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HMRC does not require you to use an accountant. You can file your own Self Assessment tax return or company accounts. Many people choose a local accountant because they want support with tax planning, deadlines, bookkeeping, VAT and HMRC enquiries. A good high street accountant can often save you more in tax, interest and penalties than the fee they charge, as well as freeing up your time to run the business.

For most new clients we ask for proof of identity, proof of address, your National Insurance number, previous accountant details, recent accounts or tax returns, bank statements, bookkeeping records and any PAYE, VAT or pension scheme references. Limited companies will also need Companies House registration details. We will provide a clear onboarding checklist so you know exactly what to send.

Many clients prefer fixed monthly fees so they know exactly what they are paying for bookkeeping, payroll, VAT returns, Self Assessment and year end accounts. We agree the scope in advance and confirm it in writing. More complex work such as tax investigations, research or specialist planning is usually quoted separately.

You may need a Self Assessment tax return if you are self employed, a partner in a partnership, a company director, a landlord, or if you receive untaxed income such as dividends, investment income or overseas income. You may also need to file if your income is over certain thresholds, even if you are in PAYE employment. If you are unsure, speak to us and we can check the HMRC criteria with you.

The UK tax year runs from 6 April to 5 April. Paper tax returns are usually due by 31 October after the end of the tax year. Online Self Assessment tax returns are usually due by 31 January. Any tax due is also normally payable by 31 January, with payments on account for some taxpayers on 31 January and 31 July. Late filing or late payment can trigger penalties and interest, so it pays to get organised early.

You should keep records of all income and expenses such as invoices, receipts, bank statements, dividend vouchers, rental statements and mileage logs. HMRC expects most individuals to keep Self Assessment records for at least five years after the 31 January filing deadline for the relevant tax year. If you are in business or registered for VAT, you may need to keep some records for longer.

You must register for VAT if your VAT taxable turnover exceeds the current HMRC registration threshold in a rolling twelve month period or if you expect it to go over the threshold in the next thirty days alone. Some businesses choose to register voluntarily below the threshold if it suits their customers and cash flow. We can review your figures and advise whether VAT registration and VAT returns are required or beneficial.

Making Tax Digital for VAT requires VAT registered businesses to keep digital records and file VAT returns using MTD compatible software instead of typing figures directly into HMRC. Most VAT registered businesses now fall under MTD rules. We can help you choose suitable software, move your records across and file your VAT returns on time.

Making Tax Digital for Income Tax is the next stage of HMRCs digital programme. It will eventually require many sole traders and landlords to keep digital records and send quarterly updates to HMRC through approved software, rather than filing one annual Self Assessment tax return. The rules and start dates depend on your income level and circumstances, so it is important to plan ahead. You can read more on our Making Tax Digital support page.

The best preparation is to move to cloud bookkeeping software that is MTD compatible, keep business and personal transactions separate and make sure your records are updated regularly. We can recommend software such as Xero, set up your chart of accounts, create MTD ready workflows and monitor your quarterly figures so you are not caught out when the new rules become compulsory.

Cloud accounting software can link to your bank, automate data entry, attach receipts, calculate VAT, and provide live reports on profit, cash flow and who owes you money. Because it is cloud based, both you and your accountant can see the same figures in real time. This makes it easier to keep records tidy, respond to HMRC queries and make informed business decisions throughout the year rather than once a year. You can learn more about how we support Xero on our Xero accountants in Oxfordshire page.

Yes. Many clients ask us to handle bookkeeping so they can focus on running and growing the business. We can either support your team with regular reviews or provide a full outsourced bookkeeping service which includes bank reconciliations, posting sales and purchase invoices, VAT checks and management reports.

A payroll service typically includes setting up PAYE, registering as an employer, adding employees, calculating gross to net pay, tax and National Insurance, running Real Time Information submissions, producing payslips, handling starters and leavers, preparing P60s and P11Ds and dealing with HMRC queries. If you work with contractors in construction, we can also manage CIS deductions and monthly returns.

Most UK employers who pay staff over certain earnings thresholds must operate an auto enrolment workplace pension. This involves enrolling eligible staff, making employer contributions, handling opt outs and providing statutory letters. We can coordinate payroll and pensions so that contributions are calculated correctly and submitted to your chosen provider.

A sole trader is taxed personally on their business profits through Self Assessment and there is no legal separation between the individual and the business. A limited company is a separate legal entity that pays Corporation Tax on profits. Directors and shareholders usually take money out as salary and dividends. Limited companies can offer tax planning opportunities and limited liability but they also have more filing and compliance requirements.

Most UK limited companies must file annual accounts and a confirmation statement with Companies House, and a Corporation Tax return with HMRC. You may also have quarterly VAT returns, monthly payroll submissions and pension reports depending on your setup. Our Corporation Tax services and wider company compliance support can help ensure that all deadlines are met and nothing gets missed.

Capital Gains Tax can apply when you sell or dispose of assets such as rental property, shares, investments, cryptoassets or a business. There are annual allowances, different rates for residential property and other assets, and reliefs that may reduce the tax due. It is important to keep detailed records of purchase costs, improvement costs and sale proceeds so that gains can be calculated correctly. You can read more on our Capital Gains Tax services page.

UK residents generally need to report and pay any Capital Gains Tax on the sale of UK residential property through a Capital Gains Tax on UK property return within a set number of days after completion. The rules are different if the property is your main home, if you live overseas or if the gain is covered by reliefs. Always seek advice before or as soon as you agree a sale, so there is enough time to meet reporting deadlines.

Although we are a local high street practice, we work with clients right across the UK using secure cloud software, electronic signing and online meetings. Many clients still like to visit us in person, while others prefer to work with us entirely online. You can choose whichever mix suits you best.

You can request a free discovery call through our online contact form, by phone, by email or via WhatsApp. We will ask a few simple questions about your situation, such as whether you are a limited company, sole trader, landlord or individual, then match you with an accountant who understands your sector. The call is a chance to talk through your goals and decide whether we are the right fit for you.