Rhombus Accounting

Rhombus Accounting Rhombus Accounting Limited is an accountancy firm who are on hand to manage your accounting, finances, and taxes.

This means you can concentrate on your business, retain more profit, and reclaim your valuable time.

If you have been thinking about switching accountants or just want to understand whether your finances are set up proper...
19/06/2026

If you have been thinking about switching accountants or just want to understand whether your finances are set up properly, the easiest next step is a free conversation.

No pressure. No obligation. Just 30 minutes to talk through your business and see whether we are the right fit for each other.

We meet in two ways:

🏢 In person at our office
F15, Raise Business Centre
Tom Pudding Way, Goole, DN14 6BS

💻 Via Google Meet
Ideal if you are based further afield

Book directly into our calendar at a time that suits you:

📅 calendly.com/rhombus-accounting

We respond fast on WhatsApp too if you would prefer to have a quick chat first before booking.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

HMRC does carry out VAT inspections. And for businesses operating under the Margin Scheme, your stock records are the fi...
17/06/2026

HMRC does carry out VAT inspections. And for businesses operating under the Margin Scheme, your stock records are the first thing they will ask to see.

Here is what HMRC will look for:

📋 A complete stock book with every purchase and sale recorded
📋 Evidence of purchase prices for every eligible item
📋 Proof that the goods were bought without a VAT invoice
📋 Correct VAT calculations applied to the margin, not the full price
📋 Accurate and timely VAT return submissions

If any of these are missing or incorrect, HMRC can:

⚠️ Disallow your Margin Scheme and charge VAT on your full selling prices
⚠️ Issue penalty notices for inaccurate returns
⚠️ Charge interest on any underpaid VAT
⚠️ Look back at previous periods if they believe the error is systematic

The businesses that sail through VAT inspections are the ones whose records are accurate, complete, and up to date at all times. Not just when an inspection is announced.

That is what we help our clients maintain every single month.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

You can have a profitable business and still run out of money.This catches more business owners off guard than almost an...
15/06/2026

You can have a profitable business and still run out of money.

This catches more business owners off guard than almost anything else.

Here is the difference.

Profit is what is left when you subtract your costs from your revenue. It is a number on a page.

Cash flow is the actual money moving in and out of your business account. It is what pays your suppliers, your staff, your VAT bill, and yourself.

A business can be profitable on paper but cash flow negative in practice if:

⚠️ Customers are paying you late
⚠️ You are paying suppliers before customers pay you
⚠️ You have a large tax bill due that was not planned for
⚠️ You bought stock or equipment that has not yet generated a return

This is why management accounts matter. Not just to know your profit, but to understand the timing of your cash and plan ahead before a gap appears.

If you have ever looked at your bank account and wondered where the money went despite having a good month, this is why.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

If you are a used car dealer, two of the most powerful financial tools available to your business are probably being und...
12/06/2026

If you are a used car dealer, two of the most powerful financial tools available to your business are probably being underused right now.

The first is the VAT Margin Scheme.

Instead of paying VAT on the full selling price of every vehicle, you only pay VAT on the profit margin. The difference between what you paid and what you sold it for.

Buy a car for £8,000. Sell it for £10,500. Your margin is £2,500. VAT is calculated on that £2,500, not on the £10,500 sale price.

For a dealer turning over 20, 30, or 50 vehicles a month, that saving is significant. And yet we still speak to dealers who are either not on the scheme at all or not applying it correctly.

The second is access to the right funding.

Stock is everything in the used car trade. The ability to buy the right vehicle at the right time, without waiting for a previous sale to clear, is what separates good dealers from great ones.

There are a few products worth knowing about:

💳 iwoca and Capital on Tap — flexible revolving credit facilities that let you draw funds as you need them and repay as vehicles sell. Fast to set up, no fixed monthly payments, ideal for dealers who need to move quickly on stock.

🚗 Stock funding loans — specialist finance products designed specifically for forecourt dealers. These allow you to fund your entire forecourt on a per-vehicle basis, paying interest only on what you have on site and settling each facility as the vehicle sells. It keeps your cash flow clean and your forecourt full without tying up your own capital.

At Rhombus Accounting, we help used car dealers with all of the above.

We make sure the VAT Margin Scheme is set up correctly and applied to every eligible vehicle. And through our funding partners we help dealers access the working capital and stock funding they need to grow without disrupting their cash flow.

