Resource Hub

If you’re a small business with straightforward accounts, you may well be using HM Revenue & Customs’ (HMRC) Corporation Tax online filing service . It’s a straightforward way to file your corporation tax and company accounts and tick all those compliance boxes. But HMRC has just announced that the service will close from March 2026. So, what happens now when you need to file your return and accounts? What is the Corporation Tax online filing service At present, if you’re an unrepresented company with straightforward tax affairs, you can use the free HMRC online service to: Send your Company Tax Return to HMRC. Send your accounts and computations to HMRC in the correct iXBRL format. File your accounts to Companies House. send your Company Tax Return to HMRC and accounts to Companies House at the same time. Using the online service streamlines so many of your compliance worries. So, why is HMRC shutting down the service? Corporation Tax online filing service to close from March 2026 The Corporation Tax online filing service will close from 31 March 2026 . At present, you can still use the online service to file and amend your Company Tax Return with HMRC, and your accounts with Companies House up to and including 31 March 2026. But from 1 April 2026 onwards, you’ll need to use commercial software to file annual accounts and Company Tax returns with HMRC. Why is the online service closing? HMRC feels that the online service is no longer fit for purpose. The service was originally introduced in 2011, and the system doesn’t meet modern digital standards, or recent changes to UK company law. HMRC’s intention is that the small businesses that are currently using the free online survive will see the value in investing in third-party software that’s more in line with digital standards. Helping you set up a new software-based tax filing system There’s no immediate pressure to switch over to a new software tax and accounts filing system. But looking into the available software and doing your homework is a sensible move. We can help you decide on the best software for the job and make sure your accounting and filing processes are up to the job, ready for March 2026. To get our help, call us on 01904 787 973 or book a call with Donald Inglis .

Whether it’s refilling your petrol tank or paying at the supermarket checkout, the higher cost of living is hitting every household hard. A business budget is one of the essential tools in managing your business finances and actively building your business. A budget shows what you plan to do with your cash over the next year. For a complete picture of your business health, you need to review the profit and loss statement, the balance sheet, the cash flow forecast and the budget. Taken together, these reports allow you to make informed business decisions and monitor performance. Why have a budget? Forecast sales and expenses according to monthly or quarterly variations. Evaluate performance over time, including changes or patterns. Get really familiar with where your money goes and where it comes from. Clarify targets and goals and use the budget to help you focus and achieve those goals. Comparing actual figures to budgeted figures allows you to see potential problems early and plan for unexpected costs. A budget will help you to see the big picture and stay motivated over the long term. Where to start A basic budget takes known income and expenses, then makes certain assumptions about the timing of income and planned expenditure. The basic budget is based on cash in and out of the business. Over time, as you start to see the benefits of using a budget, your budget should evolve into a more sophisticated version that includes non-cash elements such as provisions and depreciation. Most businesses will start with one budget but soon move to having three budgets: Business as usual – the next year’s budget is based on current year income and expenses, with perhaps a small adjustment for consumer price index increases. Worst case – budget is based on a pessimistic view of next year’s performance. Best case – budget is based on an optimistic view of performance over the next year. A budget is usually for a financial year, but you can also set up budgets for two to five years. Once you have one budget (or more) set up, you can then run your current financial reports against the budget to see how you are tracking. This allows you to make rational business decisions in real time to adjust accordingly. Your can run your financial reports monthly and adjust your budget as needed. What next? Now is a great time to put a budget into place for the coming financial year. Book a time with us to help you create a meaningful budget in your accounting software so that you can use it as a proactive part of your business management, strategy and your success. Call us on 01904 787 973 or book a call with Donald Inglis .

