***PLEASE IGNORE THIS REMINDER IF YOU HAVE ALREADY SENT US YOUR QUESTIONNAIRE***

If you would like Cogent to prepare and file your 2025/26 tax return and you have not yet sent us your completed Self-Assessment Tax Return Questionnaire, you will need to do so by 30 September 2026 to benefit fully from our discounted fee.

If you have a second shareholder, they may also need to file a tax return, even if they haven’t previously. For further advice, please contact our Tax Department.

The standard charge including VAT for a basic tax return is £270. Questionnaires received by 30 September 2026 will receive the full discount on a basic tax return, charged at £99.

If your questionnaire is received between 1 October and 31 December 2026, the fee will be discounted to £150; any returns received after 31 December 2026 will be charged at the full rate of £270.

Please note, that more complicated tax returns where additional work or supplements are required, will be subject to additional charges.

Our deadlines have been set so that we can complete your return in time to meet the HM Revenue & Customs’ (HMRC) online filing deadline of 31 January 2027.

Penalties for late filing of tax returns can be as much as £1,600, even when there is no tax due, so please ensure your tax return is filed on time, whether you ask us to prepare it for you, or you have made other arrangements.

You can request a questionnaire for 2025/26 by emailing tax@cogentaccountants.co.uk

Please return your completed questionnaire together with any attachments by email only to our Tax Department – tax@cogentaccountants.co.uk

You are required to file a tax return if:

• You have been asked to file one by HMRC
• You have a tax liability for the year (e.g. additional and higher rate tax, student loan repayments, high-income child benefit charge or if you have any income which has not been taxed at source)
• You have a new source of income that needs to be declared.

***PLEASE IGNORE THIS REMINDER IF YOU HAVE ALREADY SENT US YOUR QUESTIONNAIRE*** 

The Companies House ‘Identity Verification Process’ launched last year on 18 November 2025, making it a legal requirement for new and existing Company Directors and Persons with Significant Control (PSCs) to verify their identity over a 12-month period, as and when their company’s annual Confirmation Statement and PSC ID are due for filing.

This verification process helps deter those wishing to use companies for illegal purposes.

Anyone setting up, running, owning or controlling a company in the UK needs to verify their identity over this 12-month period in order to prove they are who they claim to be.

We have been writing to clients over the past 10 months when it was time for us to file their company’s annual Confirmation Statement and PSC ID, with full details of how to apply to Companies House for their unique filing code.

All current clients should have received an email from us by now with reminders to those still outstanding going out weekly which should be attended to it without delay.

If you haven’t done so already, it is extremely important that you forward the unique filing code to us as soon as it has been received from Companies House, as we are unable to file the company’s Confirmation Statement and PSC ID without it and this may incur unnecessary late filing fines and penalties.

The kids are back at school, the summer holidays already feel like a distant memory and life is slowly settling back into its usual rhythm.

September always feels like a bit of a reset, a chance to get back into the swing of things after (hopefully) a bit of sun, sea or at least a break away from the day-to-day.

For contractors and freelancers, it’s also a great moment in the year to pause, take stock and get set for a strong finish to 2026.

Check in on your contracts

Take a quick look at your current agreements. Are your rates still competitive? Do the terms still work for you now, compared with when you signed?

A little review now can save you headaches later and might even open the door to better deals going forward.

If nothing else, it will help you understand what you should be looking for in your next contract, as and when it comes around.

See what work is coming in

Autumn tends to be a busy time as projects kick off after the summer lull. Take a look at your pipeline and see whether there’s enough coming in to keep you busy through to the year end.

If not, now is the perfect time to start reconnecting with former clients and letting your network know when you’re next available for work.

Marketing yourself well ahead of the end of a contract should help you avoid any gaps in employment, if that’s what you want to achieve.

Shout about yourself

When was the last time you refreshed your LinkedIn (be honest)? As people settle back into work, they tend to spend a bit more time on their social media, often as a welcome distraction from getting back into their role.

