Training Example: Thompson Elphick – Review the Data, Give Your Score & Compare to the Real AI Evaluation

Thompson Elphick Accountantsadmin2025-06-30T14:29:56+00:00
[H2] Accountants you can talk to
[H4] Tax planning and business advisoryAccountsTax returnsBookkeeping
[H4] Welcome to
[H1] Thompson Elphick
[H5] Chartered Certified Accountants
[H4] Welcome to
[H1] Thompson Elphick
[H5] Chartered Certified Accountants
[H4] Our aim at Thompson Elphick is to first understand your needs and then provide you with a one-stop solution which encompasses advice to ensure you are as tax efficient as possible, retaining more resources for business growth. We will provide the compliance services to ensure that you are minimising your time dealing with business administration and able to spend more time growing your business.
[IMG: Tax & Business Planning]
[H5] Tax & Business Planning
[IMG: Accounts]
[H5] Accounts & Tax Returns
[IMG: Bookkeeping]
[H5] Bookkeeping
[IMG: Other Services]
[H5] Other Services
[H2] How we achieve this
[H4] We do this by offering an initial free meeting to get to know you and your business and then tailoring our services accordingly. Our goal is that you always think of us first when you encounter any issues.
We specialise in assisting small and medium sized owner managed businesses to navigate the complex business environment in which we all operate, to help you make the most of the resources available to you and hopefully take some pressure off you!
Our expanding team is always here to help, so even if your main point of contact is not in the office to help you someone else is here to pick up the slack.
CONTACT US US free initial meeting
[H2] Our services
[IMG: Tax planning and business advisory-G01]
[H3] Tax planning and business advisory
[H4] Complex business tax environment in which we find ourselves today. They can ensure that you are claiming all relevant reliefs and allowances were possible and have a tax efficient structure that suits your needs and plans.
Our goal is to ensure that you retain as much of your hard-earned money as possible to enable the future growth and the health of your business.
Our areas of expertise is particularly in the small and medium sized business sectors covering personal, company and capital gains taxes.
[IMG: ThompsonElphick-accountancy01]
[IMG: Thompson Elphick Tax Returns02]
[IMG: Accounts and tax returns-G01]
[H3] Accounts and tax returns
[H4] Compliance work is a necessary evil in the world we live in with many penalties in place for missing deadlines.
Whether you are a sole trader, partnership or limited company, we provide an efficient, good value, hands-on service to ensure you are always kept up to date with the relevant authorities.
[IMG: Bookkeeping-G02]
[H3] Bookkeeping
[H4] We have a great team of bookkeepers that can assist you in keeping your records up to date as often as you need, remaining in line with the VAT rules of today (Making Tax Digital for VAT) and ensuring deadlines are met.
All our bookkeeping staff are Xero certified although we do not insist that our clients use Xero. We are happy to assist clients with all other major packages such as Sage and QuickBooks, the list is extensive.
We are happy to provide these services at your premises or in-house which ever you prefer.
In April 2026, the Making Tax Digital for Income Tax and Self-Assessment rules will be implemented by HMRC. We can assist you in preparing for these from today.
[IMG: Thompson Elphick Bookkeeping03]
[IMG: Thompson Elphick Audits01]
[IMG: Other Services-G01]
[H3] Other Services:
Payroll and CIS
Company Secretarial – annual confirmation statements, resolutions, minutes, etc
Audit – although our practice does not perform audits directly, we do work closely with an audit only firm in order that our clients still have access to a good reliable service
Inheritance Tax and Estate Planning – we can provide the planning aspect of this service but where wills and trusts are required we bring in trusted partners to do this work with us
Fee Protection – this is available on a client by client basis to assist with the costs of any HMRC enquiries that you or your business may have to deal with from time to time
[H3] Additional benefits of being a Thompson Elphick client
Free standard membership to the CH4B platform
Free use of our office address as a registered office and service address if you are a limited company or LLP
Online portal where you can access your important documents any time of the day
[H2] Meet the team
[H4] Ian Elphick
[H5] Director
[H4] Chris Watson
[H5] Director
[H4] Ian Metcalf
[H5] Client Manager
[H4] Bryan Larkin
[H5] Client Manager
[H4] Carla Guesmi
[H5] Client Manager
[H4] Jack Gregory
[H5] Client Manager
[H4] Sue Smith
[H5] Practice Manager
[H4] Pablo Olivares
[H5] Bookkeeping Manager
[H2] Thompson Elphick News

