LM Griffiths & Co Ltd

LM Griffiths & Co Ltd Accountancy practice

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.

đź“ž 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.

đź“ž Call us on 01437 763454
📧 Email [email protected]

01/05/2026

💝 Giving to charity - check you’re claiming the tax relief

Donating to charity can do more than support good causes - it can also reduce your tax bill if the reliefs are used properly.

Many people know about Gift Aid, but fewer realise that higher and additional rate taxpayers can often claim extra relief. Charitable donations can also help reduce adjusted net income and support wider tax planning.

We’ve shared a short PDF in this post that outlines the key charity tax reliefs available - worth a quick read if you give regularly or are planning to.

đź“ž Call us on 01437 763454
📧 Email [email protected]

đź“Š Making Tax Digital update from HMRCHMRC has confirmed that only around 1 in 4 landlords and sole traders who need to j...
24/04/2026

đź“Š Making Tax Digital update from HMRC

HMRC has confirmed that only around 1 in 4 landlords and sole traders who need to join Making Tax Digital for Income Tax have signed up so far.

The new rules now apply to those earning over £50,000 from self‑employment or property income. HMRC says sign‑ups are moving at an “expected” pace, with many people likely to act closer to the first quarterly deadline later this year.

If you’re unsure whether this affects you, or what you need to do next, it’s worth checking sooner rather than later.

đź“ž Call us on 01437 763454
📧 Email [email protected]

📢 VAT Registration – Key Figures Every Business Owner Should KnowVAT registration can catch businesses off guard - espec...
17/04/2026

📢 VAT Registration – Key Figures Every Business Owner Should Know

VAT registration can catch businesses off guard - especially when turnover starts creeping up.

🔹 £90,000 VAT threshold
If your taxable turnover exceeds £90,000 in any 12‑month period, you are legally required to register for VAT. This isn’t based on your year end - HMRC looks at a rolling 12‑month total.

🔹 Late registration can be costly
Registering late can mean:
VAT owed on past sales
Penalties based on how late you are
Interest charged on unpaid VAT

🔹 Standard VAT rate: 20%
Once registered, most businesses must add 20% VAT to their sales - which can impact pricing, cash flow, and profits if not planned properly.

🔹 Voluntary registration
Even if your turnover is below ÂŁ90,000, voluntary VAT registration may allow you to:
Reclaim VAT on business costs
Improve business credibility
Prepare for growth before hitting the threshold

At LM Griffiths & Co, we’ll review your turnover, advise whether VAT registration is required or beneficial, handle the registration for you, and ensure you remain compliant - including Making Tax Digital for VAT and ongoing VAT returns.

đź“ž Call us on 01437 763454
📧 Email [email protected]

📢 The 2026/27 Tax Year Starts on 6 April The new tax year is about to begin, and now is the ideal time to get organised....
02/04/2026

📢 The 2026/27 Tax Year Starts on 6 April

The new tax year is about to begin, and now is the ideal time to get organised. Every year thousands of taxpayers face unnecessary stress, rushed submissions, and HMRC penalties. All of which can be avoided by planning ahead.

This year, it’s more important than ever to stay on top of your records, especially with Making Tax Digital continuing to roll out. MTD means more frequent digital reporting and stricter requirements for keeping digital records and many taxpayers will start to feel the impact as the new tax year progresses.

Getting ahead now will help you avoid last‑minute pressure, unexpected tax bills, and compliance issues down the line.

At LM Griffiths & Co, we’re here to make the transition into the 2026/27 tax year simple and stress free. Whether you’re self employed, a landlord, or managing multiple income streams, we’ll ensure your records are MTD ready and your self assessment is accurate, compliant, and submitted in plenty of time.

✅ Need help preparing for MTD or your 2026/27 self‑assessment?
đź“ž Call us on 01437 763454
📧 Email us at [email protected]

📢 Which Software Should You Use for Making Tax Digital ?From 6 April 2026, sole traders and landlords earning over £50,0...
13/03/2026

📢 Which Software Should You Use for Making Tax Digital ?
From 6 April 2026, sole traders and landlords earning over £50,000 will need to use MTD compatible software to keep digital records and send quarterly updates to HMRC. Here’s what you need to know:

💻 You’ll need recognised software
MTD software must keep digital records and submit updates directly to HMRC. Options include Xero, QuickBooks, FreeAgent and Sage, all recognised for MTD.

đź’™ We are a Xero Gold Partner!
We can help you get set up in Xero - and we also have experience with all major accountancy software, so you’re free to choose what suits you.

đź“Š Spreadsheets are still an option
If you prefer using Excel or CSV files, bridging software connects them to HMRC so you remain compliant.

🆓 HMRC has a free tool too
Ideal for simple self‑employment or property income cases.

