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If you’re working in construction as a subcontractor and fall under the Construction Industry Scheme (CIS), your contractor likely deducts tax from your payments. While this helps to ensure your compliance with HMRC rules, it often means that you also pay more tax than necessary, and that you might be due a refund. Let’s look at how this refund process works and how our construction accountants can help.

Who qualifies for a CIS tax refund?

If you’re self-employed in the construction industry and earning a modest income, you may be entitled to a refund. This is because CIS deductions are taken before your personal allowance and allowable business expenses are considered, meaning you could have overpaid tax.

When you file your self-assessment tax return, you can claim back costs that are wholly and exclusively related to your construction work. This is why it’s important to keep detailed records and receipts, as HMRC may request evidence to verify your claims. Don’t include personal spending or anything you didn’t actually pay for — submitting false expenses is considered serious misconduct and could lead to penalties.

Ways to claim your CIS tax refund

You can claim a CIS refund through your self-assessment tax return. Once you’ve filed it, HMRC will calculate your refund based on your income, tax paid, and allowable expenses.

You also have a few other options for claiming your CIS refund:

Use a tax agent

Many people hire tax agents to help with their self-assessment, especially when the process feels complex. If you do, read the fine print. Some agents — especially those focused on securing refunds — may ask HMRC to send your refund to them first. They’ll then deduct their fee before transferring the remainder to you.

Claim in-year

If you’ve stopped working in construction mid-tax year and your records are up to date, you may be able to request a refund before the tax year ends. You’ll need to complete form CIS40, which you’ll find on GOV.UK. Our construction accountants can also help you with the process.

Even if you get a refund this way, you’ll still need to file your full self-assessment tax return for that year. The refunded amount should be included in the return as a provisional payment received.

Let experts handle it for you

Claiming your refund doesn’t have to be stressful when you have our construction accountants to guide you through every step. Call 0208 914 8887 to schedule your free initial consultation here at Allenby Accountants and see how we can help you get back what you’re owed.

Whether you’re managing corporation tax or filing a self-assessment, staying on top of your tax obligations is essential to keeping your business running smoothly. Mistakes can be expensive—and that’s why you need to understand what taxes apply to your business, and when they’re due.

This guide breaks down the main types of business tax in the UK and explains how your structure affects what you need to pay. Plus, we’ll show how small business accountants in London can help you stay compliant and avoid costly mistakes.

What taxes might your business need to pay?

The taxes your business owes depend on a few key factors:

• How your business is set up
• How you pay yourself (drawings, salary, dividends)
• The amount of profit your business makes

You may not have to pay every type of business tax, but which ones may apply can help you plan better and run your business more efficiently.

Here are the main taxes small businesses in the UK should be aware of:

• Income tax
• Corporation tax
• Capital gains tax
• National Insurance
• Dividend tax
• Business rates
• VAT

How the business structure affects tax

Your tax responsibilities will vary depending on how your business is structured and whether you employ others. All businesses are taxed on profits, but how those taxes are calculated and paid depends on whether you operate as a sole trader or a limited company. If you’re just starting out, our small business accountants in London can help you pick the right structure that complies with HMRC requirements.

Sole traders

As a sole trader, you own the business yourself, without any partners or directors, though you can still hire employees. You take on full responsibility and make all the decisions for any business debts, including taxes.

You’ll pay income tax on your profits once they exceed the personal allowance. In addition, you’ll need to pay National Insurance contributions. And you must register for VAT if your turnover exceeds £85,000 in a 12-month period.

Limited companies

A limited company is recognised as a legally separate entity from the owners. It must be registered with Companies House to receive a company registration number.

If you run a limited company, you must pay corporation tax on profits. You’ll also need to register for VAT if your taxable turnover goes above £85,000 and you provide goods or services subject to VAT.

Let’s take the guesswork out of business taxes

Hiring small business accountants in London is the best way to efficiently handle your business taxes. They can help you make the most of available deductions and stay on top of all your obligations.

If you’re looking to reduce your tax bill and run your business more efficiently, give us a call at 0208 914 8887. At Allenby Accountants, we offer a free, no-obligation consultation to demonstrate how our services can support your operations.

The 2025 Spring Budget announced a reduction in the income threshold for Making Tax Digital (MTD), meaning that from April 2028, those earning over £20,000 will be required to comply. If you are a landlord, be sure to work with experienced property accountants to make sense of these changes and avoid penalties.

What is Making Tax Digital?

Introduced by the Finance Act in 2017, MTD requires individuals and businesses to keep digital tax records and file updates electronically. The regulations have steadily expanded since then.

From April 2026, MTD for Income Tax Self-Assessment (ITSA) will apply to landlords and self-employed individuals with gross property or business income above £50,000. The threshold will reduce to £30,000 in April 2027 and to £20,000 in April 2028.

What are the requirements?

• Keep digital records: Paper records will no longer be accepted. Property owners must digitally record income and expenses such as mortgage interest, management fees, repairs, and maintenance costs.
• Use MTD-compliant software: Your records must be maintained using software that can connect directly to HMRC’s system.
• Submit quarterly updates: You must report your income and expenses every quarter, rather than just once a year.
• File an End of Period Statement (EOPS): At the end of the tax year, you will need to reconcile your quarterly reports and confirm your claims for allowances.
• Make a Final Declaration: A final submission to HMRC will confirm your overall tax position for the year.

Allenby Accountants can help

Work with our experienced property accountants to make this transition much easier.

Our property accountants help landlords stay compliant with real-time income tracking, accurate expense reporting, and smart mortgage management. We make sure that you stay ahead of new regulations and avoid unnecessary stress.

