Accounting MK Ltd - Accountants based in Milton Keynes

Accounting MK Ltd - Accountants based in Milton Keynes We are a small professional Accountancy and Book Keeping business based in Milton Keynes. We offer a

We are professional Accountancy and Book Keeping business based in Milton Keynes. We offer a personal, quality affordable service for many clients including: Limited Companies, Sole Traders, Partnerships, Personal Tax Clients & CIS Sub-contractors

At Accounting MK, we realise every business and person is different so we will tailor each accountancy package to the individual client. We are a very

modern accountancy company and aim to dismiss the myth that all accountants are boring! We won't confuse matters with accountants' jargon and ensure you clearly recognise what is happening. Allowing us to do what we do best will free up your time allowing you to do what you do best and create a successful business. So contact us today to see how we can help free up your valuable time and save you money.

Making Tax Digital is no longer something to “deal with later”.From April 2026, sole traders and landlords earning over ...
03/06/2026

Making Tax Digital is no longer something to “deal with later”.

From April 2026, sole traders and landlords earning over £50,000 from self-employment and property income are required to keep digital records and submit quarterly updates to HMRC using compatible software.

That means:
• More frequent reporting
• Digital record keeping
• New filing deadlines throughout the year

Many business owners still believe they only need to submit one tax return annually.

That is changing.

If your income is close to the threshold, now is the time to:
• Review your records
• Check your bookkeeping systems
• Make sure your software is MTD compliant

Leaving it until the last minute could create unnecessary stress and compliance issues.

The businesses preparing now will have a much smoother transition later.

A business can make £30,000 a month and still be in financial trouble.Because turnover is not the same as profit.And pro...
30/05/2026

A business can make £30,000 a month and still be in financial trouble.

Because turnover is not the same as profit.
And profit is not the same as cash flow.

A lot of businesses look successful online while behind the scenes:
• VAT has not been set aside
• Tax bills are approaching fast
• Bookkeeping is months behind
• Directors are paying themselves blindly
• And cash flow is under pressure

This is exactly why some businesses grow fast and still collapse.

In the UK, companies fail every year not because sales were low, but because financial management was poor.

Revenue creates attention.
Financial structure creates stability.

Knowing your numbers is not optional once your business starts growing.

Because the faster a business grows without financial control, the faster the problems grow too.

A surprising number of business owners avoid checking their numbers.Not because the business is failing.But because deep...
29/05/2026

A surprising number of business owners avoid checking their numbers.

Not because the business is failing.

But because deep down, they already know something feels off.

Cash flow feels tighter.
The VAT bill is approaching.
Bookkeeping is behind.
Tax money has been spent accidentally.
And looking at the banking app starts creating anxiety.

Avoiding your finances does not reduce stress.
It delays it.

In the UK, HMRC penalties are largely automated. Late VAT returns, overdue Self Assessment filings, missed PAYE payments, and unpaid Corporation Tax can all trigger penalties and interest very quickly.

One of the biggest mistakes business owners make is waiting until January to properly review their numbers.

By then:
• Receipts are missing
• Tax bills feel overwhelming
• And opportunities to reduce tax legally may already be gone

The businesses that grow sustainably are usually the ones that stay financially aware all year round.

Simple habits make a huge difference:
• Review your numbers monthly
• Keep tax money separate
• Track cash flow properly
• Deal with problems early instead of avoiding them

Most financial problems in business start small.

Ignoring them is usually what makes them expensive.

Your bank balance is lying to you.Just because the money is sitting there does not mean it is yours to spend.A large par...
28/05/2026

Your bank balance is lying to you.

Just because the money is sitting there does not mean it is yours to spend.

A large part of it may already belong to:
• HMRC
• VAT
• Corporation tax
• Suppliers
• Payroll

This is why so many profitable businesses still end up under pressure.

Revenue creates excitement.
Cash flow creates survival.

The smartest business owners learn the difference early.

Most limited company directors don’t realise this.Your business can buy you one mobile phone completely tax-free, and ye...
23/05/2026

Most limited company directors don’t realise this.

Your business can buy you one mobile phone completely tax-free, and yes, that includes the monthly contract too.

But there’s one detail that changes everything.

The phone must:
• Be in the company’s name
• Be paid for directly by the company
• Be mainly for business use

A bit of personal use is allowed.

Now here’s where directors accidentally create a tax problem:

If you buy the phone personally and then reimburse yourself later, HMRC can treat it as a Benefit In Kind.

Which means extra tax.

Same phone.
Same cost.
Completely different tax treatment based on how it’s purchased.

This is why good tax planning is rarely about loopholes.
It’s about structure.

HMRC asked one question…And the business owner talked themselves into a much bigger problem.Not because they were hiding...
22/05/2026

HMRC asked one question…

And the business owner talked themselves into a much bigger problem.

Not because they were hiding anything.
Because they answered badly.

A lot of HMRC conversations sound informal at first.

