Common Questions
Frequently Asked Questions
I have a Shopping City (The Mall) concession. The landlord requires monthly turnover reporting. How does that fit with your bookkeeping?
Cleanly. We set up your cloud accounting (usually Xero, FreeAgent or QuickBooks) with the categorisation The Mall requires, so the monthly turnover report comes straight out of your accounting software rather than being a separate manual exercise. We also tie it back to your VAT return and your year-end accounts so HMRC, your landlord and your bank all see consistent numbers. Most Shopping City concession rents are turnover-based or have a turnover-rent element, so accurate reporting affects what you actually pay.
I run a Greek or Turkish family business in Wood Green with multiple family members involved. How do you structure that?
Carefully and legally. If family members do genuine work, they should be paid genuine market wages for that work, with proper payslips and RTI submissions to HMRC. If they're shareholders, dividend allocation should reflect their shareholding. The Settlements Legislation prevents artificial income-shifting (like giving a dividend-only spouse a share with no economic reality), but properly-structured family employment and ownership is both legal and tax-efficient. We'll review your specific family setup and structure it correctly.
My patisserie/bakery sells zero-rated bread and cakes alongside standard-rated takeaway hot food and coffee. How does VAT work?
This is partial-rate trading and the calculation matters. Bread, cakes and biscuits (basic bakery products) are zero-rated. Hot takeaway food and drinks consumed on premises are standard-rated at 20%. We set up your till categorisation to capture the split automatically, and we'll model whether you're better off on the standard VAT scheme (claim back input VAT on all costs, pay 20% on standard-rated sales) or the Flat Rate Scheme (pay a fixed lower percentage of total turnover, no input VAT recovery). The right choice depends on your sales mix and your input costs.
I exhibit at Alexandra Palace shows once or twice a year alongside another job. Do I need to register for self-assessment?
If your gross sales (not profit) at the shows exceed £1,000 in a tax year you need to register for self-assessment, regardless of whether you have other employment. The £1,000 trading allowance gives you a small exemption below that level. We'll register you, file the return alongside your employment income from your P60, and make sure you only pay tax on the actual profit (sales less stall costs, stock, travel, accommodation if you stay over).
I'm a freelance consultant near Wood Green Tube. Sole trader or Ltd company?
Depends on your profit level and your client mix. If you're consistently profiting £40,000+ a year and your clients are happy contracting with a Ltd company, a Ltd setup with director salary plus dividends usually saves £2,000-£5,000 a year in tax versus sole trader. If you're below £30,000 profit or your clients require sole-trader engagement, sole trader is usually fine. We'll model both with your actual numbers and recommend properly.
I missed my Wood Green Ltd company year-end deadline. What happens?
Late accounts at Companies House trigger automatic penalties starting at £150 and rising to £1,500 if very late. Late Corporation Tax returns to HMRC trigger separate penalties. The right approach is to file immediately and pay the penalty rather than delaying further. We can usually do same-day or next-day filing for overdue accounts, and we'll write to HMRC and Companies House with a reasonable-excuse explanation if there's a legitimate one (illness, bereavement, system failure). Don't bury the letter.
I just bought a Wood Green flat to let out. Do I need to do anything before tenants move in?
Three quick things. First, register as a landlord with HMRC for self-assessment, due by 5 October following the end of the tax year in which rental income starts. Second, set up a property bookkeeping system from day one to capture all costs (gas safety certificates, EPC, insurance, repairs, agent fees, mortgage interest). Third, if you're planning to let it through a limited company instead of personally, get that structure in place before you exchange or remortgage because moving the property later triggers SDLT and CGT.
How do I get started?
Book a free 15-minute call via Calendly or ring 07478 645331. We work with Wood Green clients fully online, we know N22 well including the Shopping City retail community and the High Road family-business scene, and we'll give you straight answers without obligation.