Brexit Uncertainty

Paula Veysey Smith • 23 October 2017

Brexit Uncertainty

This post is in response to this article.

The uncertainty surrounding Brexit is certainly being felt at all levels of the economy. Many of our clients are small enterprises, commonly known as SME’s. The message I am getting from them is that times are difficult at the moment and that will be an outcome of uncertainty. The biggest lobbying groups are recognising the effect that a slow Brexit is having on our economy and impressing on the current Government the need to get on with it. Once the deals are made business in the UK can move on and take hold of the opportunities that are there to be had.

In my own way I am doing what I can to promote the cause of the SME. In October I had a meeting with the Rt Hon Greg Clark MP, Secretary of State for Business, Energy and Industrial Strategy, and put forward the case for small business. I am awaiting a letter that his office wrote to The Chancellor of the Exchequer. I was also fortunate enough to be invited to a Parliamentary breakfast last week and was able to pose the same questions to Chris Davies MP.

At M:Power Accounting we do more than look after your bookkeeping and tax affairs. We are also actively campaigning on the behalf of SME’s regarding Brexit and beyond. If you have any specific points you would like me to raise please do contact us by email.

HMRC mileage rate increase 2026 -- car dashboard representing business travel costs

HMRC Increases Mileage Rate to 55p Per Mile

by Paula Veysey-Smith • 5 June 2026

HMRC has increased the Approved Mileage Allowance Payment rate from 45p to 55p per mile for the first time in 15 years. Find out what the new rates mean for employees, directors and self-employed individuals from 6 April 2026.

M is for Measurable

by Paula Veysey-Smith • 31 May 2026

You've made your goal specific. Now how do you know you're actually getting there? The answer is in the M. "The more you can define your goals, the more likely you are to achieve them." Last time we looked at S for Specific — turning vague wishes like "I want to get fit" into something concrete and actionable. If you missed it, go back and start there, because everything builds on that foundation. Now we move to M for Measurable. And this one is just as important, because a goal without a measure is still just a wish.

S is for Specific

by Paula Veysey-Smith • 3 May 2026

Your New Year’s resolutions haven’t failed, they just need a sharper edge. Here's how one simple shift can change everything. “We make New Year's resolutions — let's call them goals. But they can be a bit vague. The way to make them happen is to actually define them better.” It's that time of year when those bold January intentions have quietly faded into the background. "Get fit." "Lose weight." "Grow my business." Sound familiar? You're not alone — and more importantly, you haven't failed. Your resolutions just need a better framework.

MTD for Income Tax Is Here: What It Means for You

by Paula Veysey-Smith • 13 April 2026

HMRC’s new system Making Tax Digital for Income Tax Self-Assessment has now arrived! This isn’t just a regulatory update. It’s a shift in how your records are kept, how often you report, and what you will need to do throughout the year. What’s changing for you: Under MTD for Income Tax, if you’re a sole trader or landlord within scope: You’ll need to keep digital records Quarterly updates will need to be digitally submitted to HMRC An End of Period Statement (EOPS) will need to filed A Final Declaration will be needed to finalise your tax position for the year In short: instead of one annual deadline, your tax reporting becomes a year-round process. Why using compliant bookkeeping software is now essential? To meet MTD requirements, HMRC requires fully digital record keeping and submissions . Manual spreadsheets alone are no longer sufficient You’ll need to use MTD-compliant bookkeeping software Sending your accountant paper records or incomplete information will cause delays The upside (it’s not just compliance) While MTD is mandatory, it also brings real benefits: Clear visibility of your tax position throughout the year Better cash flow planning Fewer surprises at year-end What support do you need to navigate this new system? The support of qualified accounting professionals is now more necessary than ever. We don’t expect you to navigate this alone and here’s how MPower Accounting can ensure that you not only comply with, but thrive under, this new reporting requirement. We’ll help you choose and set up the right software We work with trusted platforms such as Xero, QuickBooks, FreeAgent and others. We’ll recommend what fits your business best and get everything set up correctly. We’ll ensure you stay compliant Review your records regularly Submit your quarterly updates accurately and on time Handle all year-end submissions We’ll take the stress off your shoulders With the right system in place: Your records stay up to date automatically We can spot issues early You avoid last-minute pressure and surprises All we’ll need from you to make MTD work smoothly, is access to your chosen bookkeeping software, regular uploaded receipts so we can keep records current and a little of your time when there are questions. The more up-to-date your records are, the more value and proactive advice, we can provide. Your role is simple but important. Letting us take the strain of compliance will save you time and cause significantly less stress, enabling you to focus on what is important, that is running your business successfully. Next steps If you haven’t already: Speak to us about getting set up on MTD-compliant software Let us review your current bookkeeping process Make sure you’re ready for quarterly reporting

Brexit Uncertainty