Whether it’s refilling your petrol tank or paying at the supermarket checkout, the higher cost of living is hitting every household hard. Across the whole world, everyday essentials have surged in price and for many, budgets are being stretched to their limits. So, what can you do to keep up with rising costs and still stay financially secure? The good news is that there are steps you can take to ease the pressure. Here are our 12 top tips: Look for ways to earn more Boosting your income is one of the most powerful ways to offset inflation. 1. Grow your business’s profitability If you run a business, look at ways to improve your profit margins. This might mean increasing your prices slightly, trimming unnecessary costs, automating tasks, or exploring more profitable services. Want tailored advice? Talk to us – we can help identify the most effective strategies for your business. 2. Rent out a spare room or take in a flatmate Under the UK’s Rent a Room Scheme, you can earn up to £7,500 a year tax-free by renting out furnished accommodation in your home. 3. Sell unwanted items online A clear-out could turn into extra cash. Use platforms like eBay, Vinted, Facebook Marketplace, or Gumtree to sell items you no longer need. It’s quick, easy, and surprisingly rewarding. Cut back where you can Small savings add up – and cutting down doesn’t always mean missing out. 4. Prepare more meals at home Takeaways and restaurant meals can eat into your budget fast. Batch cooking, meal planning, and using leftovers wisely can save a fortune over time. 5. Create a realistic budget and track your spending Budgeting apps like Money Dashboard, YNAB, or Emma can help you see exactly where your money is going – and where you can rein it in. Awareness is the first step to better control. 6. Reduce your meat consumption Meat is often one of the most expensive items on a shopping list. Try a couple of vegetarian meals each week – they can be both budget-friendly and delicious. 7. Drive less where possible Petrol prices are high, and even short journeys add up. Walk, cycle, carpool, or use public transport when it makes sense. 8. Cancel or pay down credit cards and buy now, pay later accounts Interest charges can quickly spiral. If you’re struggling to pay off balances, look into 0% balance transfer cards or speak to a financial adviser for debt reduction strategies. 9. Review all your regular outgoings Subscriptions, insurance, utility bills – these can often be trimmed or renegotiated. Use comparison sites to switch providers or call and ask for a better deal. You might be surprised how often they say yes! Invest in your future You can’t just save your way out of inflation – smart investing is key to long-term financial stability. 10. Invest in inflation-beating assets Historically, property and the stock market have provided returns that outpace inflation over time. Start small if you’re new to investing – many platforms allow you to invest from as little as £25 a month. And always seek advice if you’re unsure. 11. Start something new A side hustle – from freelance work to selling handmade goods or online teaching – can bring in extra income and even turn into a full-time business. Don’t underestimate your skills and passions. 12. Learn about personal finance The more you know, the more control you’ll have. Free online courses, podcasts, YouTube channels, and books from your local library are great places to start. Understanding budgeting, investing, and money management empowers you to make the best decisions for your future. A final thought While inflation has slowed, it's still estimated to remain in the 2–3% range this year – on top of recent spikes. To truly stay ahead, aim to: Increase your income by at least 4% Save money wherever possible Invest consistently for the future These three pillars – earning, saving, and investing – create a buffer against inflation and help you build lasting financial resilience. Worried about money? We're here to help Financial stress can be overwhelming, but you're not alone. We’ve supported clients through many economic cycles – including periods of high inflation – and we're here to help you get through these challenges with confidence. Call us on 01904 787 973 or book a discovery call with Donald Inglis .

Making your business a success story may be what drives you to get out of bed every morning. But your business also needs to deliver on your personal goals as well. Profits, dividends and bonuses need to be stable enough to help you maintain your desired lifestyle, whether that’s two holidays a year, or paying the mortgage on a new family home. In this series, we’ll look at the core ways your business can be structured to deliver on your own personal, family, philanthropic and leisure goals. Delivering the income that fuels your chosen lifestyle When you start a business, you make some fairly major decisions about your quality of life. Building a start-up could mean several months, or even years, of reduced income. But, ultimately, you’ll want an income from the business that helps you fund your chosen lifestyle. Here are four key ways to make sure your business can secure your lifestyle: Focus on high margins or high volume Prioritise products/services that offer either high margins or high volumes of sales. Your key focus is to help the business provide stable, predictable revenue and profits. This will help you draw down the necessary income for your desired lifestyle. Get strategic with your pricing Adjust your pricing so you’re competitive but making some healthy margins. Value-based pricing and bundling helps to increase the value from each transaction. The more you do to boost the price of an average sale, the easier it will be to supply the income needed for your lifestyle. Hang on to valued customers You can quickly improve your customer loyalty stats by offering personalised services and programs. Retaining your existing customers is cheaper than acquiring new ones, so keep these customers sweet and enjoy consistent revenues that power your personal income. Automate your most costly processes Labour costs can quickly eat into your profits. Think about automating basic tasks and outsourcing non-core functions, so you’ve got more time for high-value revenue generation. Reducing your overheads can directly influence your own potential income as a director. Creating a profitable, cash-rich enterprise is the dream. And if you can stabilise your sales, revenue and profitability, you increase your chances of a healthy income from the business. Get in touch Over the years, we’ve grown into one of the leading accountants in York, expanding our range of accounting services whilst staying true to our core values and our force for good ethos. If you would like to earn more, keep more of your hard-earned profits and enjoy the life you want then book a discovery call with Donald Inglis .