Now is a great time to share some recent wins and remind people what you do best. You may even get ahead of the competition, as many freelancers wait for the usual “new year, new job” posts in January.

Plan for what’s next

Think about how you want the rest of the year to look. Set aside some time for financial planning, make sure you’re on top of your tax position and start thinking ahead to 2027.

With the Autumn Budget on the horizon, taking time now to consider its potential impact on your finances and how you operate is well worth it, even before we know the detail of the Chancellor’s speech.

Coming back after summer isn’t just about catching up, it’s about getting ahead. By checking in on your contracts, promoting yourself and doing some simple planning, you can put yourself in a great position to end the year on a high.

***PLEASE IGNORE THIS REMINDER IF YOU HAVE ALREADY SENT US YOUR QUESTIONNAIRE***

We sent out our 2025-26 tax questionnaires on 15 May and if you would like Cogent to prepare and file your 2025-26 tax return, please send us your completed Self-Assessment Tax Return Questionnaire.

If you have a second shareholder, they may also need to file a tax return, even if they haven’t previously. For further advice, please contact our Tax Department.

The standard charge including VAT for a basic tax return is £270. Questionnaires received by 30 September 2026 will receive the full discount on a basic tax return, charged at £99.

If your questionnaire is received between 1 October and 31 December 2026, the fee will be discounted to £150; any returns received after 31 December 2026 will be charged at the full rate of £270.

Please note, that more complicated tax returns where additional work or supplements are required, will be subject to additional charges.

Our deadlines have been set so that we can complete your return in time to meet the HM Revenue & Customs’ (HMRC) online filing deadline of 31 January 2027.

If you have any queries or haven’t received the questionnaire, please contact our tax department by emailing tax@cogentaccountants.co.uk

Please return your completed questionnaire together with any attachments by email to our Tax Department – tax@cogentaccountants.co.uk

***PLEASE IGNORE THIS REMINDER IF YOU HAVE ALREADY SENT US YOUR QUESTIONNAIRE***

If your company has retained profits and you have no immediate plans to use them, investing in a high-interest account or company bond is a great way to boost your funds.

High-interest rate accounts

Higher interest rate accounts enable you to earn more from your retained profits than would be possible from a regular business current or savings account.

However, in return for higher interest on your cash, you will typically need to leave your funds untouched in the account or bond for a set period.

As a rule, the longer the period, the more interest you’ll be able to earn. If you end up withdrawing the money early, you will likely face substantial penalties.

That’s why you need to consider how much of your retained profits you can safely invest in a fixed higher interest rate savings account.

Advice for contractors

As a contractor, you face periods of uncertainty. If you may need all your retained profits to keep your business afloat through tougher financial periods, tying up your funds in a fixed account could lead to further issues and higher costs down the line.

That’s why you must make sure that you set enough funds aside that are easily accessible to you before transferring any retained profits into a high-interest rate account.

If you’re planning your exit strategy, accumulating retained profits in a high-interest rate account can be an effective way of reducing your tax liability upon distribution of the company’s capital.

In any event, you should always seek independent financial advice before you make any significant investment decisions.

We have a wealth of experience in advising contractors just like you on the best use of their retained profits and can refer you to independent financial advisers who can help. If you’re struggling to work out what’s best for your business, speak to us.

As schools break up and inboxes start to go quiet, many contractors get something they rarely have during term time – a bit of breathing space.

Whether you’re jetting off or just enjoying a slower week, summer is a natural pause point – one that shouldn’t be squandered.

Rest doesn’t have to mean doing nothing, it can also mean taking stock of where your business stands and coming back sharper for it.

Review your contracts

When did you last actually read through your current contracts, rather than just checking the dates? It’s worth looking beyond deadlines to ask:

• Are your rates still fair, given the value you’re delivering?
• Do your terms actually protect you if a project goes wrong?
• Are there clauses you keep signing without a second thought, that you’d now negotiate differently?

