Accountants in Seghill

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

The trading allowance means up to £1,000 of gross side income per year can be tax-free with no return needed. Above that, registration and reporting kick in — and platforms now report seller data to HMRC, so "under the radar" isn't a strategy any more.

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.

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.

Status under IR35 turns on the reality of the engagement: control, substitution, mutuality of obligation. Contracts matter, but working practices matter more. A written status assessment for each engagement is cheap insurance.

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.

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.

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.