Compliance and Accounting
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The Inheritance Tax nil-rate band is £325,000 per individual. A residence nil-rate band of up to £175,000 is available on the family home where it passes to direct descendants. A married couple or civil partners can combine both bands, giving a potential nil-rate threshold of £1 million on a qualifying estate. Above the threshold, IHT is charged at 40 percent, or 36 percent where at least 10 percent of the net estate is left to charity. The residence nil-rate band tapers away by £1 for every £2 of estate value above £2 million. The frozen bands are scheduled to remain at these levels until April 2030, which means an increasing number of middle-income estates fall into IHT each year without any change in legislation.

The deadline for filing a paper self-assessment return is 31 October following the end of the tax year. The deadline for filing online is 31 January. For the 2024/25 tax year, paper returns were due by 31 October 2025 and online returns are due by 31 January 2026. Any balancing payment of income tax, plus the first payment on account for the new tax year, is due on the same 31 January date. A second payment on account is due by 31 July. A £100 initial penalty applies the day after the deadline, with daily penalties, percentage-of-tax penalties and interest accruing as the lateness extends. Registering for self-assessment for the first time must be done by 5 October following the tax year in which the new source of income arose.

UK residential property disposals that give rise to a Capital Gains Tax liability must be reported, and the tax paid, within 60 days of completion. The return is filed through the HMRC Capital Gains Tax on UK Property service. The rule applies to second homes, buy-to-let property and any inherited property where the gain is realised on sale. A principal private residence does not require a 60-day return where full relief applies, but any period of non-residence, lettings or mixed use must be reviewed before assuming exemption. Non-UK residents must report all UK property disposals within 60 days, including disposals that result in a loss. Late returns trigger an initial £100 penalty with further penalties at three, six and twelve months. The 60-day filing does not replace the annual self-assessment return; the same gain is reported again in the annual return for reconciliation.

A company corporation tax return, form CT600, must be filed within 12 months of the end of the accounting period it covers. The corporation tax itself must be paid within 9 months and 1 day of the period end, so payment is due before the return is filed. Large companies with profits above £1.5 million pay corporation tax in quarterly instalments. The main rate of corporation tax is 25 percent on profits above £250,000, with a small profits rate of 19 percent on profits up to £50,000 and marginal relief in between. Late filing of CT600 triggers an automatic £100 penalty, rising to £500 for repeated lateness and percentage penalties on the tax due once the return is more than six months late. Statutory accounts at Companies House are due separately within 9 months of the period end for a private company.

A company requires a statutory audit under the Companies Act 2006 when it exceeds two of three thresholds in a financial year: turnover above £10.2m, balance sheet total above £5.1m, or more than 50 employees on its balance sheet date. Subsidiaries of larger groups may also require an audit regardless of their own size, where the parent company has not provided a guarantee under section 479A. Most small and micro companies fall within the audit-exempt thresholds and can file unaudited statutory accounts. Key Ledgers Global is registered to carry out statutory audits as a Registered Auditor. Where a client requires a statutory audit, we conduct the engagement in-house - providing the formal audit opinion alongside the accounts. We also carry out audits for FCA-regulated businesses, housing associations, charities above the audit threshold and other regulated entities with specific audit requirements.

A business must register for VAT once its taxable turnover exceeds £90,000 in any rolling 12-month period, or where it expects to exceed £90,000 in the next 30 days alone. The deregistration threshold sits at £88,000. Registration can be voluntary below the threshold, which is often the right call where customers are themselves VAT-registered and the business has reclaimable input tax. Once registered, returns are filed quarterly through MTD-compatible software, with payment due one month and seven days after the period end. Late VAT registration triggers a penalty calculated as a percentage of the VAT due from the date registration should have started, and HMRC will issue an assessment for the missed periods. We review turnover trajectory monthly for clients approaching the threshold so registration is planned, not retrospective.

Yes. Compliance services are available on a standalone basis. Many clients start with compliance work and expand into advisory services over time as the relationship develops. There is no obligation to use both. If you want statutory accounts, tax returns, VAT and payroll handled properly without advisory services, we can provide exactly that on a fixed-fee basis. We will never push services you do not need.

Only if you want to. If you want to move your compliance work to Key Ledgers Global, we handle the handover from your existing accountant - requesting the necessary information and records on your behalf. We send a professional clearance letter, obtain your prior year files and tax reference numbers, and manage the transition so there is no disruption to you or your filing obligations. The process is straightforward and we have done it many times.

Making Tax Digital requires businesses to keep digital records and submit tax returns using HMRC-recognised software. MTD for VAT is already in force for all VAT-registered businesses. MTD for Income Tax Self-Assessment (MTD for ITSA) begins from 6 April 2026 for sole traders and landlords with qualifying income above £50,000. We are fully MTD compliant and use HMRC-recognised software for all submissions. We also onboard new clients onto MTD-compliant bookkeeping software and run a parallel quarter before the first live submission so the process is routine, not a scramble.

We can typically onboard new compliance clients within two to three weeks. If you have an urgent deadline - an overdue filing, an HMRC notice, or an imminent Companies House deadline - contact us directly and we will assess whether we can accommodate you on an accelerated basis. We are used to working under time pressure and will always give you an honest assessment of what is achievable and by when.

Yes. We regularly handle compliance across multi-entity group structures - including companies with intercompany transactions, consolidated VAT registrations and group tax positions. A single point of contact manages the entire group. This is particularly relevant for property groups with multiple SPVs, care home operators with multiple trading entities and holding company structures with subsidiaries at different stages of development.

An independent examination is required by the Charity Commission where a charity's gross income exceeds £25,000 but is below the statutory audit threshold - currently £1m gross income or £3.26m in assets where income exceeds £250,000. The independent examiner reviews the accounts and confirms they are consistent with the accounting records. It is less extensive than a full audit but provides the Charity Commission, trustees and donors with independent assurance over the financial statements. Reports are prepared in accordance with the Charities Act 2011 and Charity Commission guidance. We are qualified to carry out independent examinations for charities, charitable incorporated organisations (CIOs) and other not-for-profit entities.

Yes. Charity accounts must be prepared in accordance with the Charities SORP (Statement of Recommended Practice), which is based on FRS 102. The SORP requires a specific format including a Statement of Financial Activities (SOFA), fund accounting for restricted and unrestricted funds, and specific disclosures around trustee remuneration and related party transactions. We prepare charity accounts in the correct format for filing with the Charity Commission and, where the charity is also a company, with Companies House. For smaller charities below the SORP threshold, we prepare receipts and payments accounts in the format required by the Charity Commission.