Experts in numbers,
trusted in results
We provide sophisticated financial solutions for SMEs, specialising in M&A and elite tax strategy to ensure your business thrives.
Expertise in Numbers
Tax Strategy
Our elite tax advisory services focus on maximising your financial efficiency through sophisticated planning and compliance, providing the strategic edge your business needs.
Mergers & Acquisitions
We provide sophisticated financial analysis and strategic advisory for complex corporate transactions, ensuring your business transitions with precision and confidence.
Annual Accounts
We deliver comprehensive financial reporting and statutory compliance tailored for SMEs, ensuring your business remains transparent and compliant with regulatory standards.
Current News
Making Tax Digital Reaches First Quarterly Reporting Stage
Making Tax Digital Reaches First Quarterly Reporting Stage
Date of announcement: 12 August 2026
HM Revenue & Customs has confirmed that more than 436,000 sole traders and landlords have successfully submitted their first quarterly update under Making Tax Digital for Income Tax.
Since April 2026, sole traders and landlords with qualifying annual income above £50,000 have been required to maintain digital accounting records and submit quarterly summaries using compatible software. The first reporting period covered the opening three months of the 2026/27 tax year.
HMRC has confirmed that taxpayers who missed their first quarterly update should submit it as soon as possible. No penalty points will be issued for late quarterly updates during the first year of the new system.
From September 2026, HMRC will begin automatically signing up eligible taxpayers who have not registered themselves. However, businesses and landlords are encouraged to register directly so that their details and accounting software are correctly connected.
Anyone affected should ensure their bookkeeping records are complete and their chosen software is fully compatible with HMRC’s requirements.
HMRC Issues Simple Assessment Tax Letters
HMRC Issues Simple Assessment Tax Letters
Date of announcement: 28 July 2026
HM Revenue & Customs is issuing Simple Assessment letters to individuals who owe tax that cannot be collected automatically through PAYE or dealt with through a Self Assessment tax return.
The official letter, known as a PA302, explains how much tax is due, why the liability has arisen and the date by which payment must be made. Working-age taxpayers began receiving letters from 30 June 2026, while letters to pensioners started being issued from 12 August.
A further group of letters will be sent between October and December 2026, mainly relating to untaxed interest reported to HMRC by banks and building societies.
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Connect with our boutique team to discuss your business strategy, annual accounts, or M&A opportunities. We are here to provide the authoritative financial guidance your SME deserves.
finance@mbs-accounting.co.uk
Phone
+44 (0) 113 418 2935
Office
Suite G1D, Kingswood House, Richardshaw Lane, Leeds, LS28 6BN