Summer Is Here… But Your Business Doesn’t Stop
For many business owners, summer brings a welcome opportunity to take a breath, spend time with family and hopefully enjoy some well-earned sunshine.
And, whilst it’s important to switch off, your business finances shouldn’t be left to chance. A little planning now can make the second half of the year far less stressful and put you in a stronger position for the busy months ahead.
This month we’re looking at some important tax updates, practical business advice and a few reminders that could save you both time and money.
HMRC Increases Focus on Small Businesses
HMRC recently announced that the UK’s tax gap has risen to £59.2 billion, with small businesses accounting for a significant proportion of unpaid tax.
It’s important to remember that this doesn’t mean most businesses are deliberately avoiding tax. HMRC says many issues arise simply through mistakes, poor record keeping or misunderstanding increasingly complex tax rules.
As a result, businesses should expect HMRC to continue increasing compliance checks and encouraging digital record keeping.
Jenner’s Tip 💡
Don’t leave your bookkeeping until year end. Spending just 30 minutes each month reviewing your figures can prevent expensive mistakes later.
Five Mid-Year Questions Every Business Owner Should Ask
We’re halfway through the year, making this the perfect time to review your business.
Ask yourself:
- Are we more profitable than this time last year?
- Have our costs increased without us noticing?
- Are we charging enough?
- Do we have enough cash to invest or manage quieter months?
- Are there any tax planning opportunities before the year ends?
Taking time to answer these questions now allows you to make informed decisions rather than reacting under pressure.
Jenner’s Tip 💡
Your accounts shouldn’t simply tell you what happened—they should help you decide what happens next.
Making Tax Digital – Don’t Get Caught Out
Making Tax Digital for Income Tax is now underway for many businesses and landlords.
If you’re affected, you’ll need to keep digital records throughout the year and submit quarterly updates using compatible software.
Even if the rules don’t apply to you yet, it’s worth preparing early as additional businesses are expected to join the scheme over the coming years.
Jenner’s Tip 💡
If you’re still relying on spreadsheets alone, now is an ideal time to explore cloud accounting software. Moving gradually is far easier than rushing before a deadline.
Summer Is the Ideal Time for a Business Health Check
Summer often provides a little breathing space before the busy autumn months.
Now is an excellent opportunity to review:
• Cash flow
• Outstanding invoices
• Profit margins
• Pricing
• Business goals
• Tax planning opportunities
A simple review now could identify improvements that make a significant difference by the end of the year.
Jenner’s Tip 💡
Sometimes the biggest business improvement isn’t working harder it’s taking time to work smarter.
Q & A
Can I claim expenses if I work from home?
If you’re self-employed, you may be able to claim a proportion of household costs such as heating, electricity and broadband where they relate to business use.
If you run a limited company, different rules apply, so it’s worth speaking to us before making a claim.
Do I still need to keep paper receipts?
No. HMRC accepts digital copies provided they’re complete, legible and stored securely. Most cloud accounting software now allows you to photograph receipts directly from your phone.
I use my own car for business. Can I still claim mileage?
Yes. If you’re self-employed or using your own vehicle for business journeys, you may be able to claim mileage using HMRC’s approved mileage rates, provided you meet the relevant conditions. Be sure to keep a record of your business trips, including dates, destinations and mileage. If you operate through a limited company, the rules can differ, so it’s worth checking which method is most tax-efficient for you.
Should I keep money aside for my tax bill?
Definitely. One of the biggest challenges for many business owners is receiving a tax bill without having the funds available to pay it. Setting aside a percentage of your income each month into a separate savings account can help you avoid unexpected surprises and make tax payments much more manageable.
Key Tax Dates
19 July
PAYE, NIC and CIS payments due (postal payments)
22 July
Electronic PAYE, NIC and CIS payments due
31 July
Second Self Assessment Payment on Account for the 2025/26 tax year is due.
How Jenner’s Can Help
Keeping on top of your accounting and compliance responsibilities doesn’t have to be stressful. With the right support, you can stay organised, compliant and confident about your numbers.
Whether you’re planning for growth, looking to improve cash flow or simply want reassurance that everything is on track, we’re always happy to help.
Get in touch with the Jenner’s team today.
Need personalised advice?
If any of this month’s topics affect you or your business, we’re here to help.
Contact our team at Jenners Tax & Business Advisers for tailored support and practical guidance.
Check out all of services pages today.
Call us on 01432 379988 or use the contact us page.
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🌐 www.jennersacc.co.uk