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Yesterday's Autumn Budget announcement brings a mix of support, higher costs and changes to tax reliefs. Here's a summary:▪️ More small businesses could pay no business rates. From April 2027, qualifying shops, hospitality and leisure premises in England with a rateable value of up to £18,000 will receive full relief.▪️ Minimum wages are going up. A 3.9% increase from April 2027 means higher pay for workers and bigger wage bills for employers.▪️ Tax relief on business equipment is changing. Some purchases will qualify for more tax relief upfront, while relief spread over future years will be reduced. The impact depends on which allowances your business can claim.▪️ Selling your business could mean a bigger tax bill. From April 2027, Business Asset Disposal Relief will cover up to £500,000 of qualifying lifetime gains, down from £1 million. A separate new relief is planned for eligible founders of high-growth businesses.▪️ You’ll be able to earn more from a side hustle tax-free. From April 2027, the trading allowance rises from £1,000 to £3,000. This relates to qualifying income before expenses, rather than profit.▪️ Some savers and landlords will pay more tax. From April 2027, taxable savings interest and rental profits will be taxed at 24%, 44% or 49%, depending on your tax band. Tax-free allowances and ISA exemptions still apply.▪️ You can keep using your full ISA allowance for cash savings. The planned restriction has been reversed, so you can continue putting up to £20,000 a year into cash ISAs within your overall ISA allowance.▪️ Some help with household costs. Households in Council Tax Bands A–D in England are due a £100 energy payment from January 2027. The existing 5p fuel duty cut and freeze continue to July 2027.Unsure what the changes mean for you or your business? Speak to our Baldock team for advice.
If you’re using Making Tax Digital for Income Tax, your next quarterly update is due by 7 November 2026.Make sure your digital records are up to date and your update is submitted by the deadline. Need help with getting set up for MTD? Get in touch with our Baldock team for support.#MakingTaxDigital #MTD #Baldock #McColes #Accountant #HertsBusiness #Letchworth #Royston
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
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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