📱 Apps can make MTD easier
Some MTD‑compatible apps include things like receipt scanning and reminders to help keep your records up to date.

We help small business owners choose the software that fits their setup and make sure everything is ready before April 2026.

đź“ž 01437 763454
📧 [email protected]

📢 Working From Home Tax Relief Is EndingFrom April 2026, HMRC is scrapping the flat‑rate working‑from‑home tax relief. T...
06/03/2026

📢 Working From Home Tax Relief Is Ending

From April 2026, HMRC is scrapping the flat‑rate working‑from‑home tax relief. This change affects employees who currently claim the £6 per week allowance for extra household costs while working from home.

Here’s what the change means:
🏠 No more flat rate £6 weekly allowance
The simple “no receipts needed” relief is being removed, affecting around 300,000 workers.

đź’· Many workers will pay more tax
Basic‑rate taxpayers will lose around £62 a year, and higher rate taxpayers around £124, once the allowance ends.

đź’ˇ Employers can still reimburse expenses
If your employer pays you for genuine home working costs, the payments remain tax‑free - you just won’t be able to claim directly from HMRC anymore.

đź•’ You can still claim for previous years
HMRC still allows claims for the past four tax years, so it’s worth checking if you’ve missed out before the window closes.
We help small business owners and employees understand what they can (and can’t) claim - and make sure no one misses out.

đź“ž 01437 763454
📧 [email protected]

📢 Making Tax Digital Is Nearly Here - Are You Ready?From April 2026, HMRC is changing the way sole traders and landlords...
27/02/2026

📢 Making Tax Digital Is Nearly Here - Are You Ready?

From April 2026, HMRC is changing the way sole traders and landlords report their income. If your business earns over £50,000, you’ll need to switch to the new system first, with more income bands following later.
Here’s what MTD means:

đź’» Quarterly reports instead of one big annual tax return
You’ll send four quick updates throughout the year, plus a final declaration - no more last minute January rush.

📱 Digital records only
You must use HMRC compatible software to track income and expenses. Paper files and basic spreadsheets won’t be enough on their own.

đź“Š Fewer surprises and clearer cashflow
With regular reporting, you’ll always have a better idea of what tax you owe, helping you plan ahead with confidence.

đź’Ľ Start preparing now
MTD is a big shift, but we’re here to make it simple. We can help you choose software, get set up, and stay compliant without the stress.

We support small businesses every day - let us handle the numbers so you can focus on running your business.

đź“ž 01437 763454
📧 [email protected]

📢 Why You Should Keep Business & Personal Spending SeparateA lot of small business owners still use one bank account for...
20/02/2026

📢 Why You Should Keep Business & Personal Spending Separate

A lot of small business owners still use one bank account for everything — personal spending, business income, and business costs. It might feel easier day‑to‑day, but it can cause headaches later in the year.
Here’s why keeping things separate makes life much easier:

💳 You can instantly see what you’ve earned and what you’ve spent
No more scrolling through pages of personal shopping trying to spot business payments.

🧾 You won’t miss out on claiming business expenses
When everything is mixed together, it’s very easy to miss items you could claim - which means you may end up paying more tax than you need to.

đź“… Your tax return takes far less time to sort out
If all business transactions are in one place, gathering the figures is much simpler and less stressful.

💼 It’s easier to prove what’s business related
If HMRC ever asks for information, clear separation helps avoid confusion and keeps things straightforward.

💡 In short - separate accounts mean fewer mistakes, less stress, and a better chance of claiming everything you’re entitled to, which can reduce your tax bill.

âś… Want peace of mind knowing your accounts are in professional hands?
đź“ž Call us on 01437763454
📧 Email us at [email protected]

📢 Avoid Costly HMRC Penalties – Get Ahead for the 2025/26 Tax YearHMRC has recently revealed that over 1 million taxpaye...
13/02/2026

📢 Avoid Costly HMRC Penalties – Get Ahead for the 2025/26 Tax Year

HMRC has recently revealed that over 1 million taxpayers missed the 31 January deadline, leading to ÂŁ325 million in fines and interest. With penalties starting at ÂŁ100, interest at 7.75%, and further surcharges after the 28th February, late filing is becoming more expensive than ever.

Filing your return early is the simplest way to avoid last‑minute stress, unexpected penalties, and rushed mistakes.

At LM Griffiths & Co, we’re here to make the process straightforward. Whether you’re self‑employed, a landlord, or need support with multiple income sources, we ensure your return is accurate, compliant, and submitted in good time.
✅ Need help with your 2025/26 self‑assessment?
đź“ž Call us on 01437763454
📧 Email us at [email protected]

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1&2 Merlins Court, Winch Lane
Haverfordwest
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