Chapmans Business Solutions Limited

04/06/2026

Making Tax Digital is Here - Are You Ready?
The way many sole traders and landlords report their income to HMRC has changed significantly.

From April 2026, Making Tax Digital (MTD) for Income Tax became mandatory for sole traders and landlords whose gross income exceeded £50,000 in the previous tax year. While the objective is to modernise the tax system and make reporting more accurate, many business owners are still unclear about what the new rules mean in practice.

Recent research suggests that around 70% of sole traders do not fully understand their obligations under MTD, only 37% are aware of the first reporting deadline and just 8% currently use software to manage their tax records. With penalties for late submissions and non-compliance on the horizon, now is the time to get prepared.
What Has Changed?

Under the new MTD rules, eligible taxpayers must keep digital records and submit quarterly updates to HMRC using recognised software.

These updates are not full tax returns. Instead, they provide a summary of your income and expenses throughout the year, giving HMRC a more up-to-date picture of your tax position.

The first quarterly update, covering the period from April to June 2026, must be submitted by 7 August 2026.

Future submission deadlines are:
• 7 November 2026
• 7 February 2027
• 7 May 2027

Does Self-Assessment Still Apply?
Yes.
Many people assume that quarterly reporting replaces the annual Self-Assessment tax return, but this is not the case.

You will still need to complete your Self-Assessment tax return by 31 January 2027 and tax payment deadlines remain unchanged, with payments typically due on 31 January and 31 July each year.

Multiple Income Streams Mean Multiple Submissions
One important detail that is often overlooked is that separate updates must be submitted for each qualifying income source.

For example, if you are self-employed and also receive rental income from a property, you will need to submit separate quarterly updates for both income streams.

Choosing the Right Software
All MTD submissions must be made through HMRC-recognised software. There are a variety of free and paid solutions available, each offering different features and levels of support.

For some business owners, managing the process themselves may be the right option. Others may prefer to work with an accountant who can submit updates on their behalf and ensure everything remains compliant.

Don't Leave It Until the Last Minute
Making Tax Digital represents one of the biggest changes to personal tax reporting in recent years. Although the new requirements may seem daunting at first, getting the right systems in place now can make compliance straightforward and stress-free.
If you're unsure whether MTD applies to you, need help selecting suitable software or would like reassurance that your current setup meets HMRC requirements, we're here to help.

At Chapmans Business Solutions, we can guide you through the process, help you stay compliant and ensure you avoid unnecessary penalties as the new regime takes effect.

Get in touch today for friendly, practical advice tailored to your business on 01775 529345 or drop us an email at [email protected].

03/06/2026

Key Tax & Payroll Dates for June

Keeping on top of important tax deadlines can help you avoid unnecessary penalties and ensure your business remains compliant.

Here's the key dates for June you need to know about:

19th June
If you operate a PAYE scheme, this is the deadline to submit an Employer Payment Summary (EPS) to HMRC if you are claiming any reductions to the amount due.
It is also the final date for employers to make their May PAYE payments by post.

22nd June
The deadline for employers to pay PAYE and National Insurance contributions electronically for the month of May.

30th June
Companies with a financial year ending on 30th June must submit their Corporation Tax Return (CT600) to HMRC by this date.

If you would like some support managing your payroll, tax returns or business accounts, our team at Chapmans Business Solutions is here to help businesses across Lincolnshire and the surrounding areas stay compliant and tax-efficient throughout the year.

If you’d like to learn more about how we can support your business tax needs, get in touch on 01775 529345 or drop us an email at [email protected].

28/05/2026

What Expenses can Small Businesses Claim in 2026/27?

Running a business comes with plenty of costs, but many small business owners are still unsure about what they can actually claim as an allowable expense.

Understanding your business expenses properly can help reduce your tax bill, improve cash flow and ensure you are not paying more tax than necessary.

Check out our straightforward guide to some of the most common small business expenses you may be able to claim in the 2026/27 tax year.

https://cbsaccountants.org/what-expenses-can-small-businesses-claim-in-2026-27/

Running a business comes with plenty of costs, but many small business owners are still unsure about what they can actually claim as an allowable expense. Understanding your business expenses properly can help reduce your tax bill, improve cash flow and ensure you are not paying more tax than necess...

27/05/2026

Changes to VCT Tax Relief Could Impact UK Business Growth

Recent changes announced by the Chancellor may significantly affect investment into the UK’s start-up and scale-up sector. From 6 April 2026, income tax relief available on Venture Capital Trusts (VCTs) has been reduced from 30% to 20%.
VCTs are investment funds designed to support young, growing UK businesses by providing vital early-stage funding.

Over the past five years, VCTs have raised approximately £4.3 billion for developing businesses, according to HMRC. Well-known companies such as Graze, Virgin Wines and Zoopla all benefited from this type of investment during their growth journeys.

While the Government has increased the annual VCT investment limit to £10 million in an effort to help businesses scale further, many industry experts believe the reduction in tax relief sends mixed signals to investors. Some commentators have described the move as “giving with one hand and taking away with the other.”

