Accountants in West Thornton

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.

Scam "HMRC" messages outnumber real ones — HMRC doesn't demand payment by gift card or threaten arrest by text. Real letters have reference numbers that we can verify directly with HMRC before anyone responds.

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.

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.

First-year traders around West Thornton 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.

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.

Selling online, freelancing on the side, renting out equipment — each can be a "trade" in HMRC's eyes once it's done with a profit motive. The good news: registering is straightforward, expenses become claimable, and done early it's a non-event.