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Frequently Asked Questions
Answers to Common Accounting
and Tax Questions
for UK Businesses
Yes, if you earn over £1,000 from self-employment in a tax year, you must register with HMRC by 5 October following the end of that tax year.
Paper returns: 31 October; Online returns: 31 January. Payments are also due by 31 January.
An initial £100 fine, plus daily penalties after three months, potentially exceeding £1,000.
If your taxable turnover exceeds £90,000 in a 12-month period, registration is mandatory.
Yes, you can claim a flat rate or actual costs for business use of your home.
MTD is a government initiative requiring digital record-keeping and submission of tax returns using compatible software.
You can amend your return within 12 months of the original deadline via your HMRC online account.
Yes, if you earn over £1,000 from rental income in a tax year.
Maintain records of all income, expenses, invoices, receipts, and bank statements for at least six years.
A scheme where contractors deduct money from subcontractors’ payments and pass it to HMRC.
Review your payslip or HMRC online account; incorrect codes can lead to over or underpayment of tax.
The amount of income you can earn tax-free each year; currently £12,570.
Yes, you can claim 45p per mile for the first 10,000 miles, then 25p per mile thereafter.
Sole traders have simpler setups but unlimited liability; limited companies offer limited liability and potential tax benefits.
While not legally required for sole traders, it's recommended to separate personal and business finances.
Contributions that fund state benefits; rates vary based on employment status and income.
Register online through the HMRC website; you'll receive a Unique Taxpayer Reference (UTR).
Yes, if you're VAT-registered, you can reclaim VAT on eligible business expenses.
A Unique Taxpayer Reference is a 10-digit number assigned by HMRC for tax purposes.
We offer tailored accounting services, including tax returns, bookkeeping, VAT, payroll, and business advice for UK clients.
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We support UK businesses with practical accounting, tax, and bookkeeping services tailored for long-term success and peace of mind.
We work with leading software including: Xero, QuickBooks, Sage, FreeAgent, and more.
What can we help you with?
We're Hyams Group
Supporting UK Businesses with Practical Accounting and Financial Advice
We help SMEs, start-ups, and self-employed professionals across the UK stay compliant, streamline their finances, and plan for long-term success.
- Tax & VAT Returns
- Bookkeeping & Year-End Accounts
- Payroll & CIS Services
- MTD Support
