LM Griffiths & Co Ltd

21/08/2026

📢 The First MTD Quarterly Deadline Has Arrived

Making Tax Digital for Income Tax reached an important milestone this month, with the first quarterly updates due by 7 August 2026. The updates covered the period from 6 April to 5 July 2026 and marked the first time many taxpayers have reported income to HMRC during the tax year rather than after it.

HMRC estimates that more than 864,000 sole traders and landlords are now within the scope of MTD for Income Tax and required to submit quarterly updates through compatible software.

Early feedback suggests the process has been relatively straightforward for those with up-to-date digital records and regular bookkeeping. The quarterly updates are not tax returns and do not create a tax bill, but they are intended to give taxpayers a clearer picture of their position throughout the year.

With MTD due to expand to those earning over £30,000 from April 2027 and over £20,000 from April 2028, many more taxpayers will be affected in the coming years.

At LM Griffiths & Co, we're helping clients prepare for MTD, maintain compliant digital records, and stay on top of the new reporting requirements.

📞 01437 763454
📧 [email protected]

14/08/2026

📢 Are You Charging Enough?

One of the biggest challenges for small business owners isn't winning work – it's making sure that work is actually profitable.

🔹 Costs change over time
Fuel, materials, utilities, wages and software costs have all increased in recent years. If your prices haven't changed, your profit margins may have quietly reduced.

🔹 Being busy doesn't always mean being profitable
A full diary can be a great sign, but if prices aren't keeping pace with costs, you could be working harder for less return.

🔹 Know your numbers
Regularly reviewing your costs helps ensure your pricing remains competitive and sustainable.

🔹 Small increases can make a big difference
A modest price increase can often have a greater impact on profitability than taking on additional work.

Taking time to review your pricing isn't about charging more for the sake of it – it's about making sure your business remains healthy and profitable in the long term.

At LM Griffiths & Co, we help businesses understand their numbers and make informed decisions for the future.

📞 Call us on 01437 763454
📧 Email [email protected]

31/07/2026

📢 Celebrating 20 Years with LM Griffiths & Co 🎉

This month, we're delighted to celebrate Paul Murray's 20th anniversary with LM Griffiths & Co.

Over the past 20 years, Paul has become a familiar face to many of our clients, helping businesses and individuals with practical advice, expert guidance, and a commitment to excellent service.

Having progressed to become a Director of the firm, Paul has played an important role in the growth and development of LM Griffiths & Co, and we're grateful for everything he has contributed along the way.

Congratulations, Paul, on this fantastic milestone and thank you for 20 years of dedication, hard work, and support.

24/07/2026

📢 Our First MTD Quarterly Updates Are In

This month, we submitted our first Making Tax Digital quarterly updates as the new reporting requirements begin to take effect.

The process has gone smoothly, thanks to good bookkeeping, accurate records, and being prepared well in advance. It's been a great opportunity for us to gain hands-on experience with the new system and ensure we're ready to support clients as MTD continues to roll out.

At LM Griffiths & Co, we're staying ahead of the changes so our clients can too.
📞 01437 763454
📧 [email protected]

30/06/2026

Hope they all enjoyed the All Wales Scout camp!

Huge thanks to LM Griffiths & Co Ltd for donations of funds for our coach travel to All Wales Scout Camp 😁 without them we wouldn't have been able to travel up in such comfort! 🚌 ⚜️

19/06/2026

📢 Keeping Your Books Up to Date Can Save You Money

Staying on top of your bookkeeping isn’t just about being organised - it can make a real difference to how much tax you pay and how smoothly your business runs.

🔹 Missed receipts = missed expenses
If receipts aren’t kept or get lost, it often means expenses go unclaimed, and you could end up paying more tax than necessary.

🔹 Last minute bookkeeping costs more
Leaving everything until year end often means more time spent sorting through paperwork - which can increase accountancy costs and stress.

🔹 Better records = better decisions
Up to date bookkeeping gives a clearer picture of how your business is performing, helping you plan ahead with confidence.

