Accountants in Falconwood and Welling

Directors paying themselves a salary still need a PAYE scheme and RTI submissions, even in a one-person company. It's a five-minute monthly task with software — and a recurring penalty generator without it.

Inside-IR35 and outside-IR35 engagements need different setups — sometimes umbrella, sometimes the company, sometimes both across a year. Contractors who plan this per-engagement keep more and worry less.

Online Self Assessment returns are due by 31 January, along with any balancing payment — and HMRC's £100 penalty applies the moment the deadline passes, even if you owe nothing. Most Falconwood and Welling clients who come to us in January still file on time; the records just need to arrive before the last week.

Incorporation isn't a milestone, it's a calculation: corporation tax versus income tax and NICs, dividend taxation, what you need to draw versus what can stay in the company, and whether limited liability matters for your work. For some Falconwood and Welling businesses it saves thousands; for others it's pure extra paperwork.

Subcontractors under the Construction Industry Scheme have 20% deducted at source — often more than their final tax bill once expenses and the personal allowance are counted. That's why CIS refunds are so common: the average claim is well into four figures, but only if the deduction statements are all gathered.

Rental profits need reporting once they're more than trivial, and the rules differ for furnished holiday lets, rent-a-room and ordinary lets. Landlords are also in the first wave of Making Tax Digital — property income counts towards the £50,000 threshold.

Payments on account catch people out because the first year effectively bills you one-and-a-half years of tax at once. Knowing that in advance changes how you save through the year — and if profits fall, we can apply to reduce the July payment rather than lending HMRC money interest-free.

Receipts win arguments. HMRC doesn't demand a shoebox of paper any more — photos in an app are fine — but every deduction needs evidence behind it. A ten-minute weekly habit beats a January archaeology dig, every time.