Accountants in Wimbledon – May 2025 Q&A

⏳ 3 min read

Accountants in Wimbledon at Southside Accountants support clients across South London and the UK with tax advice, payroll, and incorporation planning. Whether you are a sole trader, landlord, or company director, we are just a call or Zoom away. In this blog, we answer real questions from clients. For more, visit our tax articles.

Wimbledon tax advisors answer: How can I reduce household tax if my spouse helps with my business?

This is a common question we hear from clients who want to use household income more efficiently. If your spouse plays an active role in your business, you could consider making them a business partner. This allows you to split profits and potentially reduce your total tax bill, especially if they fall into a lower tax band.

For those operating through a limited company, you might explore gifting shares to your spouse. This enables dividend income to be taxed at their rate. Be cautious though — HMRC may challenge arrangements that exist only to avoid tax.

From April 2025, new rules on income allocation for jointly owned property may signal HMRC’s broader focus on income-splitting, though they do not directly apply to business income.

How our Wimbledon-based accountants help: We work with family-run businesses across South London and the UK to ensure tax planning is efficient and compliant.

Wimbledon accountants explain: What do I need to do before P11D reporting ends in 2026?

Yes — from April 2026, businesses will no longer need to file P11D forms. Instead, you will need to report all employee benefits in real time through payroll. This shift to payrolling benefits means tax will be collected monthly rather than through end-of-year adjustments.

✓ Review all benefits — such as private healthcare or company cars.

✓ Upgrade your payroll system if needed to handle benefits correctly.

✓ Communicate with staff so they know what to expect from the new process.

✓ Consider switching early — HMRC already allows voluntary payrolling.

How we help as accountants in Wimbledon: We support clients with smooth transitions to real-time payroll systems, helping them stay compliant and confident.

Thinking of incorporation? Wimbledon accountants break down CGT and relief

Transferring your sole trader business to a limited company can create a Capital Gains Tax (CGT) liability — especially if your business has intangible assets like goodwill. However, if you receive shares in return for transferring the business, Incorporation Relief allows you to defer the CGT until you sell those shares.

Example: Your business is worth £100,000, and you transfer it to your company in exchange for 1,000 shares. If £60,000 of that value is goodwill, Incorporation Relief means you do not pay CGT now — but the base cost of your shares becomes £40,000 (not £100,000). That affects future tax when you sell.

Southside Accountants in Wimbledon say: This is a specialist area of tax, and we ensure your incorporation is structured for maximum tax efficiency.