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With the 5 April tax year deadline fast approaching, now is the time to review your finances. Many allowances reset each year – so if you don’t use them, you could lose them.![]()
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Here are a few key areas to consider before the end of the tax year:![]()
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✅ Use your ISA allowance![]()
You can currently invest up to £20,000 per year into ISAs, and any income or gains are tax-free – but the allowance does not roll over.![]()
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✅ Review pension contributions![]()
Pensions can provide valuable tax relief and may help reduce your taxable income for the year.![]()
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✅ Check your Capital Gains Tax position![]()
The CGT annual exemption is now £3,000, so it may be worth reviewing investments and planning disposals carefully.![]()
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✅ Consider family tax planning![]()
Couples may be able to benefit from the Marriage Allowance or by structuring income and investments efficiently between partners.![]()
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✅ Inheritance tax planning![]()
You can make gifts of up to £3,000 each year without them being added to your estate for IHT purposes.![]()
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💡 A little planning before 5 April can make a big difference to your tax bill.![]()
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If you’d like help reviewing your position before the tax year ends, our team at McColes & Co are here to help.![]()
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Get in touch today to discuss your personal tax planning.![]()
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#McColes #CharteredAccountant #Accountant #TaxAdvice #TaxTips #Baldock #Letchworth #PersonalTax
From April 2026, many self-employed individuals and landlords will need to follow new digital tax rules introduced by HM Revenue & Customs.![]()
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If your annual business or property income is over £50,000, you’ll soon be required to keep digital records and submit quarterly updates using compatible software.![]()
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✅ MTD Checklist![]()
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✔ Check if you fall within the £50,000 income threshold![]()
✔ Choose HMRC-compatible accounting software![]()
✔ Move your income and expense records into digital format![]()
✔ Ensure your bank feeds and records are up to date![]()
✔ Understand the quarterly reporting requirements![]()
✔ Speak to your accountant for guidance and setup support![]()
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Preparing now will help make the transition smoother and avoid last-minute stress as the deadline approaches.![]()
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At McColes & Co, we’re helping clients get MTD-ready - from choosing the right software to ensuring everything is compliant before April.![]()
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If you’re unsure whether MTD applies to you, now is the time to get in touch.![]()
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#MakingTaxDigital #MTD #Tax #SelfEmployed #Landlords #McColes #Baldock #Accountant #Letchworth #Stotfold
Are You Paying More Tax Than You Need To?![]()
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Many individuals and business owners overpay tax simply by missing reliefs, allowances or planning opportunities.![]()
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With tax rules constantly changing, a quick review could save you money.![]()
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At McColes, we make sure you only pay what you legally owe - not a penny more.![]()
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Get in touch to arrange a FREE initial tax consultation today.![]()
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#mccoles #accountant #baldock #taxadvice #letchworth #royston #stotfold #hertsbusiness
Are you on track for the retirement you want?![]()
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Retirement planning isn’t just about pensions - it’s about understanding your future income, managing tax efficiently and making sure your savings support the lifestyle you’re working towards.![]()
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At McColes & Co, we can help you take control of your long-term financial future with practical retirement planning, investment guidance and tax-efficient strategies tailored to your goals.![]()
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Starting early — or reviewing your plans now — can make a significant difference to your financial security and peace of mind later in life.![]()
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If you’d like clarity and confidence around your retirement plans, get in touch with our team to arrange a free consultation.![]()
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#RetirementPlanning #accountant #Pensions #TaxPlanning #McColes #Baldock #CharteredAccountant
Making Tax Digital for Income Tax (MTD ITSA) is starting from April and it will change how many small businesses and landlords report their tax to HMRC.![]()
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From April 2026: MTD applies if your annual business or property income is over £50,000![]()
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From April 2027: It will extend to those earning over £30,000![]()
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If you’re self-employed or a landlord and meet the threshold, you’ll need to:![]()
✔️ Keep digital records![]()
✔️ Use MTD-compatible software![]()
✔️ Submit quarterly updates to HMRC instead of one annual return![]()
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At McColes & Co, we help small businesses prepare with:![]()
🔹 Clear advice on whether and when MTD applies to you![]()
🔹 Help choosing and setting up the right software![]()
🔹 Ongoing bookkeeping and tax support to keep you compliant![]()
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Preparing early can save time, reduce stress and help you avoid penalties.![]()
📞 Contact us today to get ready for the April changes.![]()
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#MakingTaxDigital #MTD #SmallBusinessUK #SelfEmployed #Landlords #TaxSupport #Accountant #McColes #Baldock #HertsBusiness #Letchworth #Royston #Stotfold
Client reviews
Lisa helped us set up our business over ten years ago and has remained our accountant ever since. We can always rely on her and the team for support and advice. Whether you are setting up a new business or looking for help with an existing one, we wholeheartedly recommend McColes & Co.
Elwyn Simmons
Apollo Interiors