Welcome to our March Newsletter
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As we move closer to the end of the tax year, this is an important time to review your finances and make sure you are up to date with the latest changes and deadlines. In this month’s edition, we highlight several key topics that may affect you or your business in the coming months.
We look at how National Insurance credits can help fill gaps in your contribution record and potentially increase your entitlement to benefits such as the State Pension. For the self-employed and landlords, we also cover the upcoming introduction of Making Tax Digital for Income Tax from April 2026 and what steps you should be taking now to prepare.
In addition, we explain the rules around inheriting Additional State Pension, outline which car and travel expenses self-employed individuals can claim, and include our latest tax diary so you can keep track of important deadlines throughout March and April.
If any of the topics in this newsletter apply to you and you would like guidance or support, please feel free to get in touch with our team. We are always happy to help.
Supporting the Next Generation of Accountants
In February we had a great afternoon at the Oxford Brookes University Careers Fair, representing The MGroup Partnership and meeting students exploring their next career steps.
It was a fantastic opportunity to talk about careers in accountancy, the training routes available and what life is really like working within a professional practice.
A special mention goes to James Kline, one of our Accounts Executives, who joined us on the stand and shared first-hand insight into his own journey with The MGroup. Hearing directly from someone who has recently started their career can be incredibly valuable for students considering their options.
We are always keen to meet motivated and curious individuals who want to begin their career in a supportive and professional environment. Events like this allow us to connect with future talent and showcase the opportunities available within the profession.
Filling in NIC Contribution Gaps
National Insurance credits can help qualifying applicants fill contribution gaps in their National Insurance record.
This can help taxpayers increase their number of qualifying National Insurance years, which may increase the number of benefits they are entitled to, such as the State Pension.
This could happen if someone was:
• Employed but had low earnings
• Unemployed and were not claiming benefits
• Getting National Insurance credits for less than a full tax year
• Self-employed but did not pay contributions because of small profits
• Living or working outside the UK
National Insurance credits are available in certain situations where people are not working and therefore not paying National Insurance contributions. For example, credits may be available to those looking for work, who are ill, disabled or on sick pay, on maternity or paternity leave, caring for someone or on jury service.
Depending on the circumstances, National Insurance credits may be applied automatically or an application for credits may be required. There are two types of National Insurance credits available, either Class 1 or Class 3. Class 3 credits count towards the State Pension and certain bereavement benefits whilst Class 1 covers these as well as other benefits such as Jobseeker’s Allowance.
Taxpayers may also be able to pay voluntary Class 2 or Class 3 National Insurance contributions to protect their entitlement to the State Pension (and in some cases other benefits) if they meet the eligibility requirements.
You can only pay voluntary National Insurance contributions to fill gaps for the previous six tax years. The deadline to make payment is 5 April each year. For example, you have until 5 April 2031 to pay voluntary contributions to make up a gap for the 2024-25 tax year.
Connecting with the Oxford Business Community
We also enjoyed a fantastic evening recently at Oxford City Football Club, where we are proud to be the stadium sponsor.
Before kick-off we joined a lively networking event in the Velocity Suite, bringing together businesses from across the region. The hospitality was excellent and it was a great opportunity to catch up with familiar faces and make new connections within the Oxfordshire business community.
A special mention to Louise Merritt, Justin Merritt and their team for hosting such a well organised evening.
It was also great to see our Partner Ollie Squire ACCA taking part in the pre-match panel discussion before the game.
The match itself finished in a hard-fought 0–0, but it was still a brilliant night supporting local sport, local businesses and the wider community.
Oxford City FC Golf Day 2026
Another great event on the horizon is the Oxford City FC Golf Day 2026, which will bring together local businesses and supporters for a day of sport, networking and fundraising.
Events like these are a great example of how football clubs can bring communities and businesses together away from the pitch. They create opportunities to build relationships, support local initiatives and strengthen connections across the region.
With teams, sponsors and supporters all taking part, the day promises to be a relaxed and enjoyable way to connect with fellow businesses while supporting the club and the wider Oxfordshire community.
HMRC Reminder for Self-Employed and Landlords
If you have not yet checked whether you need to use Making Tax Digital (MTD) for Income Tax, you should do so urgently. HMRC has issued a timely reminder that for many self-employed and landlords the way to report tax to HMRC will change significantly from 6 April 2026.
MTD for Income Tax is a significant move away from the traditional annual self-assessment process towards a more digital and frequent approach, requiring taxpayers to manage records and submit updates through recognised software. The new system is being gradually rolled out over the coming years.
