Welcome to
Tax Accountant Milton Keynes

 When launching a home-run crafts business, key tax implications will include: registering with HMRC as self-employed, understanding VAT registration requirements and schemes based on turnover forecasts, setting up a dedicated business bank account and bookkeeping system, understanding allowable deductions like use of home expenses, being aware of quarterly advance income tax payment deadlines, compiling an assets register for capital allowances claims and ensuring you file an annual Self Assessment return reporting your trading income and expenses. As your accountants we can guide you through managing all required tax compliance when starting up.

As an accountant for couriers, we can advise you on maximising tax relief on your vehicle. Key allowances cover business mileage claims at HMRC approved rates, a proportion of vehicle running costs like servicing, repairs, insurance, breakdown cover and finance interest. We’ll also explore tax-efficient electric vehicle options and ensure you have the necessary detailed mileage evidence and logbook to support your claims if ever queried by HMRC.

We can advise landlords on tax planning opportunities such as using allowances each year to reduce capital gains when selling properties, timing replacement furniture purchases around the end of the tax year, ensuring mortgage interest restrictions are maximised, keeping inherited BTLs within LET threshold for exemptions and offsetting allowable property management fees against rental income. Our expert insight aims to ensure property investors maximise all available tax reductions and reliefs.

Allowable deductions if working partly from home can include: a proportion of rent, mortgage interest, council tax, utilities, telephone line rental and broadband. We’ll calculate the deductible percentage based on floor area used for work. Keeping home office bills and records of space used is important to evidence claims to HMRC if queried. Travel costs between home and regular place of business however remain non-deductible.

When moving a limited company, key tax considerations will include: updating registered address details on HMRC and Companies House systems, understanding any devolved taxes now applicable in your region, reviewing impacts on VAT registration, adhering to employment tax rules for staff working in new locations, and meeting filing and invoicing requirements from the new registered office address. We can ensure smooth tax compliance throughout the relocation.

We offer specialist support including liaising with tax authorities directly, assembling required financial evidence, attending any interviews alongside you, scrutinising findings to identify unreasonable assertions, and helping prepare appeals against inaccurate tax assessments or penalties. Our extensive tax investigation expertise helps secure the best possible outcome.