Accountants in Horden Colliery

People stay with the wrong accountant for years because switching feels disruptive. In practice the profession has a standard handover process — clearance letters, copies of prior returns and working papers — and the new firm drives it, not you.

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.

The first tax bill is the hardest because it can arrive with payments on account attached — up to 150% of the year's tax in one go. New businesses that save a quarter to a third of profits from day one never feel it.

Dividends can only be paid from accumulated profits, and paperwork matters: board minutes and dividend vouchers, dated correctly. "Illegal dividends" isn't dramatic language — overdrawn payments can be reclassified, with tax consequences, if the profits weren't there.

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.

Timing disposals across tax years, using losses properly, and the spousal transfer rules can all legitimately reduce capital gains bills — but only before the sale. CGT planning after completion is just arithmetic.

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 Horden Colliery clients who come to us in January still file on time; the records just need to arrive before the last week.

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.