Accountants in Mount Melville

The capital gains annual exempt amount has shrunk to £3,000, which pulls far more ordinary disposals — shares, crypto, second properties — into reporting territory. Gains that once fell under the allowance now need a return, even when the tax due is modest.

The businesses that struggle with tax bills rarely have a tax problem; they have a timing problem. Knowing the bill in September instead of January — which filing early gives you for free — is the difference between planning and scrambling.

Crypto traders rack up hundreds of taxable events without noticing, because every swap counts as a disposal. Specialist software plus the pooling rules turns the mess into a number; guessing does not.

Most self-employed people under-claim. Use of home, mileage at HMRC's approved rates, phone and broadband apportionment, trade subscriptions, training that updates existing skills — legitimate deductions left on the table add up to real tax overpaid year after year.

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

The best salary-dividend mix moves with each year's thresholds and your other income. Setting it once in April — rather than guessing through the year — is one of the simplest pieces of planning a director can do.

CIS deduction statements go missing constantly — contractors change, emails vanish. HMRC's records can fill some gaps, but the fastest refunds belong to subcontractors who keep every monthly statement. If you're in construction around Mount Melville, that one habit is worth real money.

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.