May 2025 Accounting Insights

Emilie Heaney

Welcome to this month’s update from Richard Riley & Associates.  We’ve packed this edition with practical tips to help you stay ahead—from saving money on bookkeeping software to understanding the latest property tax rules. You’ll also find info on our trusted HR partners at Brave, plus a little thank you we’re offering for client referrals. As always, we’re here to support you and your business every step of the way.

What’s included with your business banking package?

Looking to streamline your bookkeeping without extra costs? Some banks now offer free accounting software when you open a business account with them.

For example, NatWest customers can access FreeAgent—a well-known cloud accounting platform—completely free of charge.

It’s a smart way to stay on top of your finances without paying for separate software. Always worth checking what’s included with your business banking package!

If you’re unsure which software suits your business best, or need help getting started, just give us a shout — we’re happy to help.

Navigating Property Tax Changes – What Landlords and Property Owners Need to Know

The rules around property and tax are changing—and if you’re a landlord, selling a second home, or thinking of buying a buy-to-let, it’s worth staying ahead of the game. Here are a few key things to keep in mind:

  • Selling a property? You now need to report the sale and pay any Capital Gains Tax within 60 days of completion. Don’t wait until after the sale—check your tax position early and see if any reliefs apply.
  • Planning to buy a rental? Mortgage lenders often ask for proof of income—especially if you’re self-employed. An Accountant’s Certificate or a detailed income summary can help smooth the process.
  • Making Tax Digital is on the way. From April 2026, landlords and self-employed individuals earning over £50,000 will need to keep digital records and submit quarterly updates to HMRC.
  • Know what you can claim. Expenses like repairs, gardening, and replacing appliances are often tax-deductible—while bigger improvements, like extensions, may reduce your Capital Gains Tax when you sell.
  • Mortgage interest has changed. You can no longer deduct interest from profits—instead, you get a 20% tax credit. (It’s different for commercial properties, where full relief still applies.)
  • Overseas landlord? If you rent UK property through a UK limited company, be aware that corporation tax has increased to 25%.

Click here for more property tax tips and to see how we can help you stay on top of the rules.

Maximise Your Pension and Reduce Your Tax Bill

If your income is creeping towards £100,000, salary sacrifice could be a smart move. By paying extra into your pension through your salary, you can reduce your taxable income, hold onto your full personal allowance, and still enjoy full tax relief on your contributions.

It’s a win-win for your future savings and your current tax bill.

Thinking about boosting your pension contributions? Get in touch—we’ll help you explore your options and make the most of the reliefs available.

Comprehensive HR Support with Brave

We’re proud to collaborate with Brave, a people-first HR consultancy that helps businesses build thriving, compliant workplaces.  Whether you need guidance on employment law, help with policies and contracts, support through restructures, or a boost in employee engagement, Brave offers tailored HR solutions to suit your size and budget. Their team works with everyone from small family-run businesses to big names like Channel 4 and Superdry—so whatever your challenge, you’re in safe hands.  Thanks to our partnerships and financial expertise, we can connect you with trusted specialists who’ll support your business beyond the numbers.

Contact us to find out more or to be put in touch with Brave’s expert team.

Know Someone Looking for a New Accountant?

We’ve got room to welcome two new clients each month—and we’d love your referrals!

If you recommend a business to us and they sign up for a monthly service, we’ll say thank you with a reward worth up to £500 (equivalent to their first month’s fees).Got someone in mind?
Give us a call on 01865 817170 – we’d love to hear from you.

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 ahead!

Richard