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October: Key Finance News
Happy Friday, and Happy Halloween! 🎃 With darker nights and colder weather, it won’t be long before the end of the year is here. So, before we get ahead of ourselves, here’s October’s round-up of the latest business news.
Making Tax Digital: Are you ready?
Making Tax Digital (MTD) is changing how some sole traders and landlords keep records and report their income to HMRC.
The rules are being introduced in stages, depending on how much you earn from self-employment and property:
- From April 2026: income over £50,000
- From April 2027: income over £30,000
- From April 2028: income over £20,000
HMRC has also started signing up some people automatically if they should have joined this year but haven’t registered.
What to do: Check when the rules apply to you and make sure your software can keep digital records, send updates every three months and complete your tax return. It’s worth getting prepared early. If you would like support, click here to chat to us.
New tax return rules for some company directors
Directors of certain private companies must now provide extra information on their 2025/26 Self Assessment tax returns.
This includes:
- The company’s name and registration number
- Any dividends received from the company
- The highest percentage of shares they owned during the year
What to do: Have your company details and dividend records ready when completing your tax return, so you can provide the information required.
Changes to reporting employee benefits
From April 2027, employers will need to report some benefits provided to employees through their payroll, rather than dealing with them separately at the end of the tax year.
The first changes cover benefits such as:
- Company cars and fuel
- Company vans and fuel
- Private medical benefits
Most other employee benefits are expected to follow from April 2028.
What to do: Review the benefits you offer and speak to us about any changes needed to your payroll before the new rules begin.
Businesses still struggle with HMRC
The Administrative Burdens Advisory Board (ABAB) found in its 2025-2026 Tell ABAB Report that 62% of respondents felt the burden of complying with tax rules had increased, while 31% said their experience with HMRC had worsened.
Keeping up with changing rules and getting clear answers can be frustrating, especially when you’re busy running a business.
If you’re unsure about a tax requirement or need help understanding HMRC guidance, please get in touch. We’re happy to help.
Help with electricity costs for manufacturers
The new British Industrial Competitiveness Scheme could help eligible manufacturers reduce their electricity costs by up to 25%.
Not every business will qualify. Eligibility depends on factors such as the industry you operate in and how much electricity your business uses.
Applications close on 30th November 2026, so it’s worth checking the rules soon if you think your business could be eligible.
You can read the official scheme guidance here.
Right to Work checks: New requirements
Changes introduced on 1st October may affect some businesses that use subcontractors or other flexible working arrangements.
Employers should check whether the updated rules apply to the people and arrangements they use, and make sure the necessary checks are being carried out.
What to do: Review your current process and check the latest Home Office Guidance.
Autumn Budget 2026: What does it mean for your business?
The Autumn Budget was announced this week on 28th October.
We’ve put together a breakdown of the key announcements, focusing on what they mean for SMEs. We’ll highlight the changes most likely to affect you, and outline any steps you may need to take to prepare.
Read our Autumn Budget breakdown here to find out more.
Need a hand?
Business and tax rules can be difficult to keep up with, but you don’t have to work through them alone. If you’re unsure how any of these changes affect your business, please don’t hesitate to get in touch.
MAIN TAX EVENTS HAPPENING IN NOVEMBER: GET AHEAD
DATE
WHAT’S DUE
1 November
Corporation Tax for year to 31/01/2026, unless quarterly instalments apply
7 November
Deadline for the second Quarterly Update required under MTD for Income Tax
19 November
PAYE & NIC deductions, and CIS return and tax, for month to 05/11/2026 (due 22 November if you pay electronically)
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