Welcome to this month’s newsletter! We’ve packed it with updates and insights to help you stay ahead of the latest changes in tax and compliance. Inside, we take a look at Making Tax Digital and what it means for anyone filing Self Assessment, share a timely reminder about why you should never ignore HMRC letters, and highlight the new ID verification rules for company directors coming in next year. And, for something a little lighter, we explore the quirky VAT debate sparked by M&S’s new Strawberries & Creme Sandwich.
Read on for the full stories and helpful links. And as always, if you’d like to chat about anything covered here, we’re only a phone call or email away!
Making Tax Digital at a Glance
Big changes are on the horizon for anyone who files Self Assessment. From April 2026, HMRC will start phasing in Making Tax Digital for Income Tax Self Assessment (MTD ITSA) and it’s set to affect millions of sole traders and landlords.
Instead of one annual tax return, you’ll need to keep digital records and send quarterly updates using approved software. The aim? To make tax simpler, more accurate, and more secure, while helping you keep on top of your figures throughout the year.
At Richard Riley & Associates, we’re here to guide you through every step. From choosing and setting up the right software to managing submissions on your behalf, we’ll make sure you’re fully prepared well before the deadline.
Click here to read the full blog and find out what MTD means for you.
Don’t Ignore HMRC Letters
Recent reports show that over 600,000 people who owed no tax have been hit with late-filing penalties in the past five years. These start at £100 but can quickly spiral into thousands if left unpaid, in some cases even leading to bankruptcy.
Even if you don’t normally complete a Self Assessment return, it’s vital not to ignore correspondence from HMRC. Penalties can still be applied, and the appeals process is rarely straightforward.
Our advice: always open HMRC letters and act promptly. And if you’re not sure what to do, get in touch with us at Richard Riley & Associates – we’ll help you respond correctly and avoid unnecessary fines.
New ID Verification Rules for Company Directors
From 18 November 2025, all UK company directors and people with significant control (PSCs) will be legally required to complete identity verification with Companies House under the new Economic Crime & Corporate Transparency Act.
The good news is that Richard Riley & Associates are authorised to handle these checks on your behalf, saving you time, hassle and admin, while keeping you fully compliant.
Get in touch with us today and we’ll guide you through the process step by step.
The VAT Debate: M&S’s Strawberries & Creme Sandwich
It’s not just a snack – it’s a tax conundrum! M&S’s new Strawberries & Creme Sandwich is sparking debate over whether it should be classed as a sandwich, cake, or confectionery. The answer matters, as it decides whether it’s zero-rated or subject to 20% VAT.
If even HMRC might need a second coffee to figure it out, you’re definitely not alone.
Struggling with VAT rules? We can help untangle the complexities before things get messy.
If you have any questions or would like to discuss your business’s finances, don’t hesitate to get in touch. We’re always here to help. Wishing you a fantastic month! Richard