July 2026 Accounting Insights – Richard Riley and Associates

Preparing for Change

The summer is often seen as a quieter time for businesses, but this year the news agenda has certainly not slowed down. A new Prime Minister, ongoing economic uncertainty and important tax deadlines mean there is plenty for business owners, landlords and self-employed individuals to keep an eye on.

While headlines can often feel overwhelming, our advice remains the same: don’t react to speculation, but do stay informed and plan ahead. Good financial planning is about preparing for change, whatever form it takes.

This month we’ve highlighted three key areas that we believe deserve your attention.

What Does a New Prime Minister Mean for Your Business?

A change in political leadership almost always brings a period of transition. New governments frequently introduce changes to taxation, pensions, public spending and business policy, and whilst many details are still emerging, the direction of travel is becoming clearer.

The new government has already outlined priorities around supporting economic growth, tackling the cost of living and working more closely with businesses. Whilst there are currently no confirmed changes to Income Tax, VAT or National Insurance, future Budgets may introduce reforms affecting business taxation, pensions and investment planning.

Rather than making decisions based on speculation, now is a good opportunity to review your current tax position and ensure your finances are in good shape should new measures be introduced later in the year.

Read our latest blog: https://www.richardrileyassociates.co.uk/2026/07/29/new-prime-minister-new-priorities-what-could-andy-burnhams-government-mean-for-uk-businesses/

Making Tax Digital: Is Your First Quarterly Submission Ready?

One of the biggest changes affecting sole traders and landlords this year is the introduction of Making Tax Digital (MTD) for Income Tax.

If your annual income from self-employment and/or property exceeds £50,000, you should now be keeping digital records and submitting quarterly updates to HMRC. The first quarterly submission deadline is 7 August 2026, and many taxpayers are approaching this milestone for the first time.

Although quarterly updates are not full tax returns, they are an important part of the new reporting system. Ensuring your bookkeeping is accurate and up to date now will help avoid unnecessary stress later in the tax year.

If you’re unsure whether MTD applies to you, or you’d like support with compliant bookkeeping software and submissions, our team would be happy to help.

Don’t Wait for the Autumn Budget

Whenever a Budget approaches, many people delay financial decisions in anticipation of possible tax changes.

In reality, waiting often means missing valuable planning opportunities.

Now is an excellent time to review your finances and ask yourself:

Are you making the most of available tax reliefs?
Is your pension strategy still working for you?
Are you planning any major business investments?
Could your business structure still be the most tax-efficient option?
Are you setting enough aside for future tax liabilities?

By reviewing these areas before any announcements are made, you’ll be in a much stronger position to respond if changes are introduced later this year.

Business Spotlight: Keeping an Eye on Rising Costs

Many businesses continue to face pressure from rising operating costs. Fuel prices have increased in recent weeks following international events, and this may begin to feed through into supplier costs, deliveries and transport expenses.

Combined with recent increases in employment costs and ongoing inflationary pressures, now is a sensible time to review your pricing, cash flow forecasts and profit margins.

Small adjustments made today can often prevent much bigger challenges later in the year.

Richard Riley’s Tip of the Month

Don’t let the summer lull delay your financial planning.

Many businesses become busier in the autumn, particularly once the Budget is announced and the self-assessment season begins. Taking time now to review your accounts, organise your records and discuss any concerns with your accountant can make the months ahead considerably less stressful.