Kensington High Street and the streets around it
Kensington High Street is the commercial heart of the area, running west from Kensington Gardens past High Street Kensington station towards Olympia. The former Barkers department store building houses the offices of Daily Mail and General Trust, owner of the Daily Mail and Metro. To the north lie Holland Park and Kensington Palace. To the south, Exhibition Road leads down to the Natural History Museum, the Science Museum, the V&A and Imperial College in South Kensington.
Off the High Street, Kensington Church Street climbs towards Notting Hill, long known for its art and antique dealers. The garden squares and stucco terraces between them are some of the most expensive streets in London, and a large number of embassies and consulates are based here. Our accountants are based around Fulham, which sits just south of Kensington beyond Earl's Court and West Brompton.
Antique dealers, galleries and specialist retailers
Kensington Church Street has long been home to specialist antique and art dealers. Dealers like these have accounting needs that a general bookkeeper can easily get wrong. Stock is often held for years, valued item by item, and bought from private sellers, auctions and overseas.
The VAT margin scheme is one example. It lets dealers in second hand goods, works of art and antiques account for VAT on their profit margin rather than on the full selling price, but only if the records for each item are kept exactly as HMRC expects. We set up stock records that support the scheme, prepare annual accounts that value stock properly, and advise on VAT when goods are bought from or sold to buyers outside the UK.
What we help people in Kensington with
- Accounts and stock valuation for antique dealers and galleries
- VAT margin scheme records and returns
- Inheritance tax planning for high value homes
- Capital gains tax on second homes and let flats
- Foreign income reporting for new UK residents
- Non Resident Landlord Scheme applications and returns
- Self assessment for academics, artists and freelancers
- Company formation and R&D claims for research founders
Property, wealth and inheritance tax
Kensington is one of the most affluent parts of the country, and many families here hold most of their wealth in property. When a home in W8 is worth several times the inheritance tax thresholds, planning becomes important. Each person has a nil rate band of £325,000, and a residence nil rate band of up to £175,000 may apply when a home passes to children or grandchildren, although it tapers away for larger estates. Anything above the available bands is taxed at 40%.
We help you understand where your estate stands today, explain how lifetime gifts are treated, and work with your solicitor on wills and trusts. Selling a second home or a let flat brings capital gains tax at 18% or 24%, with an annual exempt amount of just £3,000, and UK residential sales with tax to pay must be reported and paid within 60 days of completion. We prepare those calculations and filings for you.
International residents and overseas income
With so many embassies, consulates and overseas buyers, Kensington has an unusually international population. People who move here often keep income, investments or property abroad, and the rules on how new UK residents are taxed on foreign income and gains changed from 6/4/2025. Anyone relying on older advice should have it checked.
We also act for people who have left the UK but kept a flat in Kensington. Their rent falls under the Non Resident Landlord Scheme, where the letting agent or tenant must deduct basic rate tax unless HMRC approves gross payment. We make the application, prepare the UK return each year and keep track of how long you spend in the UK so your residence position stays clear.
Academics, researchers and media professionals
South Kensington is home to Imperial College, the Royal College of Art and the Royal College of Music, and the High Street has a long connection with newspaper publishing. That brings academics with consultancy income, researchers starting companies from their work, artists selling pieces alongside teaching, and journalists who freelance for several titles.
We prepare self assessment returns that bring a salary together with fees, royalties and overseas income. For founders building a company from research, we form the business, set up payroll and look at the merged R&D scheme, which applies to accounting periods starting on or after 1/4/2024, along with the extra support available to R&D intensive loss making small companies.
Working with us from Kensington
Kensington is well served by the Circle, District and Piccadilly lines, but most clients never need to use them to work with us. Clients usually work with their accountant online, by email and video, sharing documents through secure cloud software, with meetings arranged when needed. That suits people who split their year between London and another country.
Fees are fixed and agreed before any work starts, after a free review of your affairs. Send us an enquiry through the free quote form and an ACCA qualified accountant will come back to you.
Who we work with here
- Antique dealers and galleries on Kensington Church Street
- Families with valuable homes thinking about inheritance tax
- International residents with income or property abroad
- Former residents letting a Kensington flat from overseas
- Academics, researchers and journalists with mixed income
Common questions
Is there an accountant in Kensington?
Our ACCA qualified accountants are based around Fulham, just south of Kensington, and work with clients across W8, W14 and South Kensington. Most work is done online, by email and video, with meetings arranged when needed.
How does the VAT margin scheme work for an antiques dealer?
Instead of charging VAT on the full selling price, you account for VAT on the difference between what you paid for an item and what you sold it for. It only works if you keep detailed records for each item, so we help you set those up properly.
Will my Kensington home be hit by inheritance tax?
If your estate is worth more than your available nil rate bands, the excess is usually taxed at 40%. The residence nil rate band can add up to £175,000 when a home passes to direct descendants, but it reduces for larger estates. We look at your figures and explain your options.
I have just moved to Kensington from abroad. How is my foreign income taxed?
Once you are UK resident, foreign income and gains generally need to be considered for UK tax. The rules for new arrivals changed from 6/4/2025, so it is worth getting advice early. We review your position and tell you what needs to be reported.
Can you help me let my Kensington flat while I live overseas?
Yes. We apply to HMRC under the Non Resident Landlord Scheme so your rent can be paid without tax deducted, if you qualify, and we file your UK tax return every year.
How much does an accountant in Kensington cost?
We do not publish prices because every client's affairs are different. After a free review, we agree a fixed fee with you before any work starts.
Do you work with clients in South Kensington and Holland Park?
Yes. We work with clients across Kensington, including South Kensington, Holland Park, West Kensington and the streets around Kensington High Street.