GMS Business Accountants

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GMS Business Accountants Hi, I'm Graham Wesson, the face behind GMS Business Accountants Ltd & I'm not your typical accountant.

Talk to me to discover how my personable approach is helping my clients with their personal and business accounts. Hi, I'm Graham Wesson, the face behind GMS Business Accountants Ltd. Starting my career in my 30s, I quickly found my passion in accounting and became CIMA qualified in just two years. With experience spanning from purchase ledger clerk to Finance Director, I now specialise in helping small businesses and sole traders. My clients appreciate my ability to simplify complex financial issues and my dedication to making their lives easier. When I'm not crunching numbers for my clients, you'll find me cycling, playing squash, or spending quality time with my two children. Based in Cambridge, I'm here to offer you a friendly, personal, and professional accounting service. Reach out to me to book a meeting to see how we can work together.

Do you work through your own limited company?IR35 determines whether you should be treated as employed or self-employed ...
26/10/2026

Do you work through your own limited company?

IR35 determines whether you should be treated as employed or self-employed for tax on a particular contract. The wording matters, but so does the way you work in practice.

My latest blog explains who makes the decision, what inside and outside IR35 mean, and how an IR35 accountant can help.

https://gms-accountants.co.uk/blog/ir35-accountant/

Using a limited company can provide a professional structure, but it also creates responsibilities that are easy to unde...
23/10/2026

Using a limited company can provide a professional structure, but it also creates responsibilities that are easy to underestimate.

The company is legally separate from you, so its money must be kept separate from personal funds. Salary, dividends, expenses and director’s loan transactions must be recorded correctly.

A limited company accountant for contractors can help with accounts, tax, payroll, VAT and Self Assessment. They should also explain what the company owes and how much cash is available.

IR35 may also need consideration. The contract matters, but so does the arrangement in practice. It is better to review this before work starts than correct problems later.

GMS Accountants supports contractors and consultants in Cambridge, Nottingham and across the UK.

Read my latest blog:
https://gms-accountants.co.uk/blog/accountant-for-contractors-and-consultants/

If you are a consultant, knowing which business costs you can claim can be difficult.Software, subscriptions, insurance ...
21/10/2026

If you are a consultant, knowing which business costs you can claim can be difficult.

Software, subscriptions, insurance and equipment may be easy to identify. Travel, meals, homeworking and mixed personal and business costs can require more thought. Paying from the business account does not automatically make a cost allowable.

Keeping invoices and receipts helps produce accurate accounts, support claims and capture genuine business costs.

An accountant for consultants can help review expenses, plan for tax and check whether your business structure is still suitable. They can also help if you are approaching the VAT registration threshold or irregular income makes cash-flow planning difficult.

GMS Accountants supports consultants and contractors in Cambridge, Nottingham and across the UK.

Read more:
https://gms-accountants.co.uk/blog/accountant-for-contractors-and-consultants/

Working as a contractor or consultant means handling accounts, tax and business records alongside your client work.At fi...
19/10/2026

Working as a contractor or consultant means handling accounts, tax and business records alongside your client work.

At first, the finances may seem simple: raise an invoice, receive payment and cover a few costs. As the business grows, questions arise. Should you remain a sole trader or use a limited company? Do you need to register for VAT? Which expenses can you claim? Are you saving enough for tax?

A good contractor accountant should help with these questions during the year, not only prepare the annual figures.

GMS Accountants helps with accounts, Corporation Tax, Self Assessment, director payroll, VAT, bookkeeping and tax planning. I support businesses in Cambridge, Nottingham and across the UK, using clear explanations without unnecessary jargon.

Read my latest blog:
https://gms-accountants.co.uk/blog/accountant-for-contractors-and-consultants/

When should a freelancer become a limited company?There is no single profit figure that makes incorporating the right de...
16/10/2026

When should a freelancer become a limited company?

There is no single profit figure that makes incorporating the right decision for everyone. You may hear people say that you should form a company as soon as your income reaches a particular level, but the answer is rarely that simple.

Your decision should take account of:

• Your annual profit
• How much money you need to withdraw
• Any other income you receive
• Your pension plans
• The type of clients you work with
• Your future plans for the business

A limited company can provide more separation between you and the business. It may also offer useful tax-planning opportunities and can sometimes create a more established image when dealing with larger clients.

However, it brings additional work and responsibilities. The company will normally need annual accounts, a Corporation Tax return, Companies House filings and separate business records. Money in the company also belongs to the company—it is not simply your personal money.

For some freelancers, remaining a sole trader is simpler and perfectly suitable. For others, a limited company supports the next stage of growth.

The right time to change should be based on your actual figures rather than a general rule.

Read our guide for freelancers:

https://gms-accountants.co.uk/blog/accountant-for-freelancers-what-help-do-you-really-need/

Do you work from home as a freelancer?If so, you may be able to claim part of your household running costs as a business...
14/10/2026

Do you work from home as a freelancer?

If so, you may be able to claim part of your household running costs as a business expense. This could include a proportion of heating, electricity, internet and other relevant costs.

There are two main ways to calculate the claim. You can use HMRC’s simplified flat-rate method, based on the number of hours you work from home, or calculate a reasonable business proportion of your actual household costs.

The best option will depend on your circumstances. The largest claim is not automatically the right claim—it must be reasonable and supported by how you actually use your home.

Accounting software can also make freelance life easier. FreeAgent, Xero and QuickBooks can help you raise invoices, record expenses, photograph receipts and keep an eye on unpaid customers. The right choice depends on what your business needs, so there is little benefit in paying for features you will never use.

