OBS Accounting

OBS Accounting Our family-owned accounting practice provides a range of accounting services to individual customers and businesses - from tax returns to setting out budgets.
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Visit here https://linktr.ee/myobsaccounting for more details.

26/05/2026

Hooray! Here's some things to remember 👇

The new approved mileage rate from 45p to 55p per mile is for the first 10,000 business miles, (after that, the rate drops down to 25p.) It starts from 6 April 2026

It applies to:
• Employees
• Sole traders
• LTD directors
• CIS workers
• Business owners using their own vehicle for work

You must keep records of:
• Dates
• Journeys
• Purpose of trip
• Miles travelled

And remember, it must genuinely be for business travel. Normal commuting usually does NOT count ❌

EMPLOYEES 👀👉: if your employer pays LESS
than HMRC's approved mileage rate, you may be able to claim tax relief on the difference

SOLE TRADERS 👀👉 : if you use simplified expenses to claim this new mileage rates, you generally cannot also separately claim fuel, repairs, insurance and similar vehicle costs for the same car.
(Therefore it's worth to plan, look at your circumstances and speak to a professional to see whats actually the right move for you.)

What do you think about this recent development?🤔

Follow for us so you do not miss valuable business and tax updates🧡

The current standard PAYE tax code is 1257L… but that doesn’t mean yours is correct 👀Most people assume their tax code i...
11/05/2026

The current standard PAYE tax code is 1257L… but that doesn’t mean yours is correct 👀

Most people assume their tax code is right and never check it - but tax codes can change throughout the year, and if something is off, it affects your pay before you even realise it.

That’s why it’s worth understanding the basics and knowing what to look out for.

Save this post - and follow for straightforward UK small business tips 🧡

Think you’ve got time to figure MTD out later? 🤔While there is some leeway in the first year for late quarterly submissi...
28/04/2026

Think you’ve got time to figure MTD out later? 🤔
While there is some leeway in the first year for late quarterly submissions, it does not mean you’re penalty-free.

‼️ Penalties still apply for:
•⁠ ⁠late final declaration
•⁠ ⁠late tax payments

You’re also expected to:
•⁠ ⁠keep full digital records from April
•⁠ ⁠use HMRC-recognised software
•⁠ ⁠submit everything correctly for your final declaration

IMPORTANT - If your records aren’t kept properly, HMRC can issue penalties of up to £3,000 for failing to maintain them - including not keeping digital records or using compatible software under MTD.

If this is starting to feel overwhelming, you’ve got a couple of options:

We can handle it for you - we’re currently taking on new clients, simply book a free thirty minute consultation today.

Or, if you just need clarity, you can get our MTD Basics eBook and sign up for a one-off Zoom consultation with a certified accountant (me 😌) to help you set everything up properly and walk you through the MTD process.

All links are in our bio🔗

16/04/2026

£60,000 stolen… and the real fight began after the scam

From a victim’s perspective, getting answers can feel impossible - you’re passed around, left guessing, and often don’t know what’s happening behind the scenes.

If this happens to you, don’t stay silent. Use every resource you can:

🔸Bank – report the scam immediately
🔸Action Fraud – the UK’s national fraud reporting centre
🔸Local police – sometimes direct reporting is needed
🔸Victim Support – emotional and practical support
🔸Solicitors – many offer free consultations
🔸Friends and family – scammers rely on isolation; leaning on loved ones helps you fight back.

Follow us for our future series on red flags to watch for scammers and fraudsters 🧡

14/04/2026

Most people only use their accountant once a year. That’s the problem! Because by the time tax season arrives, it’s just reporting what’s already happened 🙃

You should have an accountant year-round and a good one will work with you consistently throughout the year, not just at year-end.

Yes, it’s an expense for your business - but it’s an allowable one, which means it reduces your taxable profit and can lower your overall tax bill. Plus, there are often additional savings your accountant can help you make 👇

That includes:
🔸spotting tax savings while you’re still earning
🔸keeping your records clean and compliant
🔸making sure you’re not overpaying HMRC
🔸helping you plan, not just file

If you only speak to your accountant once a year, you’re reacting to your numbers ❌

If you work with them throughout the year you’re proactive ✅

And that usually leads to better cashflow, fewer surprises, and a more efficient tax position at year-end

🧡Follow us for straightforward accounting content for small business owners

02/04/2026

Will you be claiming everything you can? 🤔

Most tradespeople stick to the obvious stuff and miss hundreds in expenses :
Professional memberships, maintenance of tools and even home office all count!

Comment ‘TRADES’ and we’ll send you a checklist ✅ before HMRC takes more than it should

Address

Cranleigh
GU68UP

Telephone

+447415012256

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