Landlord tax and National Insurance considerations

[H4]
Landlord tax and National Insurance considerations

[H2] Landlord tax and National Insurance considerations
adminMay 21st, 2026|When renting out property, landlords may have both Income Tax and National Insurance considerations to consider. However, rental income is generally taxable.
For individuals, the first £1,000 ofRead More

VAT Cash Accounting

[H4]
VAT Cash Accounting

[H2] VAT Cash Accounting
adminMay 21st, 2026|The VAT Cash Accounting Scheme can help businesses improve cash flow by allowing VAT to be accounted for when customers actually pay invoices, rather than when invoices are issued. This can beRead More

Can you claim Business Asset Disposal Relief

[H4]
Can you claim Business Asset Disposal Relief

[H2] Can you claim Business Asset Disposal Relief
adminMay 21st, 2026|Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company, or an individual’s interest in a trading partnership. When this relief is available, a reduced 18%Read More

Verify your ID at Companies House

[H4]
Verify your ID at Companies House

[H2] Verify your ID at Companies House
adminMay 21st, 2026|Identity verification requirements at Companies House became a legal requirement for directors and people with significant control (PSCs) from 18 November 2025. This date marked the start of aRead More

Fiscal drag explained

[H4]
Fiscal drag explained

[H2] Fiscal drag explained
adminMay 21st, 2026|The freezing of tax thresholds can result in a phenomenon commonly referred to as 'fiscal drag'. This occurs when tax allowances and rate bands remain unchanged while wages and inflation increase. AsRead More

