At Hudson & McCullum we...drive your business forward

At Hudson & McCullum we...help you cope with all compliance

At Hudson & McCullum we...help our clients save money

At Hudson & McCullum we...help you grow

At Hudson & McCullum we...drive your business forward

At Hudson & McCullum we...steer you in the right direction

March questions and answers

What Our Clients Say

I used to think that all accountants were sleazy, blood sucking leeches. After 6 months’ worth of interaction with Irfan, I no longer believe this to be the case. It is a pleasure to have someone who genuinely has your own interest at heart. Irfan is honest, hardworking and punctual. all that you can ask for in an accountant. dare I say it…. even a friend!

"Rami Tanios (Director) " - Heritage Homes Limited

I found Irfan online after having a very negative experience with my first accountant and a distant and confusing one with the second. Irfan is easy to communicate with, quick to respond, professional and knowledgeable. He has taken the time and care to help me understand what I need to do and how best to do it in relation to my limited companies, VAT and self-assessment. I would highly recommend Irfan’s services.

"Rachel Cooke (BA MA Dip MNCP MNCH) " - Whitesobrite Limited

Irfan has handled my business for two years now. As someone who has difficulty remembering his own birthday, I needed someone who would make sure that all of my accounts were settled in time with HMRC and Companies House deadlines. Irfan has been relentless in ensuring I wasn’t late for important submission dates and for handling our payroll like clockwork. He has been an amazing resource and I would recommend anyone to hire him – especially if you’re just starting out and need someone reliable you can trust.

" Marc Quinn (Director) " - Powerlights Incorporated Limited

As someone who had newly formed his own start up, the most important thing for me was to find someone that could show me the ropes from an accounting standpoint, and low and behold Irfan was that guy. Irfan has been my accountant over the past 3 years and as a Client I could not be happier. Even though I tend to bombard him with questions and queries about letters/information I received from HMRC and companies house, he NEVER failed to get back to me and answer them in a timely manner. When it comes to finding solutions to accounting issues or coming up with the best personalized strategy to overcome paying more tax than I needed to, he delivered the goods. Dependable, reliable, patient and flexible are just some of the words I would use describe him. Thank you Irfan for all you have done…

"lan Michaels " - Locum Pod Limited (Podiatric Medicine)

Over the time we have worked with Irfan he has become a real asset to our company. With his help and guidance, he has looked after the company’s finances and advised us about how we can improve the company in specific areas and cut back in others. It has allowed us to understand our company in more detail and to get on with what we need to do to grow as a company, without worrying about all the financial issues which entail with running a business. His advice, understanding and professionalism is fantastic. Long may our working relationship continue.

James Hillman (Director & Fashion Designer) - James Hillman Limited

Since our company has starting working with Irfan, he has been a great asset for us. His services has been impeccable and his very approachable, proactive and efficient. He supports us with our bookkeeping, VAT, PAYE and corporate taxes. Hudson & McCullum has saved us lots of money on our taxes.

Karen Enoe (Director) - A.I.M.S Support Services Limited

Irfan is professional that goes beyond his mission and tasks. He honestly has tried first to understand me and my business. He has been flexible and devoted time with a high generosity. He has been able to adapt to my schedule and needs during the full year. Always open to serve and render his great expertise and knowledge. He is an expert accountant and is, at the same time, a great individual. I feel in the best hands. Always proactive and ready to support and teach. I a learning new accountancy concepts thanks to his patience. I am very thankful to have Irfan as a trusted partner in the U.K.

" Carolina Caparrós Alvarez (Director) " - Talento Direct Limited

Newsletter issue - March 2018.

Q. I am a sole trader and have been trading for several years. My turnover has now exceeded the VAT registration threshold and I have registered with HMRC accordingly. I am currently waiting for VAT number and certificate. Will I be able to claim back VAT on purchases made by the business before the registration date?

A. There is a time limit for backdating claims for VAT incurred before the effective date of registration. From the date of registration, the time limit is:

You can only reclaim VAT on purchases for the business now registered for VAT and they must relate to your 'business purpose'. This means they must relate to VAT taxable goods or services that you supply.

You should reclaim them on your first VAT return and keep records including:

Q. I own a buy-to-let leasehold property, which currently has 49 years remaining on the lease. Can I claim a tax deduction for the legal and professional costs of extending the lease?

A. The normal legal and professional fees incurred on the renewal of a lease are generally allowable if the lease is for less than 50 years. But any proportion of the legal and professional costs that relate to the payment of a premium on the renewal of a lease are not deductible.

Where a replacement lease follows closely on a previous one, and is in broadly similar terms, a change of tenant will not normally make the associated legal and professional costs disallowable. Any proportion of the legal or other costs that relate to the payment of a premium on the renewal of a lease will, of course, remain disallowable.

Q. I am self-employed and have been claiming capital allowances on certain business items. If I close down the business and move into employment, but continue to use the same assets for my work, can the transfer from one to the other be at the written down value, or will there be a balancing allowance at the date my business ends?

A. Strictly, the open market value should be used for the transfer, so that balancing allowances or charges result. However, since employees can claim capital allowances for equipment they provide for use in their work, and this will be a transfer between 'connected persons', you will be able to make an election to use the tax written down value for the transfer instead.