1 March 2026 – Due date for Corporation Tax due for the year ended 31 May 2025.

2 March 2026 – Self-Assessment tax for 2024-25 paid after this date will incur a 5% surcharge unless liabilities are cleared by 1 April 2026, or an agreement has been reached with HMRC under their time to pay facility by the same date.

19 March 2026 – PAYE and NIC deductions due for month ended 5 March 2026 (If you pay your tax electronically the due date is 22 March 2026).

19 March 2026 – Filing deadline for the CIS300 monthly return for the month ended 5 March 2026.

19 March 2026 – CIS tax deducted for the month ended 5 March 2026 is payable by today.

1 April 2026 – Due date for corporation tax due for the year ended 30 June 2025.

19 April 2026 – PAYE and NIC deductions due for month ended 5 April 2026. (If you pay your tax electronically the due date is 22 April 2026).

19 April 2026 – Filing deadline for the CIS300 monthly return for the month ended 5 April 2026.

19 April 2026 – CIS tax deducted for the month ended 5 April 2026 is payable by today.

30 April 2026 – 2024-25 tax returns filed after this date will be subject to an additional £10 per day late filing penalty for a maximum of 90 days.

Many business owners are entering the new year with a sense of caution. Confidence across the UK business community has softened, driven by continued cost pressures, uncertainty over tax policy and higher financing costs. In this environment, reviewing budgets and forecasts is not just a routine exercise, it is an essential management discipline.

For many businesses, budgets prepared twelve months ago may no longer reflect reality. Energy costs, staffing expenses, supplier prices and interest charges have all shifted, sometimes significantly. A refreshed budget allows owners to reassess their cost base, identify areas of pressure early and make informed decisions rather than reacting late to problems as they arise.

Forecasting is equally important. Cash flow forecasts, in particular, help businesses understand whether they have sufficient headroom to absorb slower sales, delayed customer payments or unexpected expenditure. Regular forecasting can highlight pinch points well in advance, giving time to adjust payment terms, renegotiate facilities or defer non-essential spending.

This is also a good opportunity to test assumptions. What happens if sales fall by 10%, or if wages rise faster than expected. Scenario planning helps owners see the impact of different outcomes and decide which risks need active management. It also provides a more robust basis for discussions with lenders, investors or advisers.

Reviewing budgets is not about pessimism. It is about clarity. Businesses that understand their numbers are better placed to protect margins, prioritise profitable activities and make confident decisions even in uncertain conditions.

We can support this process by helping to update forecasts, interpret the figures and translate them into practical actions. Regular reviews throughout the year can turn budgeting from a static document into a valuable decision-making tool.

Hospitality businesses continue to operate in a challenging environment. Rising wage costs, energy prices and supply chain pressures have all placed strain on margins. Against this backdrop, recent business rates support measures offer welcome relief and can have a meaningful impact on cash flow and operating costs.

For many pubs, restaurants and cafés, business rates represent a significant fixed cost. Support measures introduced following the latest revaluation aim to reduce the immediate burden, particularly for smaller and mid-sized premises. In practical terms, this can mean lower monthly outgoings and improved short-term cash flow.

However, the benefit is not automatic. Reliefs and discounts often depend on eligibility criteria, correct property classifications and timely applications. Businesses that assume the reduction will simply appear in their bill may miss out or receive less relief than expected. Reviewing rates bills carefully remains essential.

Improved cash flow from rates support can provide breathing space, but it should also prompt forward planning. Some businesses may choose to reinvest the saving into staff retention, marketing or modest refurbishments. Others may prioritise rebuilding reserves that were eroded during recent difficult trading periods.

It is also important to remember that rates support may be time-limited. Temporary reliefs can reduce costs in the short term but should not be relied upon indefinitely. Incorporating revised rates into cash flow forecasts helps owners understand the longer-term position once reliefs taper or end.

We can help by reviewing eligibility, checking bills for accuracy and modelling the impact of rates changes on cash flow. For hospitality businesses operating on tight margins, even modest savings can make a noticeable difference when properly planned for and managed.

Setting up the correct tax code when a new employee starts is essential, as even small payroll errors can lead to unnecessary tax overpayments and avoidable complications later on.

When hiring a new employee, employers need to ensure the correct tax code and starter declaration are set up in their payroll system. Using the wrong tax code can cause the employee to overpay taxes, so accurate information is essential. Much of this information is provided on the employee’s P45, so it is important to remind new employees to bring it on their first day.

If the employee does not have a P45, they can complete HMRC’s online PAYE starter checklist. A paper version is also available if they cannot access the online tool. Employers must retain this information in their payroll records for the current tax year and the following three years. Once completed, HMRC’s online tools can be used to determine the correct tax code.

The starter checklist should be used in cases where the employee:

• Has a student or postgraduate loan
• Has personal details that differ from their P45
• Does not have a P45
• Is temporarily working in the UK for an overseas employer

Once completed, the checklist can be submitted to the employer by email, post, or in person. There is no need to send it to HMRC.

The question of whether or not you are required to charge VAT when selling a company car depends on how the vehicle was bought and whether VAT was recovered at the time. Understanding these distinctions can help ensure the correct VAT treatment and avoids costly errors.

• If your business sells a car on which VAT was recovered, such as a pool car or driving school vehicle, you must charge VAT on the full selling price and issue a VAT invoice if requested. These sales are not VAT-exempt and cannot use the second-hand margin scheme.
• If VAT was charged but blocked when the car was bought, you do not charge VAT on the sale. The sale is VAT-exempt, and no VAT invoice can be issued. Any VAT directly linked to the sale, such as auction fees, is also exempt input tax.
• Where VAT was not charged on purchase, for example if the car was bought from a private individual or under the margin scheme, you may sell it using the VAT margin scheme, accounting for VAT on the profit margin.
• For commercial vehicles, VAT is charged on the full sale price if any VAT was charged when the vehicle was purchased. If no VAT was charged (for example, on a van bought from a private individual), the margin scheme can be used.
• Special rules apply for vehicles bought from an insurance company or finance house, second-hand vehicles moved from Great Britain to Northern Ireland and exported vehicles, which are usually zero-rated if conditions are met.