Making Tax Digital – which software to use

[H4]
Making Tax Digital – which software to use

[H2] Making Tax Digital – which software to use
adminMay 21st, 2026|Making Tax Digital (MTD) for Income Tax is now in force for many self-employed individuals and landlords. Since 6 April 2026, taxpayers with qualifying business or property income exceeding £50,000Read More
READ ALL OUR LATEST NEWS
[H2] Useful Links
[H4] Click a link below to find out more
[IMG: ACCA Global]
[IMG: Xero Accountancy Software]
[IMG: Onvio]
[H2] For further information please contact Thompson Elphick
[H4] Thompson Elphick
The Corner House
2 High Street
Aylesford ME20 7BG
T : 01622 790052
E : [email protected]
Opening hours
Monday – Friday: 9am – 5pm
If we are unavailable please leave a message and we will get back to you as soon as possible.
[H2] Who we are
Our website address is: https://www.thompsonelphick.co.uk/.
[H2] What personal data we collect and why we collect it
We may collect the following information:
name and job title
contact information including email address and Twitter handle
other information provided by you from using our online forms
[H3] What we do with the information we gather
We require this information to understand your needs and provide you with a better service, and in particular for the following reasons:
Internal record keeping.
We may use the information to improve our products and services.
We may periodically send promotional emails about new products, special offers or other information which we think you may find interesting using the email address which you have provided.
[H3] Controlling your personal data
You may choose to restrict the collection or use of your personal information in the following ways:
whenever you are asked to fill in a form on the website, look for the box that you can click to indicate that you do not want the information to be used by anybody for direct marketing purposes
if you have previously agreed to us using your personal information for direct marketing purposes, you may change your mind at any time by writing to or emailing us
We will not sell, distribute or lease your personal information to third parties unless we have your permission or are required by law to do so. We may use your personal information to send you promotional information about third parties which we think you may find interesting if you tell us that you wish this to happen.
You may request details of personal information which we hold about you under the Data Protection Act 1998. A small fee will be payable. If you would like a copy of the information held on you please write to Thompson Elphick, The Corner House, High Street, Aylesford ME20 7BG.
If you believe that any information we are holding on you is incorrect or incomplete, please write to or email us as soon as possible, at the above address. We will promptly correct any information found to be incorrect.
[H3] Comments
When visitors leave comments on the site we collect the data shown in the comments form, and also the visitor’s IP address and browser user agent string to help spam detection.
An anonymized string created from your email address (also called a hash) may be provided to the Gravatar service to see if you are using it. The Gravatar service privacy policy is available here: https://automattic.com/privacy/. After approval of your comment, your profile picture is visible to the public in the context of your comment.
[H3] Media
If you upload images to the website, you should avoid uploading images with embedded location data (EXIF GPS) included. Visitors to the website can download and extract any location data from images on the website.
<h3″>Contact forms </h3″>
If you make an enquiry through the website via a link we will use the information you provide only for the purpose of responding to your enquiry. We will not add you to a database or marketing mailing list without your express consent.
[H3] Embedded content from other websites
Articles on this site may include embedded content (e.g. videos, images, articles, etc.). Embedded content from other websites behaves in the exact same way as if the visitor has visited the other website.
These websites may collect data about you, use cookies, embed additional third-party tracking, and monitor your interaction with that embedded content, including tracking your interaction with the embedded content if you have an account and are logged in to that website.
[H3] Analytics
[H2] Who we share your data with
If you make an enquiry through the website via a link we will use the information you provide only for the purpose of responding to your enquiry. We will not add you to a database or marketing mailing list without your express consent.
[H2] How long we retain your data
If you leave a comment, the comment and its metadata are retained indefinitely. This is so we can recognize and approve any follow-up comments automatically instead of holding them in a moderation queue.
For users that register on our website (if any), we also store the personal information they provide in their user profile. All users can see, edit, or delete their personal information at any time (except they cannot change their username). Website administrators can also see and edit that information.
[H2] What rights you have over your data
If you have an account on this site, or have left comments, you can request to receive an exported file of the personal data we hold about you, including any data you have provided to us. You can also request that we erase any personal data we hold about you. This does not include any data we are obliged to keep for administrative, legal, or security purposes.
[H2] Where we send your data
Visitor comments may be checked through an automated spam detection service.
[H2] Contact information
Thompson Elphick
The Corner House
High Street
Aylesford ME20 7BG
Tel: 01622 790052
[email protected]
[H2] Additional information
[H3] Security
We are committed to ensuring that your information is secure. In order to prevent unauthorised access or disclosure, we have put in place suitable physical, electronic and managerial procedures to safeguard and secure the information we collect online.
[H3] What data breach procedures we have in place
Upon becoming aware of a security incident, Pegasus Precision shall notify its customers, users and newsletter subscribers without undue delay and shall provide timely information relating to the security incident as it becomes known or as is reasonably requested by customers, users and newsletter subscribers.
What third parties we receive data from
Google Analytics — Visitor statistics, we do not track personally identifiable information. Privacy Policy. You can also opt-out of Google Analytics here.
Youtube — Embedded Videos, may track your usage when you play a video. Privacy Policy.
Facebook – We use the Facebook retargeting pixel as a part of our marketing efforts. Privacy Policy. GDPR information provided by Facebook.
Linkedin – We use the Linkedin retargeting pixel as a part of our marketing efforts. Privacy Policy.
[H2] Cookie Policy
[H4] How We Use Cookies
Like many websites we use cookies to store and then retrieve small bits of information on your computer when you visit. This information is used to make the site work as you expect it to. It is not personally identifiable to you, but it can be used to give you a more personalised web experience.
Some of the information stored is put there by other companies whose software we have added to the site, and this can also impact your experience of other websites you may visit after leaving ours. If you continue to use this site without taking action to prevent the storage of this information, you are effectively agreeing to this use.
Below is a list of the different types of cookies used on this site, and an explanation of what they are used for. If you would like any more information, please get in touch.
[H4] Strictly Necessary Cookies
These cookies are necessary for the website to function. They are usually only set in response to actions made by you which amount to a request for services, such as logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. These cookies do not store any personally identifiable information.
[H4] Performance Cookies
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[H3]
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Landlord tax and National Insurance considerations