A proper read-through of your agreements with clients, suppliers or agencies often turns up gaps you’d otherwise only notice when it’s too late to fix them.

While you’re at it, check for auto-renewal dates and upcoming notice periods, so nothing rolls over without you meaning it to.

Warm up your pipeline

A quieter summer is a good moment to reconnect, not just recharge.

A few small actions can go a long way:

• Give your portfolio or website a refresh
• Drop a message to past clients, just to check in
• Update recruiters on your availability
• Have a look at industries or projects you’d like to move towards next

One well-timed message can be enough to land your next contract, or simply keep you front of mind when the right opportunity comes up.

Check in on your numbers

It’s easy to settle into a rhythm of earn, invoice, repeat once you’re busy, but that doesn’t tell you how healthy the business actually is underneath.

Use the quieter weeks to get a proper look at:

• Whether you’re setting aside enough for tax and any gaps between contracts
• Whether your pricing still stacks up against your costs and time
• Which clients or projects are genuinely the most profitable, once everything is accounted for

Tidy up how you work

A summer reset isn’t just about contracts and cashflow, it’s also a chance to look at how your business runs day to day.

Small changes, like automating your invoicing or simplifying your expense tracking, can free up hours you didn’t know you were losing and make the next busy stretch easier to manage.

Don’t forget to actually switch off

Not everything about summer needs to be productive. Your business’s biggest asset is you and that means it’s worth properly looking after.

Read something that isn’t work-related or go somewhere new, as some of the best ideas turn up when you’ve stopped chasing them.

You don’t need to overhaul your business this summer. A few thoughtful tweaks, made while things are quiet, can carry you a long way into the next busy season.

Review what’s working, fix what isn’t and give yourself permission to properly rest.

If you use your own car for work, there is some good news from HMRC. The approved mileage allowance payment (AMAP) rate has increased from 45p to 55p per mile for the first 10,000 business miles you drive each year.

Chancellor Rachel Reeves announced the 10p increase late in May, with the new rate backdated to take effect from the start of the 2026/27 tax year on 6 April.

Incredibly, it is the first rise in the approved mileage rate in 15 years, since 2011 and for contractors who regularly travel between clients or sites, the difference could be significant.

For example, if you drive 5,000 business miles a year, the increase puts an extra £500 in your pocket tax-free compared to last year’s rate.

The rate applies to cars and vans, but it does not cover motorbikes or bicycles and the rate for carrying a passenger remains unchanged.

Importantly, the higher rate for miles beyond 10,000 stays at 25p, which has disappointed some who felt the secondary rate was equally in need of review.

It is also worth noting the temporary workplace rules that govern mileage claims, as not every journey qualifies.

If you are unsure whether your travel counts as business mileage or not, it is worth checking with us before you start claiming.

The increase forms part of a broader cost of living package from the Government and while it has been welcomed across the contracting community, some advisers have been quick to point out that it does not offset the wider tax pressures contractors have faced in recent years.

Nevertheless, it is good to see some support being offered to freelancers who are facing higher costs in many other areas.

If you have questions about how the new mileage rate applies to your business, our team is happy to help.

As a director of your own limited company, you can provide yourself and your employees with small, tax-free perks known as “trivial benefits.”

These benefits are becoming more popular and are exempt from tax and National Insurance as long as all rules are met.

If the provision of the trivial benefit meets the required conditions, then it is tax free in the hands of the recipient and will not be subject to national insurance contributions.

What counts as a trivial benefit?

A benefit is considered trivial if it meets all of the following conditions:

• Cost is £50 or less (including VAT).
• It is not cash or a cash voucher.
• It is not a reward for work performed or a contractual entitlement.
• It is provided for a genuine non-work-related reason (e.g., birthday, Christmas, thank-you gesture).

Examples of acceptable trivial benefits

• A £30 bottle of wine or chocolates as a gift.
• Flowers or a small gift for a special occasion.
• Gift Voucher (for example Amazon)
• Small seasonal gifts (Christmas, Easter, Birthday, Religious Festivals etc.).

