Frequently asked questions

A: Our fees are fixed and agreed with you before any work begins, so there are no surprises. The cost depends on the scope and complexity of the services required—a straightforward set of annual accounts and a self-assessment return for a sole trader will cost less than a full audit and corporation tax package for a limited company. We offer competitive pricing without the overheads of City firms. Contact us for a free, no-obligation consultation and a fixed fee quote tailored to your business.

A: Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) is a government initiative requiring self-employed individuals and landlords with qualifying income to keep digital records and submit quarterly updates to HMRC, followed by a final declaration. MTD for Income Tax came into effect from April 2026. If you are self-employed or receive rental income above the relevant threshold, you are likely required to comply. Simpson Wreford offers two service options to make this straightforward: a Simple Spreadsheet Service from £50 + VAT per quarterly submission, and an Enhanced QuickBooks Service for those who want more automation. We handle registration and submission on your behalf.

A: In the UK, you are legally required to register for VAT when your taxable turnover exceeds £90,000 in any rolling 12-month period (the current threshold as of 2026). You can also register voluntarily below this threshold, which can be beneficial if your customers are VAT-registered businesses. Once registered, you must charge VAT on applicable sales, submit VAT returns (usually quarterly), and keep detailed VAT records. We can advise on whether voluntary registration is right for your business, manage your VAT registration with HMRC, and handle ongoing compliance.

A: As a sole trader, you pay Income Tax and National Insurance on your profits through Self-Assessment. As a limited company director, the company pays Corporation Tax on its profits (currently 25% for profits over £250,000, or 19% for profits up to £50,000 under the small profits rate), and you can draw a combination of salary and dividends, which is often more tax-efficient. Limited company status also provides limited liability protection. The best structure depends on your profit level, personal income needs, and long-term plans. We regularly advise business owners on the most tax-efficient structure and can model the options for your specific circumstances.

A: Switching accountants is simpler than most people expect. If you feel your current accountant is reactive rather than proactive, rarely suggests ways to reduce your tax liability, or is slow to respond, it may be time for a change. At Simpson Wreford, we manage the entire transition: we contact your previous accountant to obtain your records and history, handle all professional clearance procedures, and ensure a smooth handover with no gaps in compliance. We will not take on a new client and then leave them unsupported—you will always have a named contact who knows your business.

A: Yes - proactive tax planning is central to what we do, not an add-on. We help business owners identify opportunities to reduce their tax liabilities throughout the year, not just at year-end. This includes advising on profit extraction strategies (salary vs. dividends), capital allowances, R&D tax relief, pension contributions, estate and inheritance tax planning, and the most tax-efficient timing of significant transactions. The earlier in the tax year we begin planning, the more options are available to you.

A: Yes. We are QuickBooks Elite partners, Xero-certified advisers, and work with Sage, FreeAgent and Dext Prepare. We can help you set up and migrate to cloud accounting software, train your team, and maintain ongoing oversight of your accounts in real time. Cloud accounting gives you accurate, up-to-date financial data at any time and is now a requirement for MTD compliance. We recommend the best platform for your business size, sector, and workflow.

A: Our office is at Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London SE18 6SS. We primarily serve businesses in London and the South East, including Greenwich, Lewisham, Bexley, Kent and beyond. We are happy to visit you at your premises for an initial consultation, or meet at our office—whichever suits you. Through our membership of the UK200Group, we also have connections with quality-assured firms across the UK and internationally, allowing us to support clients with cross-border requirements.

A: The first step is a free, no-obligation consultation—by phone, video call, or in person at your office or ours. We will take time to understand your business, your goals, and your current situation before recommending any services or quoting a fee. To arrange a consultation, call us on 020 8317 6460, email enq@simpsonwreford.co.uk, or use the contact form on our website. There is no pressure and no commitment required at that stage.