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Bexons Accountants Limited – Accountants in Nottingham

Bexons Accountants have been helping businesses and individuals in the Midlands for over 20 years.

Bexons accounting and taxation services | Bexons Accountants Ltd

Accounting and taxation services for small and medium sized businesses and individuals, delivered in a jargon-free, yet approachable and professional manner.

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Making Tax Digital – which software to use | Bexons Accountants Ltd

Making Tax Digital (MTD) for Income Tax is now in force for many self-employed individuals and landlords. Since 6 April 2026, taxpayers with qualifying business or property income exceeding £50,000 are required to maintain digital records and submit quarterly updates to HMRC using compatible software. The threshold is scheduled to reduce to £30,000 from April 2027 and to £20,000 from April 2028, bringing many more taxpayers within the scope of the rules. Although quarterly submissions are now required, taxpayers must still complete a final year-end declaration by the following 31 January. Choosing which software to use for MTF is therefore an important decision. The software should be able to keep digital records, submit quarterly updates, support the final declaration process and link directly with HMRC systems. Some products are designed for more simple requirements, while others offer more advanced features such as invoicing, bank feeds, receipt capture and integration with existing accounting systems. HMRC also recognises that some taxpayers may wish to continue using spreadsheets. This remains a possibility provided these are linked to HMRC through compatible ‘bridging’ software. We would be happy to help recommend suitable software solutions that manage the MTD for Income Tax most appropriately for your circumstances.

Fiscal drag explained | Bexons Accountants Ltd

The freezing of tax thresholds can result in a phenomenon commonly referred to as 'fiscal drag'. This occurs when tax allowances and rate bands remain unchanged while wages and inflation increase. As earnings rise, more taxpayers are ‘dragged’ into paying tax or moving to higher tax bands, despite there being no increase in the actual tax rates. Fiscal drag is sometimes described as a “stealth tax” because government tax revenues increase without the need for headline rate rises. Its impact is particularly noticeable during periods of high inflation and wage growth, as pay increases intended to maintain living standards can instead lead to higher effective tax burdens. The effect depends on several factors, including inflation, earnings growth and government policy regarding tax thresholds and allowances. Normally, thresholds may be increased annually in line with inflation, a process usually known as uprating. However, governments may decide to freeze thresholds for fiscal reasons. In recent years we have seen a number of personal tax thresholds frozen for extended periods. As a result, increasing numbers of taxpayers are paying tax at higher rates, while some individuals who previously paid no Income Tax have become taxpayers for the first time. The Office for Budget Responsibility (OBR) estimates that the continued freeze in Income Tax thresholds until 2030-31 will raise more than £55 billion annually by 2030-31. Fiscal drag can therefore have a significant impact on disposable income, particularly where salary increases are modest in real terms but still sufficient to move taxpayers into higher bands or reduce entitlement to certain allowances and benefits.

Verify your ID at Companies House | Bexons Accountants Ltd

Identity verification requirements at Companies House became a legal requirement for directors and people with significant control (PSCs) from 18 November 2025. This date marked the start of a 12-month transition period for identity verification.  Companies House is introducing the new requirements on a phased basis and affected individuals are being contacted directly with guidance on what action is required and the relevant deadlines. It is estimated that between 6 and 7 million individuals will need to complete identity verification by November 2026. Verification is generally a one-time process and can be completed either directly through Companies House using GOV.UK One Login or through an Authorised Corporate Service Provider (ACSP), such as an accountant or solicitor. Most individuals will be able to verify their identity online using photo identification documents such as a passport, UK driving licence or biometric residence permit. Alternative methods are also available, including in-person verification at selected Post Office branches or by using information linked to a UK bank account and National Insurance number. Individuals who are unable to use the standard online or in-person routes may appoint an ACSP to verify their identity on their behalf. The provider must be registered with Companies House and supervised for anti-money laundering purposes. Failure to comply with the new requirements could result in restrictions on company filings and penalties.