5 Common VAT Return Mistakes Small Businesses Can Avoid
Preparing your VAT Return doesn’t have to be stressful. Discover five common VAT Return mistakes small businesses make and practical tips to help keep your records accurate and your returns on track.
Self Assessment Payment on Account – 31 July Deadline
Confused about Self Assessment Payments on Account? Find out who needs to pay, when the 31 July deadline applies and what happens if your income has changed.
Is Your Bookkeeping Taking Up Too Much Time? Here’s How to Save Time and Money
When you started your business, you probably didn’t imagine spending evenings sorting receipts, chasing invoices or trying to work out whether your accounts are up to date. For many small business owners, bookkeeping becomes one of those jobs that gets pushed to the bottom of the list—until it suddenly becomes urgent. Good bookkeeping isn’t just […]
Self Assessment Payment on Account – What You Need to Know Before 31 July
Confused about the 31 July Self Assessment Payment on Account deadline? Learn who needs to pay, how Payments on Account work and what happens if you miss the deadline.
Business Expenses – What Can You Claim? | Mays Accounting Services
Running a business comes with many costs, but did you know that claiming all your allowable business expenses can help reduce your tax bill? Many business owners unintentionally miss expenses they’re entitled to claim, meaning they pay more tax than necessary. Understanding what you can claim—and keeping accurate records—is an important part of running a […]
Making Tax Digital – Don’t Miss the First Quarterly Deadline
Making Tax Digital (MTD) – Are You Ready for Your First Quarterly Submission? Making Tax Digital (MTD) for Income Tax is now underway, and many sole traders and landlords are still unsure whether the new rules apply to them. If your combined gross income from self-employment and property exceeded £50,000 in the 2024/25 tax year, […]
Tax Bands and Allowances
Tax Bands and Allowances Key facts for 2026/27: Personal Allowance: £12,570 Basic rate: 20% up to £37,700 Higher rate: 40% up to £125,140 Additional rate: 45% above that Dividend Tax Changes – What Business Owners Need to Know If you run a limited company, dividend tax is now more important than ever. Current rules: Dividend […]
CIS Checklist for New Subcontractors (2026 Guide)
Mays Accounting Services – looking after small business across the west midlands Starting out as a subcontractor in the construction industry can be exciting—but it also comes with responsibilities, especially when it comes to tax. The Construction Industry Scheme (CIS), managed by HM Revenue & Customs, affects how you get paid and how your tax […]