You may find a brown letter from HM Revenue & Customs (HMRC) dropping onto your doormat soon, with details of the soon-to-be-mandatory MTD for ITSA. But what is ‘MTD for ITSA’ and why do you need to know about it? Your two-minute guide to MTD for ITSA Making Tax Digital for Income Tax and Self Assessment (or MTD for ITSA) is part of HMRC’s ongoing initiative to convert the UK tax return process over to a digital system. If you’re a sole trader or landlord, you’ll soon need to: Keep digital records of all your income and expenses. Use MTD-compatible software for your bookkeeping and accounting. Submit regular quarterly digital reports to HMRC. Send a full digital tax return at the end of the tax year. Landlords and sole traders who fall into the following categories will soon find it’s mandatory to use the MTD for ITSA system. from April 2026, for those with qualifying income over £50,000. from April 2027, for those with qualifying income over £30,000. A brown envelope with your MTD ITSA reminder From April 2025, HMRC will be starting a campaign to raise awareness of the looming deadline to become compliant with the MTD for ITSA rules. This will be kickstarted with an official HMRC brown envelope being sent to sole traders and landlords with a total self-employment and/or property income of over £50,000. You’ll receive a letter if your 2023 to 2024 self assessment tax return shows your total income (turnover, not profit) as being either over, or close, to £50,000. Don’t panic! We can help you get ready for MTD An official letter from HMRC can sometimes be cause for concern. But there’s no need to worry unduly about MTD for ITSA. The mandatory deadline for compliance is still a year away, so there’s plenty of time to update your systems and get yourself compliant. Call us on on 01904 787 973 and we’ll explain the implications of MTD for ITSA, the need for digital records and how to get compatible cloud accounting software up and running.

As your accountant, we won't just look after the financial side of your business, we can also advise you on the strategic side of your company, including the importance of business development as vital part of your growth plan. Business development (BD) is what helps your company move from slow, organic growth to fast-paced, hypergrowth. And it’s only by putting the right drive and expertise behind your BD that you can turn your strategic ideas into real success stories. So, how can we help you achieve this? Talk to you about your strategic goals The starting point for any kind of BD activity is to pin down your goals and aims as a business. When you know what you want to achieve over the coming months, it’s far easier to define a strategy for success. And that’s easier to do when you talk to an objective adviser, like us. We can sit in on your board meetings, talk to your executive team and get a real handle on what makes the business tick. And, armed with this knowledge, we’ll work with you to drive the direction of your BD and find the best opportunities for you to focus on. Help you create a clear BD strategy and plan Having a defined set of BD goals is a good starting point. But to put this all into action in a productive way, you’re going to need a comprehensive plan for your BD projects. Our years of experience advising business leaders and their teams really comes into play here. We know the best routes to take, the budgets that will be needed and the right tactics for bringing in more contracts, sales and partnerships. By putting these strategies into a clear plan, and linking this to agreed timescales, you have a BD route map to follow and action. Introduce you to a broader network of business partners We work with a wide range of businesses across many different sectors, industries and niches. By introducing you to our network of clients, we welcome you into a supportive community of like-minded business owners. And that’s excellent news when looking for new partnerships. Whether it’s attending a local conference, an online webinar or one of our in-house client events, you’re going to meet new people, share new ideas and make the right connections. This is a great way to build alliances and work together with other local businesses. And when you’re well-connected, you set the very best foundations for your future BD activity. Provide better routes to funding and investment Whatever goals you’ve set for your BD projects, it’s likely that you’re going to need additional funding to finance this activity. Investing in your expansion, or new partnerships, is vital to getting a good return on your BD, so great access to finance is a definite bonus. We’ll advise you on the most appropriate funding channels and how you can use these facilities to finance your BD plans. And we can also link you up with banks, lenders and business finance specialists – so you get the advice and finance you need to bring your BD to life. Help you track and measure your BD performance Meeting your BD targets takes time – and a whole lot of dedication. Measuring your BD performance over time, helps you stay on track and gives you a good indication of how well you’re tracking against your planned progress. We’ll help you create the reporting and metrics you need, so you have clear data to track your progress over time. You can log your activity in your project management system, or your client relationship management (CRM) software, and keep clear notes on contacts made, relationships built and targets converted etc. If you want to get more from your BD, please get in touch on 01904 787 973 or book a discovery call with Donald Inglis . We’ll partner with you to put some real drive, experience and impetus behind your BD strategies.

