The GGM Accountancy team are lacing up for the Great Eastern Run on 11th October, all to support the Peterborough Food Bank, in partnership with Kingsgate church. This year the Peterborough food bank are raising funds for their " GOODNIGHTSLEEPTIGHT" project. This is a vital fundraising event to ensure everyone in our city has
More...The Government has named nearly 660 employers for failing to pay workers the National Minimum Wage, highlighting how costly National Minimum Wage compliance failures can become. The latest naming round, published on 3 September 2026, involved around £4 million being repaid to more than 27,000 workers. Employers were also issued with
More...The Government has announced plans to consider major changes to the rules governing when companies can make distributions to shareholder. As part of a wider corporate reporting overhaul announced on 6 September 2026, the Government is considering replacing the existing rules on distributable profits and capital maintenance with a
More...The temporary 5% reduced rate of VAT introduced for certain children’s meals, tickets and family attractions ended on 1 September 2026. The relief applied from 25 June 2026 and was intended to reduce the cost of selected activities and services for families during the summer holidays. The relief covered qualifying children’s meals
More...HMRC is currently carrying out its annual reconciliation of PAYE for the 2025-26 tax year. Between June and November, HMRC calculates the Income Tax paid by individuals and checks whether the correct amount has been collected. Where HMRC identifies a difference, it may issue a tax calculation letter, known as a P800. If you receive a
More...UK employers with employees who normally work overseas may have PAYE and National Insurance obligations when those employees come to the UK to carry out their duties in the UK on a short-term basis. Employers should consider the position whenever an overseas employee visits the UK to work. The fact that the employee remains employed and
More...Businesses planning major infrastructure and development projects should be aware of a new government consultation on the tax treatment of predevelopment costs. The consultation follows the conclusion of recent litigation at the Supreme Court. The Court found that certain early-stage surveys and studies for offshore wind farms did not
More...The tax rules concerning what constitutes a distribution for tax purposes have remained largely unchanged since Corporation Tax was introduced in 1965. HMRC has recently published a consultation looking at possible changes to bring the rules more closely into line with modern commercial practices. The consultation considers seven areas
More...A strong VAT control system should clearly identify who is responsible for VAT, document the processes involved and regularly check that controls are working. HMRC also recommends keeping procedures up to date when the business, its systems or the VAT rules change. Businesses should also review how VAT data moves through their systems.
More...Where an employee is promised a discretionary bonus as an incentive, an employer may be held liable for the full figure if the preconditions have been met and the chain of authorisation is fully satisfied. Indeed, a recent ruling by a tribunal has made it clear that employers cannot unilaterally alter the preconditions or quantum of a
More...The latest figures from the Office for National Statistics suggest that conditions remain challenging for many UK businesses. In July 2026, 15% of trading businesses reported an increase in turnover compared with the previous month. However, 22% reported that turnover had fallen. Economic uncertainty remains an important concern, while
More...An important change is coming to the way companies file their annual accounts. From 1 April 2028, all UK-registered companies will be required to file their annual accounts with Companies House using commercial software. The existing web and paper filing routes for company accounts will close. The change will affect companies that
More...Businesses that register for VAT may be able to reclaim VAT paid on certain goods and services purchased before VAT registration. There are specific time limits for claiming pre-registration VAT. VAT on goods can generally be reclaimed where the goods are still held by the business or have been used to produce other goods that are still
More...Missing a tax deadline can result in penalties from HMRC, but a taxpayer may be able to appeal if they have a genuine reasonable excuse. Whether an excuse is accepted depends on the individual facts and whether the taxpayer took action to put things right without unnecessary delay. HMRC does not provide a complete list of acceptable
More...Employers providing uniforms or protective clothing to employees need to understand the tax and National Insurance rules that apply. The treatment depends on whether the clothing is required for the employee’s job, is a uniform worn only at work, or is simply additional clothing provided by the employer. Most uniforms and protective
More...Businesses investing in qualifying assets may be able to claim the Annual Investment Allowance (AIA) and deduct the full cost of eligible purchases from their profits before tax. This can help by reducing the amount of taxable profit in the period the investment is made. The AIA can generally be claimed by sole traders, companies and
