where you stand? Contact our Baldock team for clear, practical advice.🌐 www.mccoles.co.uk#SelfAssessment #McColes #SmallBusiness #Accountant #Baldock #TaxAdvice #HertfordshireBusiness
Whether you sell handmade products, freelance in your spare time or earn money creating content, it’s worth keeping track of what comes in.The key figure is £1,000 of gross trading income in a tax year. That means money received before expenses, across all your side hustles combined. If you go over it, you’ll usually need to tell HMRC. It doesn’t mean you’ll pay tax on every pound you’ve taken.Selling a few of your own unwanted items is generally different from buying or making things to sell for a profit.Unsure whether your extra income counts as trading, or what you need to declare? Get in touch with our Baldock team.#McColes #SideHustle #Accountant #Baldock #TaxAdvice
When you’re running a business, it’s easy to leave tax planning until your Self Assessment deadline approaches.But taking a more proactive approach could help you make better use of available allowances, claim all legitimate business expenses and avoid paying more tax than necessary.It’s worth regularly reviewing:• Whether you’re claiming all allowable expenses• How and when you make pension contributions• Your cash flow and payments on account• Whether VAT registration would benefit your business• Whether operating as a sole trader remains the right structure as your business growsAt McColes & Co, we take the time to understand your business and provide practical, tailored advice - not simply complete your tax return.If you’re unsure whether you’re operating as tax efficiently as possible, get in touch with our team for a review.#SoleTrader #Accountant #Baldock #TaxPlanning #SelfAssessment #SmallBusiness #HertfordshireBusiness
From 6 April 2027, most unused pension funds and pension death benefits will be included in a person’s estate for Inheritance Tax purposes.For many families, that could mean a higher IHT bill than expected — particularly where there are significant pension savings alongside property and other assets.The good news is that there is still time to plan.At McColes & Co, we can help you understand how the new rules may affect your estate, review your current arrangements and consider the steps you may be able to take before the changes come into force.If you’re unsure what the new pension rules could mean for you or your family, get in touch with our Baldock team.#EstatePlanning #IHT #McColes #Accountant #Baldock #TaxPlanning #Letchworth
Client reviews
Lisa helped us set up our business over ten years ago and has remained our accountant ever since. We can always rely on her and the team for support and advice. Whether you are setting up a new business or looking for help with an existing one, we wholeheartedly recommend McColes & Co.
Elwyn Simmons
Apollo Interiors