If you would like expert support navigating Making Tax Digital, speak to our property accountants today. Call 0208 914 8887 to book a consultation or visit our website to request a callback.

Understanding when you need to declare profits to HMRC is essential — especially if you have recently sold or disposed of assets like property or shares. In this blog, we explain what could trigger a capital gains tax bill and how working with a tax accountant in London can help you stay compliant and minimise surprises.

Assets that could create capital gains

You may trigger a capital gains tax bill whenever you sell or dispose of certain assets for more than you originally paid. HMRC requires you to declare gains from the following:

• Property: Selling a second home, rental property, or parcel of land may incur capital gains tax. Your main residence is usually exempt unless it has been rented out or used for business purposes.
• Investments and shares: Profits from selling shares, mutual funds, or bonds may be taxable—unless the investments are held within a tax-advantaged account like an Individual Savings Account (ISA).
• Business assets: Selling business premises, equipment, or machinery can trigger a taxable gain.
• Personal possessions: Selling personal items such as antiques, jewellery, or artwork worth more than £6,000 may also lead to a capital gains tax liability. Private vehicles are generally exempt.

It’s important to track what you sell and keep accurate records. If you’re unsure whether a transaction needs to be declared, consulting a tax accountant in London can help you avoid errors and reduce the risk of HMRC enquiries later.

When you must declare gains

Even if you stay within your annual tax-free allowance, there are circumstances where you must report your gains:

• Gains above the Annual Exempt Amount: If your total asset disposals exceed £50,000—even if no gain was made—you must declare them on your tax return.
• Losses: Capital losses should also be reported, as they can be used to offset future gains and lower your tax liability.
• Property sales: All residential property disposals must be reported, and capital gains tax must be paid within 60 days of the sale—even if the amount is small.

Get advice from a tax accountant in London

Managing your capital gains tax position properly can make a real difference to your finances. At Allenby Accountants, we tailor our advice to your situation and help you handle reporting requirements confidently.

Call us today on 0208 914 8887 to consult a trusted tax accountant in London and make sure you stay on top of your obligations.

If you are a general practitioner, you may be wondering how Chancellor Reeves’ Spring Statement could affect your finances. Whether you run a private practice or work within the NHS, here’s what you need to know—and how to prepare.

Previous budget measures are still in force

Several measures from earlier budgets remain in place:

• Inheritance tax thresholds remain frozen until 2030, which could affect estate planning and long-term wealth preservation.
• Income tax thresholds remain frozen until 2028, meaning more NHS doctors could move into higher tax bands without corresponding salary increases.
• The National Living Wage will rise to £12.21 per hour from April 2025, benefiting employees but increasing costs for clinic owners and contractors.
• Employer National Insurance Contributions (NICs) will rise to 15% from April 2025, adding to staffing costs for employers.
• Relief for Furnished Holiday Lets will be scrapped from April 2025, potentially reducing returns for GPs with property investments.
• VAT will apply to private school fees from January 2025, increasing education costs for families using private education.
• The Business Asset Disposal Relief rate will increase to 14%, raising the tax payable when selling qualifying business assets.

Relevant updates

HMRC is receiving additional funding to step up efforts to tackle tax evasion. Now more than ever, it’s worth consulting an accountant for GP in London to review your tax planning and compliance.

The state pension and pension credit will also rise by 4.1% in April 2025. Meanwhile, the welfare budget faces a £3.4 billion cut, suggesting tighter public spending ahead.

What the Spring Budget 2025 means for GPs

If your income falls between £50,000 and £150,000, you are likely already within a higher tax band — and frozen thresholds mean more of your earnings may be taxed at higher rates over time. Private practice owners may also feel the strain of rising regulatory costs and higher employer NICs.

What steps should you take?

An accountant for GP in London can assess your tax efficiency and help you make the most of your allowances before any further rule changes. They can also guide you on estate planning and retirement strategies to strengthen your long-term financial position.

At Allenby Accountants, we offer specialist services from an experienced accountant for GP in London. Call us today on 0208 914 8887 to schedule a consultation.

AI is already supporting administrative work in healthcare, enhancing diagnostics, assisting with clinical decisions, and enabling more personalised treatments. But beyond clinical practice, AI is also influencing how doctors manage their finances — particularly through the use of AI-generated notes.

What are AI notes?

AI note-taking platforms can accurately summarise patient consultations and produce real-time transcriptions — even identifying individual speakers to provide extra context. Some tools can also suggest next steps or highlight key points based on the consultation notes, helping doctors make better-informed decisions.

Reducing the administrative burden

Hiring an accountant for medical professionals is still crucial when it comes to managing your practice’s finances, but AI-driven scribes can ease your day-to-day administrative workload. These tools automatically document patient interaction and generate clinical notes in real time. They can even prepare documents like referral letters. They also simplify transferring important information into electronic medical records (EMRs) to free up more time for patient care and improve practice efficiency.

How AI notes can impact your finances

Using AI notes lets you focus fully on your patients during consultations without worrying about manually documenting every detail. This improved efficiency can help you see more patients or simply operate your practice more smoothly — both of which can enhance your income without increasing your working hours. And by reducing documentation errors, AI platforms support more accurate billing and quicker payment cycles, improving your cash flow.

Take the guesswork out of your financial management

AI tools can certainly streamline your practice, but they are not a replacement for expert financial advice. Having an accountant for medical professionals ensures that you are managing your finances strategically and claiming the right reliefs, as well as planning effectively for your future.

If you would like to take the stress out of managing your practice’s finances, contact Allenby Accountants. Call us on 0208 914 8887 to arrange a consultation or request a quote through our website.