More...Businesses should regularly review whether individuals working for them are correctly classified as employees, workers or self-employed. Getting employment status wrong can result in unexpected tax liabilities, penalties and loss of employment rights. Employment status affects both the rights of the individual and the responsibilities of
More...Self-employed individuals can deduct allowable business expenses from their income when calculating taxable profits. However, businesses must keep accurate records and evidence to support the costs being claimed. HMRC requires taxpayers to keep proof of business expenses, although evidence does not usually need to be submitted with a
More...Cybercrime is no longer a problem that only affects large organisations. Increasingly, small and medium-sized businesses are becoming targets because criminals often see them as having weaker security and fewer resources to recover from an attack. A successful cyberattack can have serious consequences. Customer information may be stolen,
More...Employment law continues to evolve, and businesses should keep a close eye on forthcoming changes that may affect the way they recruit, manage and retain staff. Although many of the proposed reforms are still being developed, employers should not wait until new legislation comes into force before reviewing their existing
More...Receiving tax relief on pension contributions into a workplace pension is a great way to help prepare for retirement. In addition, contributions from your employer can make the pension savings even greater. If you are automatically enrolled into a workplace pension a percentage of your earnings is paid into your pension fund each
More...If you become liable to pay a tax or register for a tax that HMRC has not already been informed about, you must notify HMRC within the relevant time limit. Failing to do so can result in a financial penalty in addition to the tax and any interest due. A failure to notify can arise in a range of situations, including when a business
More...When a sole trader or the partners in a partnership transfer a business to a limited company, Capital Gains Tax (CGT) may arise. This is because business assets are normally treated as being transferred at their market value, which may be considerably more than their original cost. However, Incorporation Relief can allow some or all of
More...Employers providing loans to employees or directors need to ensure they correctly calculate any taxable benefit using HMRC’s official rate of interest. Where a loan is provided at no interest or at a rate below the official rate, a taxable benefit may arise. These types of loans are referred to as beneficial loans. A beneficial loan
More...Businesses seeking investment through the Seed Enterprise Investment Scheme (SEIS) or Enterprise Investment Scheme (EIS) can benefit from obtaining advance assurance from HMRC before approaching investors. Advance assurance allows a company to ask HMRC whether a proposed investment is likely to meet the conditions of a venture capital
More...Companies and other organisations that are liable for Corporation Tax must ensure they register with HMRC at the correct time. Failing to register when required could result in missed filing obligations and potential penalties. Most limited companies can register for Corporation Tax when they are first incorporated at Companies House. If
More...A recent ruling has determined that targeting individuals online, even on a private group chat, can lead to a loss of employment. A Mr. Y was employed by the Royal Mail as a delivery driver with an impeccable, longstanding record of service. This was not to last as, in 2022, a labour dispute orchestrated by his union led to the creation
More...Technology is changing the way businesses operate, and the pace of change is only increasing. While large organisations often have dedicated IT departments, many small businesses still rely on traditional methods that consume valuable time and limit productivity. Improving digital skills can help businesses work more efficiently, reduce
More...Economic uncertainty has affected the confidence of many small business owners. Rising costs, changing customer demand and pressure on cash flow have led some businesses to postpone investment until conditions improve. While this cautious approach is understandable, waiting for the economy to recover before taking action can mean missed
More...After someone dies, the beneficiaries may find that the way an estate has been distributed does not reflect their wishes or the family’s circumstances. A Deed of Variation can allow beneficiaries to change how inherited assets are passed on and, in some cases, can help reduce the amount of tax payable. It is important to note that any
More...Stamp Duty Land Tax (SDLT) is a tax that may apply when you buy land or property in England or Northern Ireland. It is important to check whether SDLT applies before completing a purchase, as the tax can represent a significant additional cost. SDLT can apply when you buy a freehold property, a new or existing leasehold property, a
More...Cash basis accounting is a simplified method used by sole traders and other unincorporated businesses to work out income and expenses for self-assessment in a straightforward manner. The cash basis is the default method for calculating income and expenses for self-employed individuals and partnerships when completing their Income Tax
More...The £1,000 property allowance is a helpful for individuals with small amounts of property income. The allowance provides a tax exemption of up to £1,000 a year against gross property income, meaning some landlords may not need to report their income to HMRC. The allowance applies to income from land or property, such as renting out a
