GMS Business Accountants

GMS Business Accountants Hi, I'm Graham Wesson, the face behind GMS Business Accountants Ltd & I'm not your typical accountant.

Talk to me to discover how my personable approach is helping my clients with their personal and business accounts. Hi, I'm Graham Wesson, the face behind GMS Business Accountants Ltd. Starting my career in my 30s, I quickly found my passion in accounting and became CIMA qualified in just two years. With experience spanning from purchase ledger clerk to Finance Director, I now specialise in helping

small businesses and sole traders. My clients appreciate my ability to simplify complex financial issues and my dedication to making their lives easier. When I'm not crunching numbers for my clients, you'll find me cycling, playing squash, or spending quality time with my two children. Based in Cambridge, I'm here to offer you a friendly, personal, and professional accounting service. Reach out to me to book a meeting to see how we can work together.

There is a big benefit to completing your Self Assessment tax return early.It is not just about avoiding the January rus...
04/06/2026

There is a big benefit to completing your Self Assessment tax return early.

It is not just about avoiding the January rush. It also helps you understand whether your payments on account are likely to be correct.

The 2025/26 tax year ended on 5 April 2026, so you do not need to wait until January 2027 to know what your tax position looks like.

If you make payments on account, your second payment is usually due by 31 July. But because payments on account are normally based on last year’s tax bill, they may not match your current income.

If your income has gone down, you may be paying more than necessary unless the payments are reviewed.

If your income has gone up, you may need to plan ahead for a balancing payment in January.

Either way, early preparation gives you better information and more control.

Leaving everything until January can make tax feel more stressful than it needs to be. Reviewing the numbers earlier allows time to budget, adjust, and make informed decisions.

GMS Accountants can help review your Self Assessment position before the deadline becomes urgent.

https://gms-accountants.co.uk/blog/what-are-payments-on-account/

The 31 July tax payment is easy to forget.There is no tax return to file on that date, so it does not always feel like a...
03/06/2026

The 31 July tax payment is easy to forget.

There is no tax return to file on that date, so it does not always feel like a major deadline. But for many Self Assessment taxpayers, 31 July is when the second payment on account is due.

This can affect sole traders, landlords, directors with dividend income, and people with other untaxed income.

The confusing part is that payments on account are normally based on last year’s tax bill, not necessarily what you are earning now.

So if last year was a good year, but this year has been quieter, HMRC may still be expecting payments based on the higher figures.

That does not always mean the payment is wrong, but it does mean it should be reviewed.

If your income has reduced, you may be able to reduce your payments on account. But this needs to be based on a realistic estimate, because reducing them too much can lead to interest being charged later.

This is one reason we recommend getting your tax return information together earlier in the year. It gives you time to understand the numbers, plan for payments, and avoid January surprises.

GMS Accountants
https://gms-accountants.co.uk/blog/what-are-payments-on-account/

Have you checked whether you have a Self Assessment payment due on 31 July?Many people assume that once the January tax ...
02/06/2026

Have you checked whether you have a Self Assessment payment due on 31 July?

Many people assume that once the January tax deadline has passed, everything is dealt with until the next tax return. However, if you make payments on account, there may be another payment due by 31 July.

Payments on account are advance payments towards your next Self Assessment bill. They usually apply where you have income that is not fully taxed at source, such as sole trader profits, rental income, dividends or partnership income.

Each payment is normally based on the previous year’s tax bill. That means your July payment may not be based on your current income, but on what happened last year.

This can be a problem if your income has reduced.

For example, if your business profits have fallen, rental income has dropped, or you have taken lower dividends, it may be worth reviewing whether the payment on account is still accurate.

It is possible to reduce payments on account, but this should be done carefully. If the payment is reduced too much and the final tax bill is higher, HMRC can charge interest.

The best approach is to review your tax position early, rather than waiting until January.

GMS Accountants
https://gms-accountants.co.uk/blog/what-are-payments-on-account/

New blog alert: Self Assessment Payments on Account — don’t get caught out by the 31 July deadline.The 31 January tax de...
01/06/2026

New blog alert: Self Assessment Payments on Account — don’t get caught out by the 31 July deadline.

The 31 January tax deadline gets most of the attention, but for many Self Assessment taxpayers, there is another important payment date: 31 July.

