The Society of Professional Accountants Ltd

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The Society of Professional Accountants Ltd We support qualified accountants informally throughout the year.

HMRC has launched a targeted compliance exercise focusing on Construction Industry Scheme (CIS) contractors whose monthl...
09/10/2026

HMRC has launched a targeted compliance exercise focusing on Construction Industry Scheme (CIS) contractors whose monthly returns may contain incorrect subcontractor deduction rates.

Affected contractors may be contacted by HMRC and asked to review their returns, correct any errors and provide further information where needed.

Accountants dealing with CIS clients may wish to check that deduction rates used on recent returns match the rates obtained through the CIS verification process.

Read the SPA website notice for more details:
https://spa.org.uk/hmrc-cis-compliance-checks-incorrect-deduction-rates/

The next phase of Making Tax Digital (MTD) for Income Tax begins on 6 April 2027, when the qualifying income threshold f...
08/10/2026

The next phase of Making Tax Digital (MTD) for Income Tax begins on 6 April 2027, when the qualifying income threshold falls to £30,000.

Around 1,077,000 additional sole traders and landlords will be affected, with 37% currently managing their tax affairs without an accountant or tax agent.

For smaller accountancy practices, this means more clients needing support with digital record-keeping, compatible software and quarterly reporting.

There is also uncertainty over whether the current penalty concession will be extended to the new group of taxpayers.

📖 Read our summary of the changes and what they mean for accountants:

🔗 https://spa.org.uk/making-tax-digital-2027-one-million-taxpayers/

Could your client be paying an effective 60% tax rate without realising it?For clients in England, Wales and Northern Ir...
07/10/2026

Could your client be paying an effective 60% tax rate without realising it?

For clients in England, Wales and Northern Ireland, adjusted net income between £100,000 and £125,140 can create an effective 60% Income Tax rate as the Personal Allowance is gradually withdrawn.

The issue can arise from more than salary alone. Bonuses, dividends, rental income, savings interest and taxable benefits can all push a client over the £100,000 threshold - potentially affecting childcare support as well as their tax position.

In our latest article, James W. Melhuish DipPFS EFA of Pocknells Wealth Management explains how the hidden rate works, the planning points accountants should raise with clients, and where pension contributions or Gift Aid may form part of the discussion.

Read the full article: https://spa.org.uk/effective-60-percent-tax-rate/

Hallmarks of a sustainable and independent accountancy practiceCan independent accountancy practices continue to thrive ...
06/10/2026

Hallmarks of a sustainable and independent accountancy practice

Can independent accountancy practices continue to thrive in a market increasingly shaped by private equity and AI?

Our latest partner article looks at the challenges facing independent firms — from growing competition and changing client expectations to the need for stronger succession planning, differentiation and strategic growth.

The message is a positive one: there is still plenty of opportunity for independent practices that are willing to adapt, develop and keep moving forward.

Read the full article on the SPA website:
https://spa.org.uk/independent-accountancy-practice/

A new v**e duty came into force on 1 October 2026, increasing the cost of va**ng products alongside further rises in to*...
05/10/2026

A new v**e duty came into force on 1 October 2026, increasing the cost of va**ng products alongside further rises in to***co duty.

A typical v**e costing £5–£6 could now rise to around £7.20–£8.20, while a 2ml pod attracts 44p of duty and a 10ml refill bottle £2.20.

Read the full update on the SPA website:
https://spa.org.uk/v**e-tax-to***co-duty-increases-october-2026/

Could Making Tax Digital lead to better financial planning conversations?For many sole traders and landlords, more regul...
30/09/2026

Could Making Tax Digital lead to better financial planning conversations?

For many sole traders and landlords, more regular digital reporting means advisers may have a clearer picture of income and expenses during the year — rather than relying on figures that are already many months old.

That can help inform conversations around:

• Tax reserves
• Pension contributions
• Investment decisions
• Retirement planning
• Cashflow and financial resilience

Making Tax Digital is not a financial planning solution in itself, and quarterly updates are not the same as a final tax return. But used carefully, more up-to-date information can help clients make better-informed decisions and avoid unnecessary surprises.

Read the full article on the SPA website: https://spa.org.uk/making-tax-digital-financial-planning

Business Asset Disposal Relief has already become less generous - and with the Budget approaching, business owners may b...
29/09/2026

Business Asset Disposal Relief has already become less generous - and with the Budget approaching, business owners may be wondering whether they should act now.

But tax speculation alone should not drive a sale, restructuring or company closure.

Our latest article looks at what business owners should consider before making any major decisions, including:

• Current BADR and CGT considerations
• Retirement and succession planning
• Members’ voluntary liquidations
• Anti-phoenixing rules
• Why timing matters

If an exit, retirement or company closure is already being considered, now may be a sensible time to review the numbers and understand the current position.

Read the full article on the SPA website: https://spa.org.uk/business-asset-disposal-relief/

Could a client’s business now be worth more than their inheritance tax plan allows?Many business owners still assume tha...
25/09/2026

Could a client’s business now be worth more than their inheritance tax plan allows?

Many business owners still assume that a qualifying trading company will pass to the next generation without creating an Inheritance Tax issue. But since 6 April 2026, that assumption may need a fresh review.

Business Relief hasn't disappeared - but the amount that can qualify for 100% relief is now limited to £2.5 million, with qualifying value above that generally receiving 50% relief.

For accountants, this means it may be time to raise practical questions around:

* current business value
* ownership structure
* surplus cash or investments
* succession plans
* and whether the family could meet any future tax liability without pressure

Read more in our latest article from James W. Melhuish, Director, Pocknells Wealth Management:

https://spa.org.uk/could-your-clients-business-be-worth-more-than-their-inheritance-tax-plan-allows/

Could your client’s pension become their estate’s biggest tax surprise?From 6 April 2027, most unused pension funds and ...
16/09/2026

Could your client’s pension become their estate’s biggest tax surprise?

From 6 April 2027, most unused pension funds and pension death benefits will be brought into an individual’s estate for Inheritance Tax purposes.

For accountants, this creates an important opportunity to identify clients whose pension, estate, remuneration and succession planning may need to be reviewed together.

It does not mean clients should automatically start withdrawing pension funds. In some cases, doing so could create an Income Tax liability, reduce retirement security or simply move money from the pension into the estate without improving the overall position.

Our latest article, written by James W. Melhuish of Pocknells Wealth Management, looks at what is changing, where clients could be caught out, and the questions accountants should be raising now.

Read the full article on the SPA website:
https://spa.org.uk/could-your-clients-pension-become-their-estates-biggest-tax-surprise/

⚠️ HMRC planned outages: 26–28 SeptemberAccountants and agents should plan ahead for significant HMRC service downtime l...
11/09/2026

⚠️ HMRC planned outages: 26–28 September

Accountants and agents should plan ahead for significant HMRC service downtime later this month.

Making Tax Digital for Income Tax will be unavailable from 7pm on Saturday 26 September until 9am on Monday 28 September.

The Agent Services Account will also be unavailable from 7am on Sunday 27 September until 9am on Monday 28 September, while a wide range of other HMRC services will be unavailable during Sunday.

These include Employer PAYE, VAT services, Trust and Estate services, CGT Property Disposal and several HMRC APIs.

We've put together the key dates, times and affected services to help members plan ahead.

👉 Read the full details: https://spa.org.uk/hmrc-planned-outages-26-28-september-2026/

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