[H4]
Landlord tax and National Insurance considerations

[H2] Landlord tax and National Insurance considerations

When renting out property, landlords may have both Income Tax and National Insurance considerations to consider. However, rental income is generally taxable.
For individuals, the first £1,000 of

By admin|May 21st, 2026|Uncategorised|Comments Off on Landlord tax and National Insurance considerations

Read More

VAT Cash Accounting

[H4]
VAT Cash Accounting

[H2] VAT Cash Accounting

The VAT Cash Accounting Scheme can help businesses improve cash flow by allowing VAT to be accounted for when customers actually pay invoices, rather than when invoices are issued. This can be

By admin|May 21st, 2026|Uncategorised|Comments Off on VAT Cash Accounting

Read More

Can you claim Business Asset Disposal Relief

[H4]
Can you claim Business Asset Disposal Relief

[H2] Can you claim Business Asset Disposal Relief

Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company, or an individual’s interest in a trading partnership. When this relief is available, a reduced 18%

By admin|May 21st, 2026|Uncategorised|Comments Off on Can you claim Business Asset Disposal Relief

Read More

Verify your ID at Companies House

[H4]
Verify your ID at Companies House

[H2] Verify your ID at Companies House

Identity verification requirements at Companies House became a legal requirement for directors and people with significant control (PSCs) from 18 November 2025. This date marked the start of a

By admin|May 21st, 2026|Uncategorised|Comments Off on Verify your ID at Companies House

Read More

Fiscal drag explained

[H4]
Fiscal drag explained

[H2] Fiscal drag explained

The freezing of tax thresholds can result in a phenomenon commonly referred to as 'fiscal drag'. This occurs when tax allowances and rate bands remain unchanged while wages and inflation increase. As

By admin|May 21st, 2026|Uncategorised|Comments Off on Fiscal drag explained

Read More

Making Tax Digital – which software to use

[H4]
Making Tax Digital – which software to use

[H2] Making Tax Digital – which software to use

Making Tax Digital (MTD) for Income Tax is now in force for many self-employed individuals and landlords. Since 6 April 2026, taxpayers with qualifying business or property income exceeding £50,000

By admin|May 21st, 2026|Uncategorised|Comments Off on Making Tax Digital – which software to use

Read More

Can a tribunal be fair after all is long said and done?

[H4]
Can a tribunal be fair after all is long said and done?

[H2] Can a tribunal be fair after all is long said and done?

Employment disputes can drag on for years, which inevitably raises the question of how long is too long for a hearing to be deemed fair. Mr. Boateng was originally employed in January 2017 by a

By admin|May 18th, 2026|Uncategorised|Comments Off on Can a tribunal be fair after all is long said and done?

Read More

Covering basic business risks

[H4]
Covering basic business risks

[H2] Covering basic business risks

Many business owners spend considerable time focusing on sales growth, staffing and profitability, although basic business risks are sometimes overlooked until a problem arises. A simple review of key

By admin|May 18th, 2026|Uncategorised|Comments Off on Covering basic business risks

Read More

New employers check list

[H4]
New employers check list

[H2] New employers check list

Taking on your first employee can help a business grow, although it also brings a number of important responsibilities.
Before employing staff for the first time, business owners should consider the

By admin|May 18th, 2026|Uncategorised|Comments Off on New employers check list

Read More

Tax and termination payments

[H4]
Tax and termination payments

[H2] Tax and termination payments

The tax treatment of termination payments is governed by a detailed set of rules that determine how much is taxable and whether National Insurance contributions apply. The structure of a termination

By admin|May 14th, 2026|Uncategorised|Comments Off on Tax and termination payments

