Frequently asked questions

Working with us

1. What does a chartered accountant actually do?

We help individuals and businesses stay on top of their finances and make better decisions. That includes preparing statutory accounts and tax returns, as well as advising on structure, growth and long-term plans.

2. How are Sampson Fielding different from other accountants?

We focus on the relationships we build and the impact we have on our clients. We stay close to the detail and close to you, getting to know your situation properly so we can step in early, solve problems and reduce stress.

3. Do you work with SMEs, founders and growing businesses?

Yes. We work with ambitious SMEs, founders, start-ups and growing businesses at different stages, from early growth through to more established companies.

4. Can you act as our outsourced FD or CFO?

Yes. We often work alongside businesses as their outsourced FD or CFO, acting as an extension of your team and supporting both day-to-day reporting and strategic decisions.

Location and working together

1. Where are you based?

We are based on Wigmore Street in Marylebone, in the heart of Central London, close to Bond Street and Oxford Street.

2. Do you work with clients outside Central London?

Yes. While some of our clients are based in London, we also work with individuals and businesses across the UK.

3. Can I meet you in person?

Yes. We are always happy to meet in person at our Marylebone office, as well as working flexibly over phone, email and video

Personal tax and tax advice

1. Do I need a tax advisor or an accountant?

In reality, most people need both. We handle compliance such as self assessment tax returns, but we also act as tax advisors, helping you plan ahead and make informed decisions.

2. Can you help with my self assessment tax return?

Yes. We prepare and file self assessment tax returns for individuals, sole traders and company directors, making sure everything is accurate and submitted on time.

3. When do I need to register for self assessment?

You usually need to register if you are self-employed, a company director, receiving rental income or earning income that is not taxed at source.

4. Can you help reduce my tax bill?

We focus on planning as well as reporting. That includes making sure you are using available allowances, structuring your affairs efficiently and planning ahead.

Property and landlord tax

1. Do you work with landlords and property investors?

Yes. We work with landlords across a range of portfolios, from single properties to more complex arrangements.

2. Do I need an accountant for rental income?

If you receive rental income, it needs to be reported through a tax return. We make sure everything is recorded correctly and handled as efficiently as possible.

3. Can you advise on Capital Gains Tax on property?

Yes. We advise on capital gains tax on property and help you plan ahead so there are no surprises.

4. Should I hold buy to let property in a Limited Company

It depends on your circumstances. We can talk through your situation and help you decide what structure makes the most sense.

Business compliance and Corporation Tax

1. What are statutory accounts for a Limited Company?

Statutory accounts are the financial statements a Limited Company must prepare each year. We take care of preparing and filing them so everything is compliant and clear.

2. What is Corporation Tax and when do I pay it?

Corporation Tax is paid on company profits and is usually due nine months and one day after your year end.

3. Do you handle VAT returns and business compliance?

Yes. We manage VAT returns, payroll and wider business compliance, allowing you to focus on running your business.

Making Tax Digital 

1. What is Making Tax Digital?

Making Tax Digital is a government initiative that requires digital record-keeping and quarterly reporting to HMRC, particularly for sole traders and landlords.

2. Who needs to use Making Tax Digital from April 2026?

From April 2026, Making Tax Digital will apply to many sole traders and landlords with income over £50,000. The rules are being introduced gradually, so it is worth checking early where you fall and when you will be affected.

3. Will I have to submit tax returns more often under Making Tax Digital?

You will need to submit quarterly updates to HMRC, as well as a final annual submission. The quarterly updates are reporting requirements rather than additional tax payments, but they do change how often you need to keep your records up to date.

4. Does Making Tax Digital apply to landlords with one property?

It can do. If your rental income is above the threshold, even a single property can bring you into scope, so it is important to look at your total income rather than the number of properties you own.

5. What do landlords need to do to prepare for Making Tax Digital?

The key steps are understanding whether the rules apply to you, choosing suitable software and making sure your records are kept digitally. Preparing early makes the transition much more straightforward.

6. Do I need software for Making Tax Digital?

In most cases, yes. We can help you choose and set up suitable software such as Xero or QuickBooks.

Property changes in the UK

1. How are tax rules changing for landlords in the UK?

There are a number of changes affecting landlords, including the move to Making Tax Digital and wider regulatory changes. Together, these mean more reporting, more structure and a greater need to stay on top of your tax position.

2. Is owning property becoming less tax efficient?

For some landlords, changes to tax rules and reporting requirements mean returns are under more pressure. It is increasingly important to plan ahead and make sure your structure still works for your situation.

3. Should landlords review how their property is structured?

Yes. As tax rules evolve, it is worth reviewing whether your current structure is still appropriate. This might include looking at ownership, income planning and longer-term goals.

4. Are Limited Company structures becoming more common for landlords?

In some cases, yes. For certain landlords, holding property in a limited company can offer advantages, but it is not right for everyone and needs careful consideration.

5. What is the biggest risk for landlords from a tax perspective?

Often it is leaving things too late. Changes like Making Tax Digital mean more frequent reporting, so staying organised and planning ahead is more important than ever.

Founders and growing businesses

1. Do you work with founders and start-ups?

Yes. We work with founders and start-ups, supporting them from early-stage through to more established and growing businesses.

2. When should I move from sole trader to Limited Company?

This depends on your income, level of risk and growth plans. We can advise on timing and handle the transition.

3. Can you act as a business advisor as we grow?

Yes. Alongside compliance, we act as business advisors, supporting founders and SMEs with planning, decision-making and long-term growth

Questions on Business Tax

1. What is the current corporation tax rate?

The current corporation tax rate in the UK is 19%. 

2. Can I claim tax relief on business expenses?

Yes, you can claim tax relief on legitimate business expenses incurred for the purpose of your business. These expenses should be wholly and exclusively for business purposes. Examples of deductible expenses include office rent, employee salaries, travel expenses, and professional fees. It's important to keep accurate records and receipts to support your expense claims.

3. What is Making Tax Digital (MTD), and how does it affect my business?

Making Tax Digital (MTD) is an initiative introduced by HMRC to modernise and streamline the tax system in the UK. It requires businesses to keep digital records of their accounting information and submit their tax returns digitally. MTD affects businesses that are VAT-registered first, with other taxes expected to follow. Compliance with MTD regulations is mandatory, and businesses need to use compatible software to meet the requirements. We can assist you in transitioning to MTD and ensuring compliance.

Question on Payroll

1. What is Real-Time Information (RTI), and how does it impact payroll?

Real-Time Information (RTI) is a system introduced by HMRC to improve the accuracy and timeliness of payroll reporting. It requires employers to report payroll information to HMRC in real-time, including details about wages, taxes, and National Insurance contributions. Employers must submit Full Payment Submissions (FPS) on or before each payday. RTI simplifies the process of reporting payroll information and helps HMRC maintain up-to-date records. We can manage your payroll and ensure compliance with RTI requirements.

2. What is National Insurance, and who pays it?

National Insurance (NI) is a social security system in the UK that funds various state benefits, including the state pension, healthcare, and unemployment benefits. Both employees and employers are responsible for paying National Insurance contributions. Employees' NI contributions are deducted from their wages, while employers must also contribute on behalf of their employees. The specific NI rates depend on the employee's earnings and employment status.