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Frequently Asked Questions FAQ's

General Accounting FAQs

What services does your accountancy firm offer?

We provide a range of services including bookkeeping, tax returns, payroll, VAT, annual accounts, corporate tax, self-assessment, business advisory, and audit services.

Why should I hire an accountant instead of doing it myself?

An accountant ensures compliance with HMRC regulations, saves you time, helps minimise tax liabilities, and provides expert financial advice.

How much do your accounting services cost?

Fees vary depending on the complexity of your business. We offer fixed-fee packages or tailored solutions—contact us for a free quote.

Do you offer free initial consultations?

Yes, we provide a no-obligation consultation to discuss your needs.

Tax & Self-Assessment FAQs

When is the Self-Assessment tax return deadline?

Online submissions are due by 31 January following the tax year (5 April). Paper returns must be filed by 31 October.

What records do I need to keep for my tax return?

You should retain invoices, receipts, bank statements, payroll records, and any expense documentation for at least 6 years.

Can you help me reduce my tax bill legally?

Yes, we offer tax planning advice, including allowable expenses, pension contributions, and tax-efficient business structures.

What happens if I miss a tax deadline?

Late filings incur penalties from HMRC (£100 initial fine, plus daily charges). We can help resolve late submissions.

Business & VAT FAQs

Should I register as a sole trader or a limited company?

It depends on your business size, liability, and tax efficiency. We can advise on the best structure for you.

When do I need to register for VAT?

If your taxable turnover exceeds £90,000 (2024/25 threshold), you must register. Voluntary registration may also be beneficial.

What’s the difference between cash and accrual accounting?

Cash accounting records income/expenses when paid. Accrual accounting records them when invoiced. We can advise which suits your business.

How often do I need to submit VAT returns?

Typically quarterly, but some businesses use Annual Accounting Schemes.

Payroll & Employment FAQs

Do I need to run payroll for my employees?

Yes, if you have staff, you must operate PAYE and report to HMRC via Real Time Information (RTI).

What is Auto-Enrolment, and does it apply to me?

Employers must enrol eligible staff into a workplace pension. We can help set this up.

What are the penalties for late payroll submissions?

HMRC fines range from £100 to £400 depending on delays.

Limited Company & Corporation Tax FAQs

When is my company’s year-end and filing deadline?

Your Accounts Due Date is usually 9 months after the accounting year-end. Corporation Tax is due 9 months and 1 day after year-end.

What are Director’s Loans, and how are they taxed?

If you borrow money from your company, special tax rules apply. We can help manage this properly.

Do I need an audit for my limited company?

Only if you meet certain turnover/asset thresholds (e.g., £10.2m+ turnover). Most small companies are exempt.

Making Tax Digital (MTD) FAQs

What is Making Tax Digital (MTD)?

HMRC’s initiative requiring digital record-keeping and submissions for VAT, Income Tax, and Corporation Tax.

Is my business affected by MTD?

MTD for VAT applies to all VAT-registered businesses. MTD for Income Tax starts April 2026 for self-employed & landlords with £50k+ income.

Miscellaneous

Can you help with business funding or grants?

Yes, we assist with financial planning, loan applications, and grant eligibility checks.

What happens if HMRC investigates my business?

We offer tax investigation support, including handling enquiries and disputes.

Do you work with clients outside the UK?

Yes, we assist international clients with UK tax obligations.

How do I switch accountants?

Simply contact us—we’ll handle the transition smoothly, including notifying HMRC.

 

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