Hi Reader,

Hope the sun's been kind to you this week (or at least the WiFi has, if you've been hiding indoors).

In today's issue:

→ 📅 Your first MTD deadline is closer than you think. The clock's ticking on your first quarterly update.

→ 🏦 £6.5bn just landed for small business loans. Bigger, longer, easier to get.

→ 🚧 96% of small businesses say they're drowning in red tape.

Plus: one quick thing worth 30 seconds of your time.

📅 Your first MTD deadline is closer than you think

If you're a sole trader or landlord earning £50k or more, mark 7 August in your calendar. That's your first Making Tax Digital for Income Tax quarterly update deadline, covering everything you earned between 6 April and 5 July.

Here's the catch this time: this isn't optional anymore. MTD replaces the old once-a-year Self Assessment habit with four updates a year, filed through approved software instead of a spreadsheet. The good news is year one comes with a "soft landing." HMRC won't fine you for late or wrong submissions while everyone, including HMRC, gets used to the new system.

Use this first, penalty-free quarter to find software you don't hate and get your record-keeping into a rhythm. Future you will thank present you.

🏦 £6.5bn just landed for small business loans

The Chancellor has expanded the Growth Guarantee Scheme by £6.5bn, government backed loans up to £2m, now with terms stretching to 10 years instead of 6.

Around 12,000 more SMEs a year are expected to qualify under the widened eligibility rules. If you got turned down for finance before, or the repayment term was the sticking point, it might be worth another look.

🏦 £96% of small businesses say they're drowning in red tape

A government survey of small firms found regulatory burden costs them £36bn and 379 million hours a year, mostly duplicate paperwork and slow approvals. Government's pledged £6bn in savings from cutting it.

Nice to know it's not just you. Worth watching whether any of the promised simplification actually shows up where you'd feel it.

🔗 Worth Checking Out This Week

→ Tipping code scrapped, weeks before deadline. Hospitality employers are now without guidance on the "100% of tips to staff" rule (Startups.co.uk).

One thing: What's the one takeaway from this issue you'll actually act on?

Hit reply and let us know. We read every response, and it genuinely shapes what we cover next.

We’re here to help you make better business decisions quicker — right from BEFORE day one.

All the best,
Graeme and Neil
Co-founders, Basics of Business (BoB)

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