Back to Business: Is It Time to Get Organised?
Welcome to our September newsletter, holidays are coming to an end and is it now time to get organised?
September always has a bit of a “back to school” feeling about it.
The holidays are coming to an end, diaries start filling up again and all those jobs that were going to be dealt with “after the summer” suddenly make their way back onto the to-do list.
For business owners, it’s actually a useful time to take stock.
Are your accounts up to date? Have you thought about your Self Assessment return? Are there changes coming up that could affect your business?
This month, we’re looking at some important updates from HMRC and Companies House, including changes to business mileage, the latest on Making Tax Digital and a reminder for anyone thinking about selling their business.
Thinking About Selling Your Business? Think About the Tax Too
For many business owners, selling the business is the ultimate goal.
You might already have a figure in your head that would make you say, “Yes, I’d sell for that.”
But there’s an important question to ask:
How much of that sale price would you actually get to keep?
The way a business sale is structured can make a significant difference to the tax you ultimately pay.
Capital Gains Tax, available reliefs and whether you sell your assets or shares can all affect the final figure landing in your bank account.
That’s why tax planning shouldn’t be something you think about once a buyer is already sitting across the table.
In our latest blog, we explain some of the tax implications you need to consider before selling a business.
Read the full blog: Considering Selling a Business? Don’t Forget the Tax Implications!
Jenner’s Tip
If selling your business is even a possibility in the next few years, talk to us early.
A little forward planning can give you more options than trying to restructure things once a sale has already been agreed.
Making Tax Digital: HMRC Is Starting to Sign People Up
Making Tax Digital for Income Tax officially began in April 2026 for sole traders and landlords with qualifying income of more than £50,000.
The first quarterly reporting deadline has now passed.
But HMRC has confirmed that from September 2026 it will start signing up taxpayers who should be using MTD but have not already registered themselves.
So if you receive an email or letter from HMRC saying you’ve been signed up, don’t ignore it.
Those already within MTD need to:
- keep digital records using compatible software;
- submit quarterly updates to HMRC;
- continue to complete the required year-end tax return process.
The next quarterly update deadline for most people using standard reporting periods is 7 November 2026.
From April 2027, MTD will expand further to include eligible sole traders and landlords with qualifying income of more than £30,000.
Jenner’s Tip
Don’t wait for HMRC to sign you up before checking whether MTD applies to you.
If you’re unsure whether you’re affected, speak to us. We can check your position and help you get your bookkeeping and software ready.
Business Mileage Rate Increased to 55p
Here’s one that may be very welcome news if you use your own vehicle for business journeys.
HMRC has increased the Approved Mileage Allowance Payment rate for the first 10,000 business miles from 45p to 55p per mile.
The rate above 10,000 miles remains at 25p per mile.
Importantly, the change has been backdated to 6 April 2026.
This means employers who reimburse employees for using their own cars for business journeys may want to review the mileage payments they’ve made since April.
Where previous payments resulted in Income Tax or National Insurance being deducted because they exceeded the old approved rate, payroll corrections may potentially be needed.
Jenner’s Tip
If your business pays mileage, check the rate you’re currently using.
And remember – commuting between home and your normal workplace generally isn’t business mileage, so make sure journeys are properly recorded.
Companies House Identity Verification – Don’t Get Caught Out
Companies House identity verification is now a legal requirement for company directors and People with Significant Control (PSCs).
Existing directors generally need to provide their Companies House personal code as part of their company’s confirmation statement.
And there’s an important detail worth knowing:
If you’re a director of several companies, you only verify your identity once, but your personal code will need to be provided for each directorship.
PSCs also need to provide their personal code, although the deadline and process depends on their circumstances.
If you’re both a director and a PSC of the same company, the code needs to be provided separately for each role.
Without the required director verification, Companies House will not accept the company’s confirmation statement.
Jenner’s Tip
Don’t leave identity verification until the day your confirmation statement needs filing.
Verify early, keep your Companies House personal code somewhere secure and make sure anyone who deals with your company filings has the information they need.
Self Assessment: January Is Still Months Away… But Why Wait?
We know what happens.
January arrives.
Suddenly everyone remembers their tax return at exactly the same time.
The deadline for filing your 2025/26 online Self Assessment tax return is 31 January 2027, but there’s absolutely no reason to wait until January to get started.
Getting your information to us earlier means:
- you know what your tax bill will be sooner;
- you have more time to budget for it;
- missing information can be chased without a last-minute panic;
- and one more job can be crossed off your list.
HMRC says almost 299,000 people submitted their 2025/26 return during the first week of the tax year, so there are apparently people out there who genuinely enjoy getting their tax return done early!
We salute them.
Jenner’s Tip
You don’t have to pay your Self Assessment tax earlier just because the return is prepared earlier.
Knowing the figure months in advance simply gives you more time to plan for it.
September Newsletter – Ask Jenner’s
Q: Do I have to use the new 55p mileage rate?
No. The approved mileage rate sets the amount that can generally be paid tax-free when an employee uses their own qualifying vehicle for business journeys. An employer can choose to reimburse at a lower rate.
Depending on the circumstances, employees who receive less than the approved amount may be able to claim tax relief on the difference.
Q: I’ve already verified my identity with Companies House. Do I need to do it again for another company?
Generally, no.
Identity verification gives you a personal Companies House code. You use the same code for your different company appointments, although it must be supplied for each relevant role.
Q: How do I know whether Making Tax Digital applies to me?
MTD for Income Tax is currently mandatory for eligible sole traders and landlords whose qualifying self-employment and property income was more than £50,000.
From April 2027, the threshold reduces to more than £30,000, followed by more than £20,000 from April 2028.
If you’re close to one of the thresholds, it’s worth checking now rather than waiting until the change arrives.
Q: If I get my Self Assessment tax return done now, do I have to pay the tax straight away?
No.
Preparing and submitting your tax return early does not bring the normal payment deadline forward.
One of the biggest advantages of completing your return early is simply knowing exactly what you’ll need to pay and being able to budget accordingly.
Dates for Your Diary
22 September 2026
Electronic PAYE and National Insurance payment deadline for monthly employers.
5 October 2026
An important date for individuals who need to notify HMRC that they are liable to Self Assessment for the first time for 2025/26.
22 October 2026
Electronic payment deadline for 2025/26 PAYE Settlement Agreements.
31 October 2026
Deadline for submitting a 2025/26 Self Assessment tax return on paper.
7 November 2026
Second quarterly update deadline for most taxpayers currently using Making Tax Digital for Income Tax.
31 January 2027
Online Self Assessment filing and payment deadline for the 2025/26 tax year.
Need a Hand?
Whether you’re trying to get ready for Making Tax Digital, wondering how the new mileage rules affect you, thinking about selling your business or simply looking at the pile of paperwork you’ve been ignoring since July…
we’re here to help.
Get in touch with the Jenner’s team and let’s get it sorted.
Jenner’s Tax and Business Advisors
Practical advice for you and your business.
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.
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Call us on 01432 379988 or use the contact us page.
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