But while you’re speaking, they’re often assessing:
• How accurate your records are
• Whether you understand your finances
• If there are gaps worth investigating further

Here are responses that can instantly create concern:

“It’s just extra income.”
“It mostly goes through PayPal.”
“I’m not really sure.”
“My accountant deals with that.”

Even innocent comments can create unnecessary attention when they sound vague, uncertain, or unsupported.

The biggest mistake?
Trying to keep talking under pressure.

People often start guessing.
Over-explaining.
Filling silence with information HMRC never asked for.

A better approach is simple:

Pause.
Check your records.
Respond clearly.
Keep answers factual.

For example:

“I’ll review the records and come back to you.”
“We maintain full records for all income received.”
“I’d like to confirm the details before responding.”

Calm always sounds more credible than rushed.

The goal is not to “say the right thing.”
It’s to be organised enough that your answers are backed by evidence.

That changes how these conversations unfold.

HMRC does not usually chase you before a deadline passes.The dates are fixed, the system is automated, and penalties are...
21/05/2026

HMRC does not usually chase you before a deadline passes.

The dates are fixed, the system is automated, and penalties are issued whether you remembered or not.

Every year, many business owners end up paying avoidable fines simply because they were unaware of the deadlines or assumed they would receive multiple reminders first.

If you are self-employed, earn rental income, run a limited company, or receive untaxed income, these are important Self Assessment deadlines to know for the 2025/26 tax year.

5 October 2026
If this is your first time filing a Self Assessment tax return, this is the deadline to register with HMRC.

31 October 2026
This is the deadline for paper tax returns. If you miss this date, you will need to submit your return online instead.

31 January 2027
This is the most important deadline for most taxpayers because several things become due on the same day:
• Your online Self Assessment tax return
• Any outstanding tax owed
• Your first payment on account

If you miss this deadline, HMRC automatically issues a £100 late filing penalty, even if you do not owe tax.

The longer the delay continues, the more serious the penalties become:
• After 3 months, additional daily penalties of £10 per day can apply
• After 6 months, HMRC may charge an extra penalty equal to 5% of the tax owed
• Interest and separate late payment penalties may also be added

31 July 2027
Your second payment on account is due by this date.

There is also a major change arriving from April 2026 that many business owners and landlords are still unaware of.

If your qualifying income from self-employment or property exceeds £50,000, Making Tax Digital reporting requirements will apply to you. This means quarterly updates to HMRC will become mandatory rather than filing everything once a year.

Staying organised with your records and planning ahead for these dates can save a significant amount of stress, penalties, and unnecessary financial pressure later on.

General guidance only. Always speak to a qualified professional for advice based on your personal circumstances.

15/05/2026

Make sure you’re claiming the tax allowances you may be entitled to in the UK 👀

A lot of people don’t realise HMRC offers different tax-free allowances that could help reduce how much tax you pay each year.

For example:

✔️ Most people can earn up to £12,570 before paying income tax✔️ You can save or invest up to £20,000 a year in an ISA tax-free✔️ Side hustle or casual income under £1,000 may fall under the Trading Allowance✔️ Rent out a room in your home and you could earn up to £7,500 tax-free✔️ Married couples may be able to save tax through Marriage Allowance✔️ Pension contributions can also come with valuable tax relief

The rules depend on your income and circumstances, but checking what you qualify for could save you money legally.

14/05/2026

Self-employed or running a sole trader business in the UK? These are some common business expenses that could legally reduce your tax bill 👇

✔️ Mileage Claims
Using your personal car for business travel like client meetings, supplier visits or work errands? HMRC currently allows you to claim 45p per mile for the first 10,000 business miles.

✔️ Working From Home
If you work from home regularly, you may be able to claim HMRC’s working from home allowance. Working 101+ hours from home (per month) could allow a flat rate claim of up to £26 per month.

✔️ Business Subscriptions
Monthly business tools and software can usually be claimed as expenses too. Think Canva, CapCut, Notion, Zoom, accounting software and other platforms you use to run your business.

✔️ Mobile Phone Costs
Using your personal phone for business calls, emails or social media? You may be able to claim the business-use percentage of your phone bill.

✔️ Freelancers & Outsourcing
Hiring a Virtual Assistant, Social Media Manager, designer, bookkeeper or other freelancers to support your business?
These costs are often allowable business expenses.

Small business expenses add up quickly, so keeping good records throughout the year can make a big difference at tax time.

HMRC TaxTipsUK FreelancerUK UKBusinessOwner AccountingTips WorkFromHomeUK MileageClaim EntrepreneurUK

Nobody warns you that running a business means becoming:CEO 🤝 accountant 🤝 admin 🤝 customer service 🤝 therapistOne minut...
13/05/2026

Nobody warns you that running a business means becoming:
CEO 🤝
accountant 🤝
admin 🤝
customer service
🤝 therapist

One minute you’re chasing invoices.The next you’re googling “what even is allowable expenses?” at 11PM 😭

That’s why I always say:Most business owners don’t actually hate accounting.They hate feeling confused, behind and scared of getting it wrong.

And honestly? That’s more common than you think.

Address

Milton Keynes
MK41WN

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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