Frequently