This is when the second payment on account is usually due.

Payments on account are advance payments towards your next tax bill. They are normally based on your previous year’s tax bill, which means they may not always reflect what is happening now.

That can be fine if your income is steady. But if your profits, rental income or dividends have reduced, the payment HMRC is asking for may be higher than it needs to be.

In some cases, you may be able to reduce payments on account. However, this needs to be based on a reasonable estimate. If they are reduced too far, HMRC can charge interest later.

This is why reviewing your tax position early is so useful. You do not need to wait until January to understand what your Self Assessment bill may look like.

Read our latest blog to understand what payments on account are, when they are due, and what to consider before the 31 July deadline.

https://gms-accountants.co.uk/blog/what-are-payments-on-account/

P11D checklist for small businessesThe P11D deadline can come around quickly, so now is a good time to check whether you...
29/05/2026

P11D checklist for small businesses

The P11D deadline can come around quickly, so now is a good time to check whether your business has any benefits or expenses to report.

For the 2025/26 tax year, the main deadline is 6 July 2026.

Before the deadline, employers should review whether they provided:

Company cars
Company vans with private use
Private fuel
Medical insurance
Gym memberships
Personal subscriptions
Beneficial loans
Assets used personally
Personal expenses paid by the business
Non-business travel or subsistence
Director benefits
Reimbursed expenses that were not fully business-related

Small companies should also review director loan accounts. If a company has paid personal costs for a director, the treatment needs to be checked. It may be a business expense, a taxable benefit, payroll item, or director loan account entry depending on the facts.

Good record keeping makes the process much easier. Keep copies of invoices, receipts, payroll records, mileage logs, vehicle details, and notes explaining the reason for the expense.

From April 2027, most benefits in kind will move to real-time reporting through payroll, so businesses should start preparing now.

GMS Business Accountants can help review your P11D requirements and make sure your reporting is completed correctly.

https://gms-accountants.co.uk/blog/p11d-deadline-2026-what-employers-and-directors-need-to-know/

Gym memberships, medical insurance and employee benefitsMany employers provide benefits to employees or directors withou...
28/05/2026

Gym memberships, medical insurance and employee benefits

Many employers provide benefits to employees or directors without realising there may be a tax reporting requirement.

Common examples include gym memberships, private medical insurance, personal subscriptions, non-business travel, or personal bills paid by the company.

These costs may feel like normal business expenses, especially where they are paid directly by the company. However, if the employee or director receives a personal benefit, the cost may need to be reported to HMRC.

This is where P11D reporting becomes important.

For the 2025/26 tax year, employers must report relevant benefits and expenses by 6 July 2026. Employees must also be given details of their benefits by the same date.

The employer may also need to pay Class 1A National Insurance on taxable benefits.

Salary sacrifice can also be misunderstood. Giving up salary in exchange for a benefit does not automatically make the benefit tax-free. The tax and National Insurance treatment needs to be reviewed before the arrangement is introduced.

With HMRC moving most benefits in kind to payroll reporting from April 2027, businesses should start making sure their records and payroll processes are ready.

If you provide employee benefits and are unsure how they should be treated, GMS Business Accountants can help.

https://gms-accountants.co.uk/blog/p11d-deadline-2026-what-employers-and-directors-need-to-know/

Company cars, private fuel and P11DsCompany cars are one of the most common reasons a business needs to complete a P11D....
27/05/2026

Company cars, private fuel and P11Ds

Company cars are one of the most common reasons a business needs to complete a P11D.

If an employee or director has private use of a company car, there is usually a taxable benefit. The value of that benefit depends on several factors, including the car’s list price, CO₂ emissions, fuel type, availability during the year, and any employee contribution.

Private fuel can also create a separate taxable benefit. This can sometimes be expensive, so employers should review whether providing private fuel is actually worthwhile.

For small companies, this is particularly important where a director uses a company vehicle. The correct tax treatment depends on the vehicle, the level of private use, and the records kept.

The P11D deadline for benefits provided in the 2025/26 tax year is 6 July 2026.

Employers may also need to submit a P11D(b) and pay Class 1A National Insurance. For 2026, the Class 1A NIC payment deadline is 22 July if paying electronically.

