Do Sole Traders Need a Business Bank Account in 2026?
By NextGen Accountants Limited | Updated March 2026 Starting your journey as a sole trader is exciting. You’re your own boss, you control your income, and you make the decisions. But one question we hear all the time from new self-employed clients is: “Do I legally need a business bank account?” Let’s break it down clearly […]
Is a Business Lunch Tax-Deductible?
By NextGen AccountantsUpdated January 2026 Taking clients out for lunch, grabbing food while travelling, or paying for staff meals is part of everyday business life. But when it’s time to prepare your accounts or file your tax return, one question always comes up: Can I claim this lunch as a business expense? The honest answer […]
Making Tax Digital for Income Tax: What You Need to Do Before April 2026
Act now – big changes are coming. From 6 April 2026, Making Tax Digital (MTD) for Income Tax will become mandatory for more than 864,000 sole traders and landlords across the UK. If your income from self-employment and/or property exceeds £50,000, the way you report tax to HMRC is about to change. This major reform, introduced […]
Companies House Fees Are Changing from 1 February 2026 – What You Need to Know
From 1 February 2026, Companies House will introduce changes to several statutory filing fees. These updates follow an annual review to ensure fees accurately reflect the cost of delivering services and strengthening enforcement across the UK. At NextGen Accountants, we believe company directors and business owners should be fully informed about regulatory changes that may […]
5 Common Tax Mistakes Small Businesses Make (And How to Avoid Them)
Running a small business is demanding. Between managing clients, staff, suppliers, and cash flow, tax compliance can easily slip down the priority list. Unfortunately, even small tax mistakes can lead to penalties, HMRC enquiries, and unnecessary stress. At NextGen Accountants, we regularly help businesses fix issues that could have been avoided with the right systems […]
Profits Falling Behind Sales? How to Identify and Fix Hidden Profit Leaks in Your Business
Sales are growing, revenue looks healthy, and your team is expanding — yet profits aren’t increasing at the same pace. If this sounds familiar, your business may be suffering from hidden profit leaks. At NextGen Accountants, we regularly work with business owners who are doing everything right on the surface, but still aren’t seeing the […]
4,800 Self-Assessment Scams Reported: Stay Alert Ahead of the 31 January Deadline
As the 31 January Self-Assessment deadline approaches, HM Revenue & Customs (HMRC) has issued a serious warning to taxpayers across the UK: Self-Assessment scams are on the rise. Since February 2025, more than 4,800 Self-Assessment-related scams have been reported to HMRC. In total, over 135,500 suspected HMRC scams have been flagged in just the last 10 months — […]
The Future of Accounting: What Really Matters in 2025 and Beyond
By NextGen Accountants The accounting profession is changing faster than ever. AI, automation, cloud software, and shifting client expectations are transforming how accounting work is done — and who thrives in the process. While some traditional roles are declining, new opportunities are opening up for firms and professionals willing to adapt. At NextGen Accountants, we […]
The Bad Financial Advice That’s Hurting UK Small Businesses
UK small businesses are constantly told to “track KPIs”, “build dashboards”, and “be data-driven”. While this advice sounds professional, for many micro and small businesses it creates confusion, wasted time, and poor financial decisions. At NextGen Accountants, we work daily with sole traders, contractors, consultants, and small limited companies. What we see is clear: Most small […]
Tax Guide 2025/26: Self-Employed Delivery Drivers
Updated for the current tax year – clear, simple, and easy to follow. Working as a delivery driver is now one of the most popular ways to earn in the UK—whether you’re with Uber Eats, Deliveroo, JustEat, Stuart or doing independent courier work.If you earn money outside of PAYE, you may need to submit a […]