More...Employers can usually provide bicycles and cycling equipment to employees as a tax-free benefit. The Cycle to Work scheme can help employees save tax and National Insurance on the cost of providing cycling equipment while encouraging more sustainable travel. Under the scheme, employers can lend or hire bicycles and cyclists’ safety
More...What happens if you discover a mistake on your tax return? The good news is that errors can usually be corrected, but it is important to take action as soon as possible to avoid paying the wrong amount of tax or missing out on a possible refund. If you realise that you have made an error after submitting your self-assessment tax return,
More...1 September 2026 - Due date for corporation tax due for the year ended 30 November 2025. 19 September 2026 - PAYE and NIC deductions due for month ended 5 September 2026. (If you pay your tax electronically the due date is 22 September 2026) 19 September 2026 - Filing deadline for the CIS300 monthly return for the month ended 5
More...Energy costs remain a significant overhead for many UK businesses. Although wholesale prices have eased from the exceptional highs seen in recent years, uncertainty in global energy markets means prices can still fluctuate sharply. For many small businesses, reducing energy consumption remains one of the simplest ways to improve
More...Many successful businesses eventually reach a point where additional finance is needed. Whether the objective is purchasing equipment, expanding premises, recruiting staff or improving cash flow, access to funding can often determine how quickly a business can grow. Unfortunately, many applications are rejected, not because the business
More...Employees who use their own vehicle for business journeys may receive Mileage Allowance Payments (MAPs) from their employer. These payments can be made tax-free up to HMRC’s approved amount, calculated by multiplying business miles travelled by the relevant rate per mile. Effective since 6 April 2026, the approved mileage rate for cars
More...Some self-employed individuals experience significant fluctuations in their profits from one year to the next. When this happens, HMRC’s averaging relief may help to regularise tax payments by levelling profits across more than one tax year. However, the relief is only available to limited groups of taxpayers. Farmers and market
More...UK taxpayers with income from overseas may not always be aware of the tax rules that apply. Foreign income is defined as any income from outside England, Scotland, Wales and Northern Ireland. The Channel Islands and the Isle of Man are classed as foreign. Different rules may apply if you’re eligible for Foreign Income and Gains
More...The new Chancellor of the Exchequer, John Healey has confirmed, in a video message, that the next UK Budget will take place on Wednesday, 28 October 2026. Details of all the Budget announcements will be made on a special section of the GOV.UK website which will be updated following completion of the Chancellor’s first Budget speech in
More...If you pay for replacing or repairing small tools you need for your job, you may be able to claim tax relief from HMRC. Eligible tools include items such as scissors, small hand tools and electric drills that are essential for carrying out your work and are not provided by your employer. You may also be able to claim tax relief for the
More...After submitting your self-assessment return it is important to keep your records used to prepare the return. HMRC may ask to check your return, so it is important to keep the supporting documents and information used to complete your tax return. There are no specific rules on how records must be stored. You can keep them on paper,
More...The Employment Allowance can help eligible employers reduce their National Insurance costs by up to £10,500 each tax year. The allowance reduces an employer’s Class 1 National Insurance liability and is applied automatically through payroll once a valid claim has been made. Most businesses can claim, provided they do not carry out more
More...Protecting hard-won local customer networks is a constant and necessary battle for commercial suppliers. However, a recent High Court judgement has exposed the risks inherent in employing standard ‘boilerplate’ contracts to restrict departing sales staff. The dispute in focus was triggered when a national building supplies merchant sought
More...Artificial intelligence (AI) has dominated business headlines over the past year, with many suggesting it will transform the way companies operate. While there is no doubt that AI has enormous potential, recent research indicates that many small businesses have yet to experience significant commercial benefits. For some business owners,
More...Economic conditions remain uncertain and many business owners are understandably cautious about the months ahead. Although there are signs of improvement in some sectors, rising costs, changing customer demand and ongoing economic pressures mean that confidence remains fragile. When uncertainty increases, it is tempting to postpone
More...We are an expert firm of chartered certified Peterborough accountants offering simplified and professional financial services to sole traders and SME's.
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GGM Accountancy Ltd
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E-mail: admin@ggmaccountancy.co.uk
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