Accountants in Prideaux Place

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.

Disposing of crypto — selling, swapping one coin for another, spending it — is a capital gains event, and staking or mining income is usually income. Exchanges share data with HMRC, so the tax position exists whether or not it's been calculated.

First-year traders around Prideaux Place tend to make the same three mistakes: registering late, mixing business and personal spending in one account, and saving nothing for the first tax bill. All three are avoidable in an afternoon of setup.

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.

If a return is late because HMRC asked for one you don't actually need, it can sometimes be withdrawn entirely — penalties included. And where there's a genuine reasonable excuse, appeals succeed more often than people expect. The wrong move is ignoring the letters.

VAT registration becomes compulsory once your taxable turnover in any rolling 12 months passes £90,000 — and "rolling" is the word that catches people, because it's not your accounting year. Businesses in Prideaux Place growing towards that line should be watching it monthly.

From April 2026, self-employed people and landlords with qualifying income over £50,000 move onto Making Tax Digital for Income Tax: digital records and quarterly updates to HMRC, not one annual return. The year before is the right time to get bookkeeping into shape.

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.