Accountants in Latchmere

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.

HMRC requires records to be kept for at least five years after the filing deadline for the self-employed. Digital copies count. A cloud folder or app now beats a carrier bag of paper every time — for you and for any future enquiry.

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.

Filing early doesn't mean paying early: submit a return in May and the tax is still not due until the usual dates. Early filing buys certainty, refund speed and time to arrange payment — it costs nothing.

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.

Every year a wave of returns gets filed in the final days of January. It works, but it's the most expensive way to do it: no time to check for missed reliefs, and any tax due lands as one surprise. Sending your records early — even unsorted — is the single best gift you can give your January self.

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 Latchmere businesses it saves thousands; for others it's pure extra paperwork.

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.