Valley Accountancy

29/05/2026

What a great way to end the week. Finding out we have now reached Xero Gold Partner status!

21/05/2026

The approved mileage rate has just been increased to 55p per mile! A long overdue increase of 22.2%

06/04/2026

29/03/2026

MTD for income tax. What is is and what does it mean for you❓️

MTD for Income Tax essentials for UK sole traders and landlords
MTD for Income Tax applies if someone is a sole trader or landlord registered for Self Assessment, has income from self‑employment and/or property, and their qualifying income exceeds the threshold for the relevant tax year.

The rollout dates (as set out by HM Revenue & Customs) are:

From 6 April 2026 if qualifying income is over £50,000 for the 2024–25 tax year
From 6 April 2027 if qualifying income is over £30,000 for the 2025–26 tax year
From 6 April 2028 if qualifying income is over £20,000 for the 2026–27 tax year
What actually changes in plain English:

People must keep digital records of their self‑employment and property income/expenses, and submit quarterly updates (totals by category) through compatible commercial software.
Quarterly updates are not a full tax return: no accounting/tax adjustments are needed before sending the update, and HMRC receives category totals rather than each individual transaction.

Quarterly deadlines (standard update periods) are 7 Aug, 7 Nov, 7 Feb, 7 May, sent within one month after each update period ends.
Even if there is no income/expense for the period, a quarterly update must still be sent (effectively “nil” reporting).

For those required to start from 6 April 2026, HMRC says it will not apply penalty points for late quarterly updates for the first 12 months / 2026–27 tax year, but penalties still apply for late tax returns and late payment.

23/03/2026

We are now a member of the Whitley Bay Chamber of Trade

Sunday shout-out to new Chamber member, Andy of Valley Accountancy.

Valley Accountancy, based on Park View covers everything from self assessments up to fully outsourced finance functions for multi million pound business, including Finance Director-level support.

Andy has worked within businesses for 20+ years and offers real hands-on experience to his clients and not just book-taught advice as is common with many accountancy practices.

The practice has been trading in Whitley Bay for 6 years growing from strength to strength with their local client list reaching into the hundreds.

Valley Accountancy are proud to be the highest rated accountancy practice in Whitley Bay (by Google reviews) and has been since they started.

If you need an accountant then get in touch with Andy.

Welcome to the Chamber Andy, we look forward to working alongside you.

22/03/2026

Income tax is changing. Make sure you are ready.

18/03/2026

❗️Attention employers and employees❗️

11/03/2026

Do you ever think small expenses aren't worth claiming through the business?