Limits for directors

If you are a director of a close company (most contractor limited companies are), you can claim:

• Up to £50 per benefit, AND
• Up to £300 total per tax year for the director.

This £300 annual cap applies only to directors and only for their trivial benefits, not for employees.

Employees (excluding directors)

Employees can receive multiple trivial benefits with no annual cap, as long as each one stays within the £50 rule and meets the criteria (but we would not advise exceeding the £300 Directors limit for employees).

Important restrictions

• You cannot claim a trivial benefit if it is intended to reward performance or is part of any contractual agreement.
• You cannot reimburse yourself for cash and call it a trivial benefit.
• If the cost exceeds £50 by even £1, the full amount becomes taxable (not just the excess).

How to record trivial benefits

Keep simple evidence such as:

• Receipt for the item.
• Brief note of the occasion (e.g., “Christmas gift”, “Birthday gift”).
• Who received the benefit.

These records support your company accounts in case HMRC requests them.

Why use trivial benefits?

• Tax-free and NI-free for both company and director/employee.
• Fully tax-deductible expense for the company.
• A simple and legitimate way to extract small amounts of value from your company.

If you require any further information, please speak to your Account Manager.

The 2026 FIFA World Cup is now well underway and by the time you read this England have already faced Croatia and Ghana in the group stage and with the final group game against Panama just days away.

Hopefully it already feels like football’s coming home, but Tuchel’s squad are more than likely approaching a pivotal moment in the tournament.

Of course, we can’t forget the Scottish national team as well, who have been bringing joy to the US with the Tartan Army’s screams of “No Scotland, No Party”.  It is great to see the team back at the World Cup for the first time in 28 years!

If you have been watching the games, you will have noticed that most of England’s fixtures, so far, kick off at 9pm or 10pm UK time.

That is not too painful for most fans, but across the wider tournament, dozens of matches involving other nations are kicking off at midnight, 1am, 2am and beyond, as the North American time zones push games deep into the night time.

For employees, staying up until 3am to watch Argentina or Brazil can mean a difficult conversation with a manager the next morning. For contractors, it is a different story.

One of the genuine, if rarely advertised, advantages of working for yourself is control over your own schedule.

If you want to rearrange your day to catch a late kick-off, stay up for a second group stage game or simply take a slower start the following morning, you can in most cases.

There is no need to book annual leave or explain yourself to anyone. You simply manage your time around your commitments.

That flexibility is part of what makes contracting an attractive way to work. The World Cup happens once every four years and this one is the biggest yet (at least according to Donald Trump). There are 48 teams and 104 matches across the tournament to enjoy.

Of course, football isn’t for everyone but with a summer of sport ahead of us, including the start of Wimbledon on Monday, there is plenty for everyone to enjoy.

Whether you are following England into the knockout stages, keeping an eye on how Scotland fare or looking forward to strawberries and cream as you watch the tennis, being your own boss means you do not have to miss the moments that matter.

Enjoy the summer of sports and if any of the financial side of contracting needs attention while you have a quiet moment between games, our team is here to help.

The new Companies House ‘Identity Verification Process’ launched on 18 November 2025, making it a legal requirement for new and existing Company Directors and Persons with Significant Control (PSCs) to verify their identity over a 12-month period, as and when their company’s annual Confirmation Statement and PSC ID are due for filing.

This verification process will help deter those wishing to use companies for illegal purposes.

Anyone setting up, running, owning or controlling a company in the UK needs to verify their identity over this 12-month period in order to prove they are who they claim to be.

We have been writing to clients over the past few months and are continuing to do so before it is time for us to file their company’s annual Confirmation Statement and PSC ID, with full details of how to apply to Companies House for their unique filing code.

Once you have received an email from us, you should attend to it without delay.

It is also extremely important that you forward the unique filing code to us as soon as it has been received from Companies House, as we are unable to file the company’s Confirmation Statement and PSC ID without it and this may incur unnecessary late filing fines and penalties.