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Rhombus Accounting

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Rhombus Accounting

Rhombus Accounting Limited is an accountancy firm who are on hand to manage your accounting, finances, and taxes.

This means you can concentrate on your business, retain more profit, and reclaim your valuable time.

31/08/2026

September arrives tomorrow. The summer is over and Q4 is closer than it feels.

For a lot of businesses, the final quarter of the year is the busiest. And the ones that navigate it best are the ones that planned ahead.

Here is what we are talking to clients about right now:

📊 Where do your numbers stand at the end of Q2? Do you know your profit for the year so far?

💷 What is your forecast tax bill looking like? Do you have enough set aside for Self Assessment or Corporation Tax?

📋 Is your bookkeeping up to date? Because Q4 decisions made on outdated data are just guesswork.

🚗 If you are a VAT Margin Scheme business, is your stock book current? A busy Q4 with poor records creates problems in January.

📈 Is there anything you want to invest in before your year end to reduce your taxable profit?

These are not complicated questions. But most business owners do not ask them until it is too late to do much about the answers.

If you want to go into September with a clear picture of where your business stands, get in touch this week.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

28/08/2026

One of the most common things we hear from people who are just starting to build a business.

And one of the most expensive mistakes you can make.

Here is the problem.

The less organised your finances are at the start, the harder and more expensive they are to fix later. By the time you are making good money, you might also be dealing with:

❌ Years of undeclared income that HMRC is now asking about
❌ Missed VAT registration that means back-paying VAT on past sales
❌ A tax bill you did not plan for because no one told you to save for it
❌ Losing the ability to claim expenses you incurred but did not record
❌ A Director's Loan Account that has quietly grown into a tax liability

Getting your finances right from the beginning costs far less than untangling a mess later.

If you are buying and selling, even part-time, and your finances are not set up properly, the best time to fix that is now. Not when you are making more money.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

26/08/2026

A brilliant review from Colin last month.

Capital gains tax on a property sale is one of those areas that can feel complicated and stressful to navigate. Getting it right matters and getting it wrong can be costly.

We are really pleased Colin found the process fast and efficient and we are grateful for the kind recommendation.

Whether it is Capital Gains Tax, VAT Margin Scheme, Corporation Tax, or just getting your accounts in order, we are here to help.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

24/08/2026

If you buy and sell second-hand goods, a generalist accountant is likely costing you money.

Not through incompetence. Just through not knowing what they do not know.

The VAT Margin Scheme is a specialist area. It applies to businesses that buy and resell eligible second-hand goods where there was no VAT on the original purchase. And it can make a significant difference to how much VAT you pay each quarter.

But applying it correctly requires:

🔍 Understanding which goods are eligible and which are not
🔍 Maintaining a stock book with the specific records HMRC requires
🔍 Calculating VAT on the margin rather than the full selling price
🔍 Handling mixed stock correctly if you sell both eligible and ineligible goods
🔍 Being able to defend every claim if HMRC asks questions

A generalist accountant who encounters the Margin Scheme once a year will not have the depth of knowledge to do all of this reliably. We do it every single day.

If you are a used car dealer, watch trader, jewellery seller, antique dealer, designer bag seller, vintage clothing store or trading card seller, this is exactly what we specialise in.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

21/08/2026

If there is one thing we know about business owners, it is that they are very good at putting things off until September.

New accountant? September.
Get the books sorted? September.
Actually understand my numbers? September.

We are currently taking on new clients and we have availability for free initial consultations throughout August.

If you have been thinking about making a change, this is your sign to actually do it.

No awkward conversations with your existing accountant. We handle the Professional Clearance. You just need to book a call.

In person at our office in Goole or via Google Meet - whatever works best for you.

📅 calendly.com/rhombus-accounting

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

19/08/2026

A lot of people selling on resale platforms assume that because it feels informal, HMRC is not paying attention.

They are.

Under DAC7 regulations, digital platforms including Vinted, Depop, eBay, Etsy, TikTok Shop and Whatnot are required to report seller income directly to HMRC. This has been in place since 2024 and the data sharing is ongoing.

What this means in practice:

HMRC receives a report of how much you earned on each platform every year. If you have not declared that income on your tax return, HMRC already knows there is a discrepancy.

When is selling taxable?

The trading allowance of £1,000 means that up to £1,000 of income from selling is tax-free. Above that, if you are buying to resell with the intention of making a profit, that income is taxable and needs to be declared.

Selling your own personal possessions at a loss is generally not taxable. But if you are buying stock to resell, even casually, that is trading income.

