The HMS Blog: Accounting, Tax & Business Insights
Why Cloud Accounting is No Longer Optional for Businesses
Efficient, data-driven systems are critical to making informed business decisions. Explore how evolving technologies are transforming financial management and why adopting modern solutions is essential for sustainable growth.
Understanding Work in Progress (WIP) for Service Firms
In professional services, time is your most valuable asset—and Work in Progress (WIP) ensures it’s properly reflected in your financials. This article outlines what WIP is, why accurate time tracking matters, the tax risks of poor reporting, and best practices to stay compliant and profitable.
Business Structures Explained: Options for Startups in the UK
Your business structure affects everything from tax and liability to funding and growth. This guide outlines the main UK options—sole trader, partnership, limited company, and CIC—so you can choose the setup that best supports your goals.
HMRC to Close Free Company Tax Return Filing Service – Here’s What You Need to Do
This article highlights HMRC’s upcoming closure of its free online Company Tax Return filing system by 31 March 2026. It explains why the change is happening, what steps businesses must take to stay compliant, and how to safely transition to commercial software. It also addresses how dormant companies are affected and stresses the importance of early preparation to avoid disruptions.
Accounting for UK Dental Practices
Dental practices face unique accounting challenges, from managing NHS vs private income to correctly recognising treatment-related revenue. This article highlights key bookkeeping areas—such as income timing, associate payments, VAT considerations, and expense categorisation—that are essential for financial clarity, compliance, and practice growth.
MTD Income Tax: The Countdown Begins
Significant changes to income tax reporting are on the way, impacting sole traders, landlords, and the self-employed. With new digital requirements and timelines approaching, understanding your obligations and preparing early will be essential for maintaining compliance and minimising disruption.
What Is a Virtual Finance Function – And Why It’s a Game-Changer for SMEs and Startups
A Virtual Finance Function (VFF) offers a scalable, cost-effective alternative to in-house finance teams. From bookkeeping to strategic support, VFFs provide expert financial services remotely—ideal for growing businesses seeking efficiency, insight, and control.