Accountants for
Landlords

The main levers are capital allowances on equipment, employer pension contributions, getting the salary and dividend split right, and making sure every genuine business cost has actually been captured in the accounts. Full expensing gives 100% relief on qualifying new plant and machinery.

Nearly all of it depends on acting before the year end. Once the year has closed, the options that remain are mostly limited to making sure nothing was missed.

Possibly, but the rules have tightened considerably and HMRC scrutinises claims closely. The work must seek an advance in science or technology and resolve genuine technical uncertainty that a competent professional could not readily work out.

Ordinary product development, cosmetic changes and routine software configuration do not qualify. We will give you a straight assessment rather than encouraging a speculative claim, because an unsuccessful one now carries real risk.

An online return for the tax year ending 5 April must be filed by 31 January the following year, and any tax owed is due the same day. Paper returns are due earlier, by 31 October. If you also make payments on account, the second one falls due on 31 July.

We aim to have returns finished well before Christmas so you know your January figure in good time.

You generally need to file if you were self-employed with turnover over £1,000, received rental income, are a company director taking dividends, made a capital gain above the annual exempt amount, or earned over £50,000 while you or your partner claimed Child Benefit.

If you have had a notice to file from HMRC you must submit a return even if you owe nothing, until HMRC withdraws the notice. If you are not sure, ask us — it takes five minutes to check.

There is an automatic £100 penalty the day after the deadline, even if you owe no tax. After three months it becomes £10 a day up to £900, and further penalties apply at six and twelve months. Interest runs on unpaid tax from the due date.

If you are already late, file as soon as possible — the penalties stack up rather than replacing each other.

Anything incurred wholly and exclusively for the business. For most sole traders that covers stock and materials, tools and equipment, business insurance, accountancy fees, business travel and mileage, phone and internet on the business proportion, and a reasonable amount for working from home.

What you cannot claim is ordinary commuting, client entertaining, or the personal share of anything you use for both business and private purposes. We go through this with you rather than guessing.