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GMS Business Accountants

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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.

16/10/2026

When should a freelancer become a limited company?

There is no single profit figure that makes incorporating the right decision for everyone. You may hear people say that you should form a company as soon as your income reaches a particular level, but the answer is rarely that simple.

Your decision should take account of:

• Your annual profit
• How much money you need to withdraw
• Any other income you receive
• Your pension plans
• The type of clients you work with
• Your future plans for the business

A limited company can provide more separation between you and the business. It may also offer useful tax-planning opportunities and can sometimes create a more established image when dealing with larger clients.

However, it brings additional work and responsibilities. The company will normally need annual accounts, a Corporation Tax return, Companies House filings and separate business records. Money in the company also belongs to the company—it is not simply your personal money.

For some freelancers, remaining a sole trader is simpler and perfectly suitable. For others, a limited company supports the next stage of growth.

The right time to change should be based on your actual figures rather than a general rule.

Read our guide for freelancers:

https://gms-accountants.co.uk/blog/accountant-for-freelancers-what-help-do-you-really-need/

14/10/2026

Do you work from home as a freelancer?

If so, you may be able to claim part of your household running costs as a business expense. This could include a proportion of heating, electricity, internet and other relevant costs.

There are two main ways to calculate the claim. You can use HMRC’s simplified flat-rate method, based on the number of hours you work from home, or calculate a reasonable business proportion of your actual household costs.

The best option will depend on your circumstances. The largest claim is not automatically the right claim—it must be reasonable and supported by how you actually use your home.

Accounting software can also make freelance life easier. FreeAgent, Xero and QuickBooks can help you raise invoices, record expenses, photograph receipts and keep an eye on unpaid customers. The right choice depends on what your business needs, so there is little benefit in paying for features you will never use.

Keeping your records up to date also gives you a clearer picture of what you are earning and how much tax to set aside.

Our latest blog explains working from home, software, allowable expenses and the other accounting points freelancers need to consider:

https://gms-accountants.co.uk/blog/accountant-for-freelancers-what-help-do-you-really-need/

12/10/2026

Freelancing gives you freedom, but the tax side can become confusing quite quickly.

If your gross self-employed income is more than £1,000 during the tax year, you will usually need to register with HMRC and complete a Self Assessment tax return. That means reporting your freelance income, claiming allowable expenses and including any other taxable income you receive.

It is easy to miss legitimate business costs. Depending on your work, you may be able to claim for software, computer equipment, professional subscriptions, insurance, website costs, advertising, telephone use and business travel.

The important point is that the cost must relate to your business. Where something has both business and personal use, you should only claim the appropriate business proportion.

Good record keeping makes the whole process much easier. Keep your receipts, record your income regularly and avoid leaving everything until the tax return deadline.

An accountant for freelancers can help you claim what you are entitled to, understand your tax bill and prepare for payments on account before they become an unpleasant surprise.

Read our practical guide here:

https://gms-accountants.co.uk/blog/accountant-for-freelancers-what-help-do-you-really-need/

09/10/2026

You can change accountants at any time—but take extra care if a filing deadline is approaching.

During the handover, make sure it is completely clear who is responsible for:

✅ Your next VAT return
✅ Weekly or monthly payroll
✅ Annual accounts
✅ Corporation Tax
✅ Your Self Assessment tax return
✅ Companies House filings
✅ Any outstanding HMRC correspondence

If your existing accountant has already started preparing your accounts, it may be practical for them to finish the work. However, you are not required to wait until your year-end if communication has broken down or you are concerned about the service you are receiving.

Your new accountant will normally request previous accounts, tax returns, VAT and payroll information, bookkeeping records and details of upcoming deadlines. They may also need access to software such as Xero, QuickBooks, Sage or receipt-capture systems.

Do not cancel accounting software too early. Access to historical records may still be needed during the handover.

You will also need to formally authorise your new accountant to act for you. Never give them your personal Government Gateway login details—HMRC has separate processes for authorising tax agents.

At GMS Accountants, we can manage the handover, contact your previous accountant and help arrange the necessary HMRC authority.

Looking for an accountant in Cambridge or Nottingham? Get in touch.

https://gms-accountants.co.uk/blog/how-to-switch-accountants-a-step-by-step-guide/

07/10/2026

Is your accountant still right for your business?

The accountant you chose when your business started may not always be the right accountant as the business grows.

Perhaps you now employ people, submit VAT returns, need regular bookkeeping support or want better information before making important decisions. You may also want tax-planning advice throughout the year instead of only hearing from your accountant when a deadline is approaching.

Common reasons for changing accountants include:

• Emails and calls regularly going unanswered
• Receiving little contact outside the year-end
• Fees increasing without a clear explanation
• Paying extra for services you thought were included
• Needing support with VAT, payroll or bookkeeping
• Wanting clearer, jargon-free explanations
• Looking for more proactive tax and business advice
• Your existing accountant retiring or selling their practice

Price is important, but it should not be the only consideration. Before appointing a new accountant, check exactly what is included, who will deal with your work, how often you can contact them and whether they can continue supporting you as your business develops.

