UHY Ross Brooke, Chartered Accountants in Newbury, Swindon, Hungerford and Abingdon

The net has been widened and anyone with a combined self-employed turnover or rental income over £20k, will find themselves within Making Tax Digital for Income tax - https://lnkd.in/etiY-mRC

Will the changes for Making Tax Digital for Income Tax (MTD for IT) affect you sooner than later? What is MTD for IT? Making Tax Digital for Income Tax (MTD for IT) is a government initiative that requires self-employed individuals and landlords with income over a certain limit to keep digital records and submit quarterly tax updates to HM Revenue and Customs (HMRC) using compatible software. Who does MTD for IT apply to? These rules are mandatory and come into effect from 6 April 2026 for sole traders and property landlords who generated trade and rental income of more than £50,000 in the 2024/25 tax year. This income threshold will then drop so that sole traders and property landlords with income of more than £30,000 in the 2025/26 tax year will be brought into MTD for IT from 6 April 2027. The Spring Statement has now confirmed that this threshold will be reduced further so that sole traders and property landlords with income over £20,000 in 2026/27 will have to comply with the rules from 6 April 2028. MTD for IT will also affect how tax returns are submitted It has also now been confirmed that if you are required to use MTD for IT, your end-of-year tax return must also be submitted using MTD-compatible software. It won’t be possible to use a free HMRC online service. What can you do? This may be a big adjustment in the way you keep your accounting records. Please feel free to get in touch if so. We would be happy to provide advice, recommendations and training, if needed, so that you can meet this new requirement with the minimum hassle and stress.

We'll be at Greenfest on Saturday at St Barts - will you? Come and talk to us about ESG (or careers), play some thought-provoking games and walk off with some free (but useful and environmentally conscious) freebies @GreenFest West Berkshire @st_barts_newbury

Do you think of ESG reporting as yet another tick box exercise? It needn't be, and can have benefits for your business. Chris Davies explains how AI can help to reduce this workload and even find opportunities for improvement. Take a look at his latest blog at https://lnkd.in/eFfSyqHY While we're on the subject of ESG, if you're local to Newbury, Berks and are free on Saturday 5th April, why not pop down to St Barts School for #Greenfest and meet some of our ESG team led by Emily Ness FCCA ACA.

There's still a lot of confusion about who has to adopt MTD for ITSA, and when they should start. If you're a landlord or self employed, this may well affect you. Chris Davies busts the 10 biggest myths in his blog - take a read and put your mind at rest. https://lnkd.in/e_jJ2bf5 Whether you're planning on adopting it in the near future, or as late as possible, do feel free to get in touch - we have lots of options and plans in place to make it as painless as possible. #landlord #landlords #mtd #selfemployed

In case you missed it, the public vote is now open where you can help choose the Headline Charity Partner for the Newbury BID Krazy Races Soapbox Derby! There are nine outstanding charities in the running – each making a meaningful impact in the local community. The chosen charity will receive a special donation at the event, along with invaluable exposure and fundraising opportunities. Voting closes on Sunday 23rd March, and you can submit your vote here: https://buff.ly/orIqnsf It only takes a couple of clicks and remember, your vote your truly make a difference to one of these fantastic groups: Daisy's Dream Berkshire Youth Education Business Partnership Fire Fighters Charity Volunteer Centre West Berkshire Bridge for Young People Swings & Smiles New Life Special Care Babies West Berkshire Mencap Good luck to all!

The National Cyber Security Centre have published new guidance for organisations on network security fundamentals. Using networks has become fundamental to many businesses, ensuring they continue to operate and stay secure. The guidance splits into the following 8 sections: Identifying your assets Understanding the threat Restricting access Designing network architecture Protecting data in transit Securing network perimeters Updating systems Monitoring networks The guidance provides an overview in each area as well as further reading that can help you ensure that your network is as secure as possible. See: https://lnkd.in/gVxARYQF If your organisation needs some IT consultancy and advice on your cyber security, please ask how we can help.

🎓 Kickstart Your Career in Accountancy with UHY Ross Brooke! Are you ready to take your first steps into the world of accounting, or climb the next rung of the ladder? Our Swindon, Newbury and Hungerford offices are on the lookout for AAT Trainees to join our dynamic and supportive team. This is a fantastic opportunity to gain hands-on experience while working towards your professional qualifications. You’ll learn from industry experts, work with a variety of clients, and build the foundation for a successful career in accountancy. 🔎 What we’re looking for: ✔️ Enthusiastic and motivated individuals ✔️ Keen to learn and grow professionally ✔️ Strong numeracy and communication skills ✔️ AAT any stage - from starting out to Level 4 📍 Location: Hungerford Office, Newbury Office, Swindon Office 💼 Start your journey today: Learn more and apply at https://lnkd.in/d3wAm_E Take the leap—your future in accountancy starts here! 💼✨ #AATTrainee #CareerOpportunities #AccountancyJobs #Hungerford #Newbury #TeamUHYRossBrooke #Swindon

With a relatively short time left before the end of the current tax year, now is the time to be undertaking some serious year end tax planning prior to the forthcoming 5th April. Ideally, you will want to take advantage of all reliefs and allowances, reduce your personal tax rate and plan for the future in a tax efficient manner. Here are some simple steps for you to consider: Review your existing dividend/salary/benefit mix with your accountant. Are these the most tax efficient? Consider deferring or bringing forward remuneration. The timing of these payments can have a substantial effect on your year end tax bills. Review any directors’ loans and advances. Should these be repaid prior to 5 April? Ensure that you use up your personal ISA allowance. Consider transferring assets between spouses to minimise overall tax liabilities. Discuss pension contributions with your IFA. As well as providing an income on retirement they can reduce current tax liabilities and shelter future growth from the tax man. If you are a higher rate taxpayer Gift Aid donations will not only benefit good causes but also reduce your tax liability. Where appropriate claim to reduce your Tax Payments on Account for 24/25 due 31 January and 31 July 2025. Review capital expenditure requirements. Where there are the potential for capital gains, use the annual capital gains tax allowance of £6,000 as this cannot be carried forward. In order to minimise Inheritance Tax on your death use up your annual Inheritance Tax exemption of £3,000, Small gifts exemption of £250 per person, and Gifts out of income exemption. Of course, everyone’s circumstances are different and if you would like advice tailored to personal circumstances please speak to one of our tax team.   Download our free tax planning guide at https://lnkd.in/eePJThur

🎓 Kickstart Your Career in Accountancy with UHY Ross Brooke! Are you ready to take your first steps into the world of accounting, or climb the next rung of the ladder? Our Swindon, Newbury and Hungerford offices are on the lookout for AAT Trainees to join our dynamic and supportive team. This is a fantastic opportunity to gain hands-on experience while working towards your professional qualifications. You’ll learn from industry experts, work with a variety of clients, and build the foundation for a successful career in accountancy. 🔎 What we’re looking for: ✔️ Enthusiastic and motivated individuals ✔️ Keen to learn and grow professionally ✔️ Strong numeracy and communication skills ✔️ AAT any stage - from starting out to Level 4 📍 Location: Hungerford Office, Newbury Office, Swindon Office 💼 Start your journey today: Learn more and apply at https://lnkd.in/d3wAm_E Take the leap—your future in accountancy starts here! 💼✨ #AATTrainee #CareerOpportunities #AccountancyJobs #Hungerford #Newbury #TeamUHYRossBrooke #Swindon