The good news is that all your allowable costs can be deducted, including stock purchases, platform fees, postage and packaging, and for eligible second-hand goods, the VAT Margin Scheme can significantly reduce your VAT bill.

If you have been selling online and are not sure where you stand, now is a good time to get clarity.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

17/08/2026

Three numbers that every business owner talks about. Three numbers that most business owners confuse.

Let us clear them up.

Turnover is the total income your business generates before any costs are deducted. It is the headline number. It is also largely vanity.

Profit is what is left after your costs have been deducted from your turnover. This is the number that actually matters for tax purposes and for understanding whether your business is working.

Cash is the money that is physically sitting in your bank account right now. And here is the thing — a profitable business can have very little cash if customers are paying late, stock is tied up, or a tax bill is looming.

Why it matters:

If you set your prices based on turnover, you will underprice.
If you make spending decisions based on cash in the bank, you will overspend.
If you ignore profit, you will not know whether your business is actually viable.

Understanding the relationship between all three is one of the foundations of running a financially healthy business.

Management accounts give you all three at a glance, regularly, throughout the year. Not just once at year end when it is too late to act.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

14/08/2026

August is one of those months where things tend to slow down a little.

And rather than just waiting for September to arrive, it is actually one of the best times of year to take stock of where your business finances stand.

Here are five things worth doing this month while it is quieter:

1. Make sure your bookkeeping is up to date
If you have fallen behind, now is the time to catch up before the second half of the year gets busy again.

2. Check your VAT position
If you are approaching the £90,000 threshold or not sure whether the Margin Scheme is being applied correctly, get a review done now.

3. Have a look at your profit for the year so far
Are you on track? Are there costs you could reduce? Are there investments worth making before your year end?

4. Think about your tax bill
If you are a sole trader or director, are you putting enough aside? The January Self Assessment deadline arrives faster than you think.

5. Have that conversation you have been putting off
Whether it is switching accountants, setting up a limited company, or just getting a proper handle on your numbers, the summer is the right time to start.

We have availability for new clients right now. If you have been thinking about getting in touch, this is the moment.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

13/08/2026

Self Assessment is HMRC's system for collecting tax from people whose income is not taxed at source through PAYE.

You need to file a Self Assessment tax return if any of the following apply:

📋 You are self-employed with income over £1,000
📋 You are a company director
📋 You have income from renting out property
📋 You have income from savings, investments or dividends above certain thresholds
📋 You sold assets and may owe Capital Gains Tax
📋 You have foreign income
📋 Your income was over £100,000 in the tax year

The deadline for filing online is 31 January following the end of the tax year. So for the 2025/26 tax year, the deadline is 31 January 2027.

Miss it and you get an automatic £100 penalty. Miss it by more than 3 months and further daily penalties apply.

If you are buying and selling goods as a business, even as a side income, you almost certainly need to be filing a Self Assessment return. The trading allowance of £1,000 is the threshold above which you need to register.

Not sure whether you need to file? Get in touch and we will tell you within minutes.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

12/08/2026

If you run a vintage clothing store, the VAT Margin Scheme is one of the most valuable and most underused tools available to your business.

Most accountants have never applied it. We use it every day.

Here is how it works for vintage clothing.

You source a piece from a car boot sale for £20 and sell it for £80. Under standard VAT rules, VAT is due on the full £80 selling price.

Under the Margin Scheme, VAT is only due on the £60 margin.

Across hundreds or thousands of items per year, the difference is significant. And that is before you factor in every other allowable cost your business can claim.

We understand how vintage fashion businesses actually operate. Sourcing from car boots, charity shops, markets and private sellers. Selling in-store, on Depop, Vinted, eBay or at events. The nuances of mixed new and second-hand stock. You will not need to explain any of it to us.

Here is what we help vintage clothing stores with:

👗 VAT Margin Scheme applied correctly to eligible pre-owned stock
📋 Bookkeeping that handles multiple sourcing channels and mixed stock
💻 Income declared across every platform including market and in-store sales
📈 Self Assessment and Corporation Tax filed accurately
📊 Tax planning as your business grows

Full details on our dedicated vintage clothing page, link in bio.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk/accountants-for-vintage-clothing-stores
📧 [email protected]
📞 01405 447448

Address

F15, Raise Business Centre, Tom Pudding Way
Goole
DN146BS

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Telephone

+441405447448

Website

https://www.rhombusaccounting.co.uk/howden-and-goole

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