A cheaper monthly fee may not represent better value if essential services or advice are charged separately.

Changing accountants does not have to be awkward or complicated. Your new accountant can normally contact your previous accountant, request the necessary records and guide you through the HMRC authorisation process.

https://gms-accountants.co.uk/blog/how-to-switch-accountants-a-step-by-step-guide/

05/10/2026

Thinking about changing accountants but worried that switching will be difficult?

In most cases, changing accountants is much simpler than people expect. You can usually switch at any time—you do not have to wait until the end of your financial year.

Once you have chosen a new accountant, they can manage much of the handover for you. The usual process is:

✅ You give your new accountant permission to contact your existing accountant
✅ They request professional clearance and the records they need
✅ Previous accounts, tax returns and other relevant information are transferred
✅ Access to accounting and payroll software is arranged
✅ You authorise your new accountant to deal with HMRC
✅ Responsibility for future work and deadlines is confirmed

You do not need your existing accountant’s permission to leave, although you may still need to pay for work they have already completed.

The most important part is making sure everyone knows who is dealing with upcoming VAT returns, payroll, annual accounts, Corporation Tax and Self Assessment returns. Never assume that something is being handled unless it has been confirmed.

If poor communication, unexpected fees or a lack of advice is making you consider a change, you do have options.

GMS Accountants can guide you through the process and manage the handover from your current accountant.

Read our guide to changing accountants:
https://gms-accountants.co.uk/blog/how-to-switch-accountants-a-step-by-step-guide/

02/10/2026

Not currently required to use Making Tax Digital for Income Tax?

You may be next.

MTD started becoming mandatory for the first group of sole traders and landlords from April 2026.

The qualifying income threshold is due to reduce to £30,000 from April 2027.

That means many businesses still using the traditional annual Self Assessment process need to start thinking about their bookkeeping now.

The transition should be much easier if you already:

• use digital bookkeeping software;
• update your records regularly;
• keep business transactions separate;
• save invoices and receipts digitally;
• reconcile your bank account.

If you currently hand everything to your accountant once a year, April 2027 isn't the ideal time to discover that the entire process needs changing.

MTD is not simply “another tax return”.

It represents a move towards year-round digital record keeping and more frequent reporting.

A little preparation now could avoid a lot of work later.

https://gms-accountants.co.uk/blog/making-tax-digital-what-changes/

30/09/2026

If your bookkeeping process currently looks like this:

January: “I suppose I'd better sort last year's receipts out…”

Making Tax Digital is going to require a change.

MTD for Income Tax is designed around maintaining digital records throughout the year and making quarterly submissions to HMRC.

That means waiting until the annual Self Assessment deadline to organise everything is no longer going to work for taxpayers who are within the regime.

A better routine is:

• record transactions regularly;
• keep receipts digitally;
• reconcile the bank;
• deal with queries while they're still fresh;
• review everything before each quarterly deadline.

This doesn't necessarily mean spending hours every week bookkeeping.

For many small businesses, a short regular routine will be far easier than a major annual catch-up.

The key change with MTD isn't really the software.

It's the frequency.

Good records throughout the year should make both MTD and the eventual year-end accounts considerably easier.

https://gms-accountants.co.uk/blog/making-tax-digital-what-changes/

28/09/2026

Self Assessment versus Making Tax Digital – what's actually changing?

Traditional Self Assessment can feel very annual:

Finish the tax year.
Gather the records.
Prepare the accounts.
Submit the return.
Pay the tax.

MTD changes the process.

Qualifying sole traders and landlords need to maintain digital records throughout the year and provide quarterly updates to HMRC.

That means the bookkeeping needs attention much more regularly.

But an important point:

Quarterly updates don't mean you are completing four full tax returns every year.

There is still a year-end process to finalise the figures and deal with the overall tax position.

MTD is mainly changing the record-keeping and reporting cycle.

For someone already using bookkeeping software properly, the transition may be relatively straightforward.

For someone who deals with all their bookkeeping once a year, it could be a much bigger change.

Now is the time to start preparing.

https://gms-accountants.co.uk/blog/making-tax-digital-what-changes/

25/09/2026

Can you reduce your Self Assessment Payments on Account?

Sometimes, yes.

If you have a genuine reason to expect your next tax liability to be lower, it may be appropriate to reduce them.

For example:

• business profits have fallen;
• you've stopped trading;
• your taxable income has materially reduced.

But this isn't simply a way of delaying tax because cash is tight.

If you reduce your Payments on Account too far and your eventual tax liability is higher than expected, HMRC can charge interest on the shortfall.

The sensible approach is therefore to use actual business figures.

If your bookkeeping shows that profits have fallen significantly, an accountant can consider whether reducing the payments is reasonable.

If profits haven't fallen, reducing them may simply move the problem further down the road.

This is another example of why current bookkeeping is useful.

Good records aren't just about compliance.

They allow better tax and cash-flow decisions during the year.

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

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

https://www.gms-accountants.co.uk/

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