Digital Tax Reporting (Making Tax Digital)
The most notable administrative reform is the rollout of Making Tax Digital for Income Tax Self-Assessment (ITSA). From April 2026, sole traders and landlords with combined annual gross income exceeding £50,000 will be required to comply. Affected taxpayers must maintain digital accounting records and submit quarterly updates to HMRC using compatible software, replacing the traditional annual tax return process. To support the transition, HMRC has confirmed a 12-month penalty grace period for late quarterly submissions for those joining in April 2026.
Introducing Onyx Audit Services
We’re pleased to introduce our new Audit service, expanding the support we offer. Alongside our work in compliance, taxation and financial management, we can now provide a professional, reliable audit process tailored to you. We understand audits can feel disruptive, so our approach is designed to be as non-invasive as possible. We work closely with you and your team, fitting around your day-to-day operations and keeping things clear and straightforward. Our aim is to deliver a thorough, independent external audit that meets regulatory requirements while also providing clear, practical insights you can rely on.
Statutory Audit
Helps ensure your financial statements are accurate and compliant, giving stakeholders confidence and highlighting any potential risks. At least 2 of these criteria’s must be met in order to qualify for a statutory audit: Turnover over £15 million, balance sheet total over £7.5 million or more than 50 employees.
Internal Audit
Provides insight into your internal controls, helping identify weaknesses and opportunities to improve processes. This helps organisations succeed, providing assurance and managing risks by looking into systems and processes allows you to improve them.
CASS / FCA Audit
For businesses holding or managing client money, ensuring full compliance with FCA CASS rules and safeguarding client assets
Why Onyx Audit
Deep technical knowledge – our qualified auditors ensure that every engagement meets the highest professional and regulatory standards.
We take time to understand each businesses unique operations and goals, tailored with practical insights.
With minimal disruption to your daily operations, we use digital tools to make the process efficient and streamline methodologies.
Management Accounts and Internal Reporting
We felt the importance to highlight why most of our clients that want to grow or expand their operations OR indeed to better tax plan engage in this service. Below is a summary of what this can bring to business owners and their businesses.
Better decision-making
Management accounts provide up-to-date financial data (e.g. revenue, costs, profit), helping owners and managers make timely and informed decisions rather than relying on outdated annual reports.
Improved financial control
They allow businesses to monitor short-term working capital, cash flow, expenses, and profitability closely, making it easier to control costs and avoid overspending or investing at the incorrect times with money they don’t have.
Performance tracking
Managers can compare actual results with budgets or forecasts, helping identify areas performing well or underperforming. Early problem detection. Regular reporting helps spot issues (like falling sales or rising costs) early, so corrective action can be taken before problems worsen.
Tax Planning and forecasting
Management accounts support budgeting and financial forecasting, helping businesses plan for growth, investment, or potential risks. This also allow for more proactive tax planning. Customized reporting: They can be tailored to specific departments, projects, or KPIs, making the information more relevant and useful for internal management.
Better communication – AND you get to meet your accountants MORE
They provide a clear financial picture that can be shared with operational managers and stakeholders, improving coordination and operational and strategic alignment.