If you are a used car dealer and either of these sounds like something worth exploring, get in touch.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

Another brilliant review and another reminder of why we do what we do.Word of mouth is the biggest compliment any busine...
10/06/2026

Another brilliant review and another reminder of why we do what we do.

Word of mouth is the biggest compliment any business can receive, and we are incredibly grateful to every client who takes the time to share their experience.

If you are looking for an accountant who genuinely gets to know your business and is there for you throughout the year, we would love to have a conversation.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

One of the most common questions we get from new business owners."Should I be a sole trader or set up a limited company?...
08/06/2026

One of the most common questions we get from new business owners.

"Should I be a sole trader or set up a limited company?"

The honest answer is that it depends on your circumstances. But here are the key differences to help you think it through.

Sole trader:
✅ Simpler to set up and run
✅ Less admin and fewer filing obligations
✅ You keep full control
❌ You are personally liable for all debts
❌ You pay Income Tax on all profits, which can be less tax-efficient at higher earnings

Limited company:
✅ Limited liability protects your personal assets
✅ Often more tax-efficient once profits exceed around £30,000 to £40,000
✅ More professional image for some industries and clients
❌ More admin, annual accounts, Corporation Tax returns, Companies House filings
❌ Directors loans and dividends need careful management

There is no one size fits all answer. The right structure depends on your income level, your risk appetite, your industry, and your long-term plans.

If you are not sure which is right for you, that is exactly the kind of conversation we love having.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

There is an important deadline coming up that a lot of limited company directors are not aware of.If you provided any be...
05/06/2026

There is an important deadline coming up that a lot of limited company directors are not aware of.

If you provided any benefits or expenses to employees or directors during the 2025/2026 tax year, you may need to file a P11D with HMRC by 6 July 2026.

What counts as a benefit?

🚗 A company car or car allowance
⛽ Fuel provided for private use
🏥 Private medical insurance
📱 Mobile phones above the exempt amount
🏠 Living accommodation
🎁 Gifts and vouchers above £50

If you are a director and your company pays for any of these on your behalf, a P11D or a PAYE Settlement Agreement may be required.

The associated Class 1A National Insurance contributions are also due by 19 July 2026 if paying by post, or 22 July if paying electronically.

Not sure whether you need to file? Message us today and we will check for you.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

If you buy and sell Pokémon cards or other trading card game singles, the VAT Margin Scheme could be saving you a signif...
03/06/2026

If you buy and sell Pokémon cards or other trading card game singles, the VAT Margin Scheme could be saving you a significant amount of tax every single quarter.

Most TCG sellers we speak to have either never heard of it or have never had it properly explained. Here is the short version.

When you buy cards from a private collector and sell them on, VAT is only due on your profit margin, not the full selling price.

So if you buy a graded Charizard for £200 and sell it for £350, your margin is £150. VAT is only calculated on that £150, not on the £350 sale price.

Under standard VAT rules you would be paying VAT on the full selling price. The difference adds up quickly when you are turning over large volumes of cards.

The scheme applies when cards are sourced from:

🃏 Private collectors and individuals
🃏 eBay and Facebook Marketplace purchases
🃏 Card shows and conventions
🃏 Other sellers who also used the Margin Scheme

It does not apply to new sealed product bought from a VAT registered distributor, where standard VAT rules must be used instead.

The key is keeping clean records for every purchase and sale so that HMRC can verify your margin calculations at any point.

We have written a full guide to how this works on our website. Link in bio.

If you are a TCG seller and you are not sure whether your VAT is set up correctly, get in touch today.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

Booking time with us has never been easier.Whether you are a business owner thinking about making a switch, or an existi...
29/05/2026

Booking time with us has never been easier.

Whether you are a business owner thinking about making a switch, or an existing Rhombus client wanting to schedule your next management meeting, you can now book directly into our calendar at a time that suits you.

📅 Book your slot here: calendly.com/rhombus-accounting

We offer two ways to meet:

🏢 In person at our office
F15, Raise Business Centre
Tom Pudding Way
Goole
DN14 6BS

💻 Via Google Meet
Perfect if you are based further afield or simply prefer a virtual catch up.

For new enquiries, the initial consultation is completely free. No obligation. Just an honest conversation about your business and whether we are the right fit for each other.

For existing clients, use the same link to book your next management meeting and keep your finances on track throughout the year.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

Address

F15, Raise Business Centre, Tom Pudding Way
Goole
DN146BS

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+441405447448

Website

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