🔹 Why this matters
Good habits throughout the year usually lead to:

More accurate tax returns
Fewer missed opportunities to claim expenses
A smoother, less stressful year end

👉 A simple approach
Keeping records organised as you go - whether digitally or with a clear system makes everything easier down the line.

At LM Griffiths & Co, we help you keep your bookkeeping simple, up to date, and working for your business.
✅ Unsure if you’re keeping the right records?
✅ Feel like things always build up towards year end?
📞 Call us on 01437 763454
📧 Email [email protected]

12/06/2026

📢 New Rule for Small Companies – Coming in 2028

A new rule has been confirmed that will affect small limited companies from April 2028.

🔹 You’ll need to send in your profit figures
From 2028, small companies will have to include a profit & loss (P&L) account when they file their annual accounts - something many smaller businesses don’t currently have to do.

🔹 You can keep it out of the public eye
Although you must send it to Companies House, you will be able to choose not to show it publicly, so your figures don’t have to be visible to competitors.

🔹 Everything will need to be done digitally
Accounts will have to be filed using accounting software, as paper and basic online filing for accounts will be phased out.

🔹 When does this happen?
These changes come in from April 2028, giving businesses time to get ready.

👉 What this means for you
Even small businesses will need clear, accurate records and proper accounting systems in place, as filing requirements are becoming more detailed.

At LM Griffiths & Co, we make sure everything is kept simple, organised, and fully compliant - so you’re ready well before any changes come in.

📞 Call us on 01437 763454
📧 Email [email protected]

22/05/2026

📢 HMRC Mileage Rates Have Increased - What You Need to Know

HMRC has recently increased the mileage rate for cars and vans to 55p per mile for the first 10,000 business miles - a change that could have a real impact on your tax claims and reimbursements.

🔹 55p per mile (up from 45p)
From the latest update, you can now claim 55p per mile for the first 10,000 business miles - giving greater tax relief for business travel.

🔹 25p per mile thereafter
Once you exceed 10,000 miles in the tax year, the rate remains at 25p per mile.

🔹 Why this matters
This increase means:
Higher allowable tax deductions for the self‑employed
Increased tax‑free reimbursements for employees
A potential impact on business costs and profitability

If you’re still using the old 45p rate, you could be under claiming and missing out on valuable tax relief.

At LM Griffiths & Co, we’ll make sure you’re using the correct, up to date rates, keeping your records accurate and ensuring you claim everything you’re entitled to.

📞 Call us on 01437 763454
📧 Email [email protected]

15/05/2026

📰 Business & tax news round‑up – May 2026

Our latest news round‑up highlights several developments that may affect businesses and households:
• Energy cost support for manufacturers – The government has extended energy bill support for some UK manufacturers, aiming to protect jobs and keep firms competitive, though help remains targeted rather than universal.
• Help to Buy under renewed scrutiny – Recent analysis suggests the scheme mainly benefited higher‑income households, raising questions about how effective it was in improving access to home ownership.
• Consumer confidence under pressure – Continued cost‑of‑living pressures mean many households are cutting back on spending, which may have knock‑on effects for business sales and cashflow.

We’ve shared a short PDF with this post that summarises these stories and explains why they matter. It’s a quick way to stay informed on the wider economic issues shaping decisions at the moment.

📞 Call us on 01437 763454
📧 Email [email protected]

08/05/2026

🧾 E‑invoicing: how SMEs can start preparing now

E‑invoicing is moving from a back‑office improvement to a planning issue for UK businesses. The government has confirmed that VAT invoices will need to be issued as e-invoices from April 2029, with the detailed UK rules still being developed.

While 2029 may feel a long way off, preparing early can make a real difference. E‑invoicing isn’t just about compliance - it can help reduce errors, improve cashflow, cut down admin, and strengthen fraud controls. HMRC research shows that many SMEs still rely on PDFs and emails, which is not the same as structured e‑invoicing.

We’ve shared a short PDF with this post that explains what e‑invoicing really means, why it matters before 2029, and the practical steps SMEs can take now to get ready without unnecessary disruption.

📞 Call us on 01437 763454
📧 Email [email protected]