Now is a good time to review:

Vehicle details
Private use
Fuel records
Mileage logs
Employee contributions
Payroll treatment
Director loan account entries

If your company provides vehicles or fuel, it is worth checking the position before the deadline.

GMS Business Accountants can help review company car and benefit reporting.

https://gms-accountants.co.uk/blog/p11d-deadline-2026-what-employers-and-directors-need-to-know/

Do you provide benefits to employees or directors?If so, you may have a P11D reporting requirement.A P11D is used to rep...
26/05/2026

Do you provide benefits to employees or directors?

If so, you may have a P11D reporting requirement.

A P11D is used to report certain taxable benefits and expenses provided to employees or directors. This can include benefits where the employee has not received cash directly, but has received something of personal value.

Examples can include:

Company cars
Private fuel
Medical insurance
Gym memberships
Beneficial loans
Personal use of company assets
Director personal expenses
Non-business travel or subsistence
Personal bills paid by the company

The employer may also need to submit a P11D(b), which reports the Class 1A National Insurance due on taxable benefits.

For the 2025/26 tax year, the P11D and P11D(b) deadline is 6 July 2026.

This is an area that can easily be missed, especially by small companies and owner-managed businesses. A director may assume something is simply a business cost, but if there is personal use or a personal benefit, it may need further review.

Good records are essential. Keep invoices, receipts, mileage records, payroll records, company car details, and notes explaining the business purpose of expenses.

If you are unsure whether something is a business expense, taxable benefit, payroll item, or director loan account entry, it is best to check before the deadline.

GMS Business Accountants can help review your benefits and expenses before submission.

https://gms-accountants.co.uk/blog/p11d-deadline-2026-what-employers-and-directors-need-to-know/

P11D Deadline 2026: What Employers and Directors Need to KnowIf your business provides benefits or expenses to employees...
25/05/2026

P11D Deadline 2026: What Employers and Directors Need to Know

If your business provides benefits or expenses to employees or directors, you may need to report these to HMRC using forms P11D and P11D(b).

The deadline for reporting benefits and expenses for the 2025/26 tax year is 6 July 2026.

Common benefits that may need reporting include company cars, private fuel, medical insurance, gym memberships, beneficial loans, personal use of company assets, and personal expenses paid by the company.

This can be especially relevant for small limited companies where directors may have costs paid through the business. Not every company-paid cost is automatically a taxable benefit, but if there is a personal benefit, it needs to be reviewed carefully.

Employers may also need to pay Class 1A National Insurance on taxable benefits. For 2026, Class 1A NIC is due by 22 July if paying electronically, or 19 July if paying by cheque.

It is worth checking your records now, including invoices, receipts, payroll records, company car details, director loan account entries, and any benefits already processed through payroll.

From April 2027, most benefits in kind will move to real-time reporting through payroll, so now is a good time to get your processes organised.

At GMS Business Accountants, we can help review your P11D position and make sure benefits are reported correctly.

https://gms-accountants.co.uk/blog/p11d-deadline-2026-what-employers-and-directors-need-to-know/

Local vs Online Accountant: Does It Matter?When searching “accountant near me”, is location still important?The short an...
22/05/2026

Local vs Online Accountant: Does It Matter?

When searching “accountant near me”, is location still important?

The short answer: sometimes.

With cloud software like Xero, many services can now be handled remotely. But there are still benefits to working with a local accountant:

• Understanding of local business environment
• Easier face-to-face meetings (if needed)
• Knowledge of regional opportunities and challenges

That said, the most important factor is fit — not just distance.

You want someone who:
• Understands your business
• Communicates clearly
• Is proactive, not reactive
• Adds value beyond compliance

A local accountant can be a great choice, but only if they meet those criteria.

If you’re weighing up your options, this guide covers everything you need to consider:

👉 https://gms-accountants.co.uk/blog/accountant-near-me-how-to-find-the-right-accountant-for-your-business/

Finding the right accountant is about building a relationship that supports your business as it grows.

Address

4 Cheere Way, Papworth, Cambridgeshire,23 3NZ
Cambridge
CB

Opening Hours

Monday 8am - 5:30pm
Tuesday 8am - 5:30pm
Wednesday 8am - 5:30pm
Thursday 8am - 5:30pm
Friday 8am - 5:30pm

Telephone

+447739828423

Website

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