Self-assessment & MTD simple

Yes. You can contact us during the evenings and weekends. We understand that our clients may be occupied elsewhere during the working week and that some accounting works can be quite urgent at times, especially around deadlines.

Yes, we would be happy to formulate an accounting system suitable for your business. A simple Excel spreadsheet or accounting packages such as Xero, QuickBooks or Sage are some of the commonly used tools that we will help you to set up and train you how to operate.

If your existing accountant already provides you with top-notch, pro-active services at fair prices, you should retain their services. Different accountants have different methods and levels of expertise. However, if your current accountant is not being able to deliver services suitable to your needs in the way that we can, then changing over to us is a simple process.

The ideal structure for your new business depends on many factors including the size and profitability of your business. What works optimally for one business may turn out to be unsuitable for another.
Each structure has some advantages over the others. Running your business as a sole trader is more simple, easy to set up and can even be cheaper, but carries significantly higher risk and can be less tax efficient than a limited company. Each method has merits in different circumstances, and we can provide an informed advice regarding which option is best for your business after a consultation.

You must keep records for 6 years from the end of the last company financial year they relate to, or longer if:

• They show a transaction that covers more than one of the company's accounting periods.
• The company has bought something that it expects to last more than 6 years, like equipment or machinery.

You should be registered for PAYE with HMRC and make all the relevant RTI submissions even if you have one employee or you are the sole director of your business and take salary from the company.

If your business turnover is over the annual registration threshold then you are legally required to register for VAT. Registering for VAT voluntarily may also be beneficial for your business. The VAT registration threshold for 2024 is £85,000.

According to HMRC regulations, you must pay your Corporation Tax within 9 months from the end of a financial year and then file your company’s Tax Return within 12 months from the end of that financial year.

Although you own and control your company, it is a separate legal entity, and its assets and finance are to be kept separate from your personal assets and finance. Therefore, it requires its own business bank account as the funds belong to the company until it is distributed to you.

Making Tax Digital (MTD) for Income Tax is HMRC's digital tax system. It requires eligible sole traders and landlords to keep digital records, submit quarterly updates, and file their tax return using compatible software.

You'll need to use MTD for Income Tax if you:

• Are a sole trader or landlord registered for Self Assessment.
• Earn income from self-employment, property, or both.
• Have qualifying income above HMRC's threshold.

MTD starts from:

• 6 April 2026 – Income over £50,000
• 6 April 2027 – Income over £30,000
• 6 April 2028 – Income over £20,000

You only need to start using MTD after submitting your first Self Assessment tax return.

Our MTD service includes:

• Sign Up for MTD
• Filing Quarterly MTD Returns
• Prepare & Submit Tax Returns
• Provide SA302 and Tax Year Overview
• Unlimited Phone and Email support

Yes. We can prepare and submit your MTD returns on your behalf, ensuring your records are accurate, deadlines are met, and your submissions comply with HMRC requirements, giving you peace of mind.

Failing to comply with MTD requirements may result in HMRC Penalties, interest charges, or additional compliance issues. We help you stay compliant by managing your digital records and submitting your tax information accurately and on time.