More than 860,000 sole traders and landlords earning over £50,000 from self-employment or property need to start using digital reporting from April 2026.
MTD for Income Tax requires users to keep digital records and send quarterly updates of income and expenses. These updates are not additional tax returns and are created by recognised and approved software providers. A full tax return will still be required by the following 31 January after the tax year.
Taxpayers joining MTD for Income Tax in April 2026 will not receive penalty points for late quarterly updates for the first 12 months, giving time to adjust. There are also exemptions available for those who genuinely cannot use digital tools.
We would be happy to help if you need assistance getting started with MTD for Income Tax.
HMRC’s Director of Making Tax Digital said:
“With two months to go until MTD for Income Tax launches, now is the time to act. A range of software is available, and the system is straightforward and helps reduce errors. Thousands of volunteers have already used it successfully.
This will make it easier for sole traders and landlords to stay on top of their tax affairs and help ensure everyone pays the right amount of tax.
Spreading your tax admin throughout the year means avoiding that last minute scramble to complete a tax return every January.”
👉 [Download our Making Tax Digital for Income Tax guide]
Inheriting Additional State Pension
The Additional State Pension is only available to those who reached the state pension age before 6 April 2016 and are receiving the Old State Pension.
The Additional State Pension is an extra amount of money paid on top of the basic Old State Pension.
The Old State Pension is designed to provide individuals of state pension age with a basic regular income and is based on National Insurance Contributions (NICs). To get the full basic State Pension, most people need to have had 35 qualifying years of NICs.
Claimants will automatically have received the Additional State Pension if they were eligible for it. Those who had contracted out were not eligible for the Additional State Pension.
If your spouse or civil partner dies, you may be able to inherit some of their Additional State Pension if you reached State Pension age before 6 April 2016.
If you do not receive the full basic State Pension, you may be able to increase it by using your spouse or civil partner’s qualifying National Insurance years.
You may also be able to inherit part of their Additional State Pension or Graduated Retirement Benefit.
Different rules apply if you reached State Pension age on or after 6 April 2016. If relevant, you should contact the Pension Service to check what you can claim.
Car and Travel Costs if Self-Employed
If you are self-employed, it is important to understand which car and travel costs can be claimed.
You can claim allowable business expenses for car, van or travel costs, which reduce your taxable profit.
Typical allowable costs include:
• Vehicle insurance
• Repairs and servicing
• Fuel
• Parking
• Hire charges
• Vehicle tax and licence fees
• Breakdown cover
• Train, bus, tram, air and taxi fares
• Hotel rooms
• Meals on overnight business trips
You cannot claim for:
• Non-business driving or travel costs
• Fines or penalty charges
• Personal travel, including commuting between home and a regular workplace
For vehicle costs, you may choose between claiming actual costs or using HMRC’s simplified expenses, which is a flat-rate allowance for mileage.
If you buy a vehicle for your business, how you claim the cost depends on your accounting method. Under traditional accounting you can claim capital allowance on the purchase cost. How much you can claim depends on whether this qualifies as a commercial vehicle.
If you use cash basis accounting you can also claim capital allowances as long as you are not using simplified expenses.
For all other types of vehicles or associated costs, you can claim them as allowable business expenses.
Tax Diary March / April 2026
1 March 2026 – Due date for Corporation Tax due for the year ended 31 May 2025.
2 March 2026 – Self-Assessment tax for 2024-25 paid after this date will incur a 5% surcharge unless liabilities are cleared by 1 April 2026 or an agreement has been reached with HMRC under their Time to Pay facility.
19 March 2026 – PAYE and NIC deductions due for month ended 5 March 2026.
19 March 2026 – Filing deadline for the CIS300 monthly return.
19 March 2026 – CIS tax deducted payable by today.
1 April 2026 – Due date for Corporation Tax due for the year ended 30 June 2025.
19 April 2026 – PAYE and NIC deductions due for month ended 5 April 2026.
19 April 2026 – Filing deadline for the CIS300 monthly return.
19 April 2026 – CIS tax deducted payable by today.
30 April 2026 – 2024-25 tax returns filed after this date will be subject to an additional £10 per day late filing penalty for a maximum of 90 days.
Looking Ahead
As we move further into 2026, the topics covered in this newsletter will continue to shape decisions for individuals and businesses alike.
Planning ahead, staying informed and seeking advice early can help reduce uncertainty and avoid unnecessary stress.
If you would like to discuss any of the topics covered, or simply want to talk through plans for the year ahead, our team is always happy to help.