There are concerns that lower tax incentives could discourage higher-rate taxpayers and experienced investors from backing smaller UK businesses. Historically, when VCT tax relief was reduced from 40% to 30% in 2006, fundraising levels reportedly fell by almost two-thirds year-on-year.

As a result, investors may now look towards alternative tax-efficient investments such as Enterprise Investment Schemes (EIS), Seed Enterprise Investment Schemes (SEIS), pension contributions, or traditional equity income funds.
If you would like advice on tax-efficient investing or understanding how these changes may affect your financial planning, please contact the team at Chapmans Business Solutions.

If you’d like to learn more about how we can support your business tax needs, get in touch on 01775 529345 or drop us an email at [email protected].

21/05/2026

'They Answer the Phone when you call the Office'

We are absolutely delighted to receive such wonderful feedback from our valued clients at Queen Bee & Co.

At Chapmans Business Solutions, we pride ourselves on delivering a friendly, approachable and proactive service, so it means a great deal to hear that our support, responsiveness and tax expertise are making a real difference to the businesses we work with.

A huge thank you to Deborah Firmstone & Tom Simmonds and the team for your kind words and continued trust in our services. We truly appreciate your recommendation.

20/05/2026

Getting the right software for your business is one thing… knowing how to get the very best out of it is another.

At Chapmans Business Solutions, we work closely with all the main software houses, allowing us to offer discounts on software subscriptions to help businesses save money and work smarter.

But we don’t stop there.

Our in-house software specialists are on hand to support you every step of the way whether you need:

✔ Quick tips and guidance
✔ Help solving a specific issue
✔ Support implementing new systems
✔ Bespoke advice for your business
✔ Full day training sessions for your team.

Technology should make life easier, not more complicated and we’re here to help you make the most of the tools available to your business.

If you’d like to learn more about how we can support your business software needs, get in touch on 01775 529345 or drop us an email at [email protected].

14/05/2026

Spending More Time on Paperwork Than Your Business?

When running a business, your time is one of your most valuable assets, however, bookkeeping, VAT returns and admin tasks can quickly take over your already busy day.

At Chapmans Business Solutions, we help businesses across Lincolnshire take the stress out of bookkeeping and VAT management, giving you more time to focus on growing your business and doing what you do best.

We can support your business with:

✔ Accurate and efficient bookkeeping
✔ VAT handled professionally and on time
✔ Up-to-date financial records
✔ More time to focus on business performance.

Keeping your books organised isn’t just about compliance. It gives you a clearer picture of your business and helps you make confident decisions.

If you need support with bookkeeping and VAT, think Chapmans Business Solutions, we're a friendly team of family owned accountants based in Spalding, Lincolnshire.

Call our friendly team on 01775 529345 or drop us an email at [email protected].

13/05/2026

Stamp Duty Changes Generate £307m Increase in Tax Revenue

First-time buyers across England are facing noticeably higher property purchase costs following the end of temporary stamp duty relief measures in April 2025.
Over the last 12 months, stamp duty receipts from first-time buyers rose sharply to £408 million, compared with just £101 million during the previous year. The increase follows the reduction of the first-time buyer tax-free threshold from £425,000 to £300,000.

As a result of the revised thresholds, many buyers are now paying thousands of pounds more when purchasing their first home, with the average additional cost estimated at around £4,600 per transaction.

The higher tax burden comes alongside continued pressure from elevated mortgage interest rates, making affordability increasingly challenging for those entering the housing market.

Regional figures show London accounting for more than half of the additional stamp duty revenue generated, while the South East contributed almost a quarter.

In contrast, areas such as the North East and East Midlands saw far less impact, as many property values remain below the revised £300,000 threshold.

For prospective buyers, the combined effect of higher borrowing costs and increased upfront taxation continues to create significant financial challenges across the property market.

08/05/2026

A Moment of Stardom...

So we were exhibiting and speaking at this year's The Big Business Event this week at The Meres in Grantham LeisureSK and what a fab day we had, chatting with lots of local businesses and gaining an understanding of what accountancy support people are looking for right now.

We had a moment of stardom too - the lovely students from Grantham College & University were filming on the day and look who was captured on film! So important to support your young people and expose them to real life experiences. We're looking forward to seeing our debut very soon...

It was a great day filled with new connections, a super buzz and lots of laughter too. Big thanks to Deborah Firmstone for another inspiring event (really enjoyed the website talk and we definitely need ours updating soon).

See you all next year 😊

06/05/2026

Avoid Paying More Tax than Necessary

With the new tax year underway, now is the ideal time for landlords to review their finances and plan ahead.

Whether you own one rental property or a small portfolio, understanding landlord tax in the UK can help you stay compliant and avoid paying more tax than necessary, especially with new rules coming into force this year.
Here are some practical landlord tax tips to help you get started.

Grab a cuppa and check out this month's Blog post...

With the new tax year underway, now is the ideal time for landlords to review their finances and plan ahead. Whether you own one rental property or a small portfolio, understanding landlord tax in the UK can help you stay compliant and avoid paying more tax than necessary, especially with new rules....