Quove Accounting

11/06/2026

MTD for Income Tax deadline approaching fast.

With less than 60 days to go until the first quarterly filing deadline under Making Tax Digital (MTD) for Income Tax, a significant number of taxpayers are still not prepared.

Out of the first wave of approximately 864,000 landlords, sole traders, and self-employed individuals affected, only around 336,000 have signed up so far.

That means roughly 528,000 taxpayers (around 61%) are yet to register for the new system, despite quarterly reporting requirements beginning shortly.

HMRC’s MTD rollout is now entering its critical phase, with the 7 August deadline for the first submissions fast approaching.

09/06/2026

Tax-free mileage rates have increased for 2026/27!

The rate for the first 10,000 business miles travelled in a car or van has risen from 45p to 55p per mile, backdated to April 2026.

Updated rates:
✅ Cars & vans: 55p per mile (first 10,000 miles)
✅ Cars & vans: 25p per mile (over 10,000 miles)
✅ Motorcycles: 24p per mile
✅ Cycles: 20p per mile

If you're self-employed, these rates can simplify claiming business travel expenses without having to work out the business-use proportion of your vehicle costs. Just make sure you keep a mileage log.

Need help working out what you can claim? Get in touch.

03/06/2026

Just when we thought summer was all about barbecues, questionable tan lines and hoping the rain stays away for at least one weekend, the Chancellor has announced a package of measures designed to put a little more money back into people's pockets.

The "Great British Summer Savings" package, announced on 21 May 2026, includes a handful of changes that may affect both businesses and individuals. Some are welcome news, while others are a reminder that HMRC remains as interested in your paperwork as ever.

Let's take a look at the highlights.

More mileage relief, temporary VAT cuts, dividend reporting changes and R&D updates. Here's what business owners need to know this summer.

21/05/2026

We’ve added 'Crush' to the boardroom, evening out the artwork to four pieces and completing our theme of the land meeting the sea.

A subtle nod to the calm, easy flow of ideas we aim for in every meeting… and a reminder to just keep swimming.

13/05/2026

Running a business lately has felt a bit like trying to keep a kettle boiling while the price of electricity changes every five minutes. Costs keep edging up, customers are taking their time, and cash flow is… well, often more “aspirational” than actual.

In that environment, credit control stops being an admin task and starts behaving more like a survival skill.

Learn how invoicing, payment terms, and debtor management help improve cash flow and reduce late payments.

Credit control is essential for healthy cash flow. Learn how invoicing, payment terms, and debtor management help improve cash flow and reduce late payments.

12/05/2026

Running a business in recent times has been a lesson in resilience. Costs continue to rise, customers are more cautious, and cash flow is under pressure for many businesses.

That’s why credit control matters more than ever.

When businesses run into financial trouble, it’s often not because they are unprofitable on paper, it’s because they run out of cash. Credit control sits at the centre of preventing that problem.

When sales are made on credit, payment can arrive weeks or even months later than expected. Meanwhile, VAT, PAYE, wages, suppliers, and overheads still need paying on time. Just one large customer paying late can place significant strain on a small business.

Good credit control helps turn sales into cash in a predictable and reliable way.

Here are a few areas worth focusing on:

07/05/2026

CIS changes are now in effect from April 2026

From mandatory nil returns to reinstated late filing penalties and stricter Gross Payment Status rules, contractors and subcontractors should make sure they understand the latest requirements.

How do the changes announced in the Autumn Budget affect you?

06/05/2026

Your business is performing well. The numbers look right. On paper, everything adds up.

So why does your personal financial position still feel slightly unclear?
It’s more common than you might expect.

Over time, wealth builds in layers from pensions, retained profits, investments, future plans tied to a business sale. Each decision makes sense at the time, but rarely as part of a joined-up plan.

The result? Financial success in the business, but a lack of clarity personally.

For many business owners, this tends to be a gradual development, with wealth building over time and not always in the most coordinated way. A pension may be set up for tax efficiency and some savings accumulated after a strong year. Surplus cash is left in the business “just in case” and future...

06/05/2026

Another new artwork edition, this time to our upstairs office!

Meet "Titan", our new elephant in the room, fortunately the decorative kind 🐘

05/05/2026

Your business can be performing well, but that doesn’t always mean your personal finances feel clear.

Over time, wealth builds up in different places and without stepping back, it can be difficult to see how it all fits together.

Clarity starts with understanding what you have, what it’s for, and whether it’s working in the right way for you.