What’s the main thing that holds you and your business back? Chances are it’s the unavoidable manual tasks and low-level administrative responsibilities that eat into your time. But in 2025, these are tasks that artificial intelligence (AI) is more than capable of taking on. With a growing number of AI agents and assistants out there in the market, the smart business owners are the ones investing in, and learning, the potential of AI. Using AI to liberate you from the admin workload AI has developed to a point where it’s now a standard part of a modern business software suite. AI can match your transactions in your accounting software. It can write you a marketing brochure. Or it can answer your business phone and answer FAQs. For small businesses, there’s a reduced need to take on more staff. By getting your business up and running with the latest AI agents, you can quickly extend your capabilities and reduce costs. In short, AI allows you to do more with less – and in business, that’s a significant bonus! The benefits of putting AI at the heart of your business AI agents and assistants are not something that’s the sole preserve of large corporate organisations. In fact, small businesses, with their simple structures and increased ability to change and flex, are ideal candidates for AI transformation. Let’s look at a few key ways that AI benefits your business: 1. Increased efficiency in the business AI agents can easily automate your repetitive tasks, freeing up you and your team for more strategic and creative work. Forget about data entry, scheduling and planning tasks etc. 2. A better customer experience AI-powered chatbots and virtual assistants can provide 24/7 customer support, answer FAQs, and have personalised interactions with your customers – keeping your customers happy. 3. Informed and improved decision-making AI-powered analytics tools can analyse your business and financial data to identify trends, predict future outcomes and provide valuable insights for better decision-making. 4. More productive operations AI agents will automate your routine tasks, speed up your work rate and give better access to data insights. This gives a significant boost to your overall business productivity. 5. A clear competitive advantage When the advantages of automation, efficiency and improved productivity kick in, this gives you a tangible competitive advantage in the market. The early AI adopters are the companies that will be leading the pack and setting more solid foundations for the future. Talk to us about introducing AI into your business If you don’t know your AI from your elbow, don’t worry! In this series, we’ll run you through the basics of AI, the main terms and the AI agents that can transform your business. And if you’re hungry to know more, why not talk to our team about the AI agents and AI-driven apps that would be most appropriate for your industry, niche or business type. To find out more, call us on 01904 787 973 or book a discovery call with Donald Inglis .

Knowing what’s around the corner is hugely valuable as a business leader. But we’re trading in a world where uncertainty waits around every corner – making it difficult to predict the future business landscape and what your next move should be. You can’t change the evolving economic, political and business threats in the world. But in this series we’ll show you some key way to thrive and reduce the uncertainty. Dialing down the uncertainty, to gain a competitive edge Uncertainty affects your ability to trade. Not knowing if your costs will rise or fall, or if there’s a talent shortage or surplus, makes it difficult to make rock-solid decisions and plans. Your goal in the current environment is not to remove these external threats. It’s to reduce some of the uncertainty through clear planning and inventive strategic thinking. Let’s look at the five key areas we’ll cover in this series, and how they dial down the uncertainty. Financial forecasting and planning Carrying out regular cashflow forecasting and budgeting helps you anticipate any potential financial challenges. Good cashflow forecasting, coupled with scenario planning, helps you make informed decisions about your spending and where you may need additional funding. Performance monitoring and analysis Tracking important metrics and having a key performance indicator (KPI) dashboard helps you review your performance against targets and look for the areas of improvement. Monitoring those KPIs keeps you in control, even if external factors and threats are proving to be difficult. Strategic business reviews When was the last time you revisited your business plan? Updating your strategy and business plan helps you stay aligned with your goals, even if external factors and changing market conditions are making trading difficult. Remember, no business plan is written in stone! Getting proactive with tax updates As the business landscape changes, the government is likely to look for ways to inspire enterprise and boost the economy. Being aware of legislative changes, tax reliefs and allowances, and available government grants, helps you navigate the uncertainty. You can keep compliant, maximise any benefits and see the positive impact on your capital position. Business diversification and growth strategies Being able to flex and change your strategic direction gives you a huge competitive edge. Brainstorm ideas for ways you could diversify your offering and explore new opportunities. This could mean new products, new revenue streams and even partnering with other small businesses – both inside and outside your existing sector. Making the path ahead clearer and easier to navigate There’s no denying that we’re trading in difficult times. But getting proactive with your planning, forecasting and strategic thinking makes the road ahead clearer. Come and talk to us about the key areas of uncertainty in your business – and find out how we can guide you through these uncertain times and out the other side. Call us on 01904 787 973 or book a discovery call with Donald Inglis .