Hamid Mahmood

ACCA qualified and has over 29 years of experience within practice, gaining expertise across all areas of accountancy including but not limited to; financial statements, management accounts, VAT compliance, company and self assessment tax, corporation tax and portfolio management.

Making Tax Digital (MTD) for Income Tax

Most people will already be familiar with Making Tax Digital (MTD) for VAT, which HMRC phased in from April 2019. This is already compulsory for businesses with turnover exceeding £85,000 but will be mandatory for all VAT registered businesses from next April.This new digital system requires tax payers to store their accounting records electronically/digitally, and …

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Tax compliance Checks for Taxi Drivers & Scrap Metal Dealers

From April 2022 HMRC are introducing new tax checks for taxi drivers and scrap metal dealers. HMRC believes that there is a substantial amount of tax avoidance in both of these sectors, through many traders not being registered as businesses for tax purposes. To clamp down on this suspected tax avoidance, HMRC have set out …

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Seasonal Business and Managing their Finances

Anyone who operates a seasonal business, must be familiar with difficulties in meeting financial obligations during their quite trading periods when revenues may be decreasing but one still have to pay their fixed costs like rents, rates, salaries etc. When it comes to managing the finances of a seasonal business, you should first explore whether …

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Buildings

Should I register as a sole trader or set up a limited company?

When setting up a new business, one of the most important decisions you’ll have to deal with is the structure and legal status your business will have to adopt in moving forward, whether you will trade as a sole trader or incorporate your business as a limited company? The business structure you choose can have …

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