Read More

12Next

[H1] Landlord tax and National Insurance considerations
When renting out property, landlords may have both Income Tax and National Insurance considerations to consider. However, rental income is generally taxable.
For individuals, the first £1,000 of rental income is tax-free under the property allowance. Where rental income exceeds this, landlords may need to register for self-assessment and report their income to HMRC. Reporting is required where net rental income exceeds £2,500 after allowable expenses, or £10,000 before allowable expenses. If a tax return is not usually completed, registration for self-assessment is required by 5 October following the end of the tax year in which the income first arose.
In addition to Income Tax, some landlords may also be able to pay voluntary National Insurance contributions. In certain circumstances, Class 2 contributions may be available where a person is considered “gainfully employed” for National Insurance purposes, such as where property letting is their main occupation or they actively manage multiple properties. Where Class 2 contributions are not available, voluntary Class 3 contributions may be an option to help maintain entitlement to the State Pension and certain benefits.
Rental profits are calculated by deducting allowable expenses from rental income. Allowable expenses may include costs such as letting agent fees, maintenance and repairs, insurance, utilities, Council Tax, advertising and accountancy fees. However, capital expenditure, such as property purchase costs or improvements beyond basic repairs, is not deductible.
Losses from property letting may be carried forward and offset against future rental profits or other property income, but only within the same property business. There are different tax rules on what costs you can claim depending on whether it is residential or commercial properties.
Source:HM Revenue & Customs | 18-05-2026
By adminPublished On: May 21st, 2026Categories: Uncategorised
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[H1] VAT Cash Accounting
The VAT Cash Accounting Scheme can help businesses improve cash flow by allowing VAT to be accounted for when customers actually pay invoices, rather than when invoices are issued. This can be particularly beneficial for businesses that offer credit terms or experience delays in customer payments.
Under normal VAT accounting rules, VAT is payable to HMRC once an invoice has been raised, even if payment has not yet been received. Using cash accounting helps reduce the risk of businesses funding VAT liabilities from their own resources.
Businesses can normally join the scheme if their estimated VAT taxable turnover is no more than £1.35 million in the next 12 months. Once using the scheme, businesses may continue to do so until turnover exceeds £1.6 million.
However, the scheme is not available in certain situations, including when a business has outstanding VAT returns or payments, has committed a recent VAT offence or is already using the Flat Rate Scheme.
There is no formal approval process required to join. Eligible businesses can start using the scheme from the beginning of a VAT accounting period or from the date of VAT registration if newly registered.
Businesses may also leave the scheme voluntarily at the end of any VAT period and can rejoin later if the eligibility conditions continue to be met.
Source:HM Revenue & Customs | 18-05-2026
By adminPublished On: May 21st, 2026Categories: Uncategorised
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[H1] Can you claim Business Asset Disposal Relief
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company, or an individual’s interest in a trading partnership. When this relief is available, a reduced 18% rate (2026-27) of Capital Gains Tax (CGT) applies.
To qualify for BADR, certain conditions must be met:
Sale of a Business or Business Closure:
You must be a sole trader or business partner; and
You must have owned the business for at least 2 years leading up to the sale or closure.
You must dispose of your business assets within 3 years to qualify.
Sale of Shares or Securities:
Both of the following must apply for at least 2 years up to the date you sell your shares:
You must be an employee or office holder of the company (or a company within the same group).
The company’s main activities must involve trading, not non-trading activities like investment, or it must be the holding company of a trading group.
Additional rules can apply if the shares are from an Enterprise Management Incentive (EMI).
Currently, you can claim a total of £1 million in BADR over your lifetime, allowing you to qualify for the relief multiple times. The lifetime limit may be higher if you sold assets before 11 March 2020. Investors' Relief CGT rates mirror those for BADR and have also been set at 18% since 6 April 2026.
Source:HM Revenue & Customs | 18-05-2026
By adminPublished On: May 21st, 2026Categories: Uncategorised
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