Keeping your records up to date also gives you a clearer picture of what you are earning and how much tax to set aside.

Our latest blog explains working from home, software, allowable expenses and the other accounting points freelancers need to consider:

https://gms-accountants.co.uk/blog/accountant-for-freelancers-what-help-do-you-really-need/

Freelancing gives you freedom, but the tax side can become confusing quite quickly.If your gross self-employed income is...
12/10/2026

Freelancing gives you freedom, but the tax side can become confusing quite quickly.

If your gross self-employed income is more than £1,000 during the tax year, you will usually need to register with HMRC and complete a Self Assessment tax return. That means reporting your freelance income, claiming allowable expenses and including any other taxable income you receive.

It is easy to miss legitimate business costs. Depending on your work, you may be able to claim for software, computer equipment, professional subscriptions, insurance, website costs, advertising, telephone use and business travel.

The important point is that the cost must relate to your business. Where something has both business and personal use, you should only claim the appropriate business proportion.

Good record keeping makes the whole process much easier. Keep your receipts, record your income regularly and avoid leaving everything until the tax return deadline.

An accountant for freelancers can help you claim what you are entitled to, understand your tax bill and prepare for payments on account before they become an unpleasant surprise.

Read our practical guide here:

https://gms-accountants.co.uk/blog/accountant-for-freelancers-what-help-do-you-really-need/

You can change accountants at any time—but take extra care if a filing deadline is approaching.During the handover, make...
09/10/2026

You can change accountants at any time—but take extra care if a filing deadline is approaching.

During the handover, make sure it is completely clear who is responsible for:

✅ Your next VAT return
✅ Weekly or monthly payroll
✅ Annual accounts
✅ Corporation Tax
✅ Your Self Assessment tax return
✅ Companies House filings
✅ Any outstanding HMRC correspondence

If your existing accountant has already started preparing your accounts, it may be practical for them to finish the work. However, you are not required to wait until your year-end if communication has broken down or you are concerned about the service you are receiving.

Your new accountant will normally request previous accounts, tax returns, VAT and payroll information, bookkeeping records and details of upcoming deadlines. They may also need access to software such as Xero, QuickBooks, Sage or receipt-capture systems.

Do not cancel accounting software too early. Access to historical records may still be needed during the handover.

You will also need to formally authorise your new accountant to act for you. Never give them your personal Government Gateway login details—HMRC has separate processes for authorising tax agents.

At GMS Accountants, we can manage the handover, contact your previous accountant and help arrange the necessary HMRC authority.

Looking for an accountant in Cambridge or Nottingham? Get in touch.

https://gms-accountants.co.uk/blog/how-to-switch-accountants-a-step-by-step-guide/

Is your accountant still right for your business?The accountant you chose when your business started may not always be t...
07/10/2026

Is your accountant still right for your business?

The accountant you chose when your business started may not always be the right accountant as the business grows.

Perhaps you now employ people, submit VAT returns, need regular bookkeeping support or want better information before making important decisions. You may also want tax-planning advice throughout the year instead of only hearing from your accountant when a deadline is approaching.

Common reasons for changing accountants include:

• Emails and calls regularly going unanswered
• Receiving little contact outside the year-end
• Fees increasing without a clear explanation
• Paying extra for services you thought were included
• Needing support with VAT, payroll or bookkeeping
• Wanting clearer, jargon-free explanations
• Looking for more proactive tax and business advice
• Your existing accountant retiring or selling their practice

Price is important, but it should not be the only consideration. Before appointing a new accountant, check exactly what is included, who will deal with your work, how often you can contact them and whether they can continue supporting you as your business develops.

A cheaper monthly fee may not represent better value if essential services or advice are charged separately.

Changing accountants does not have to be awkward or complicated. Your new accountant can normally contact your previous accountant, request the necessary records and guide you through the HMRC authorisation process.

https://gms-accountants.co.uk/blog/how-to-switch-accountants-a-step-by-step-guide/

Thinking about changing accountants but worried that switching will be difficult?In most cases, changing accountants is ...
05/10/2026

Thinking about changing accountants but worried that switching will be difficult?

In most cases, changing accountants is much simpler than people expect. You can usually switch at any time—you do not have to wait until the end of your financial year.

Once you have chosen a new accountant, they can manage much of the handover for you. The usual process is:

✅ You give your new accountant permission to contact your existing accountant
✅ They request professional clearance and the records they need
✅ Previous accounts, tax returns and other relevant information are transferred
✅ Access to accounting and payroll software is arranged
✅ You authorise your new accountant to deal with HMRC
✅ Responsibility for future work and deadlines is confirmed

You do not need your existing accountant’s permission to leave, although you may still need to pay for work they have already completed.

The most important part is making sure everyone knows who is dealing with upcoming VAT returns, payroll, annual accounts, Corporation Tax and Self Assessment returns. Never assume that something is being handled unless it has been confirmed.

If poor communication, unexpected fees or a lack of advice is making you consider a change, you do have options.

GMS Accountants can guide you through the process and manage the handover from your current accountant.

Read our guide to changing accountants:
https://gms-accountants.co.uk/blog/how-to-switch-accountants-a-step-by-step-guide/

Address

4 Cheere Way, Papworth, Cambridgeshire,23 3NZ
Cambridge
CB

Opening Hours

Monday 8am - 5:30pm
Tuesday 8am - 5:30pm
Wednesday 8am - 5:30pm
Thursday 8am - 5:30pm
Friday 8am - 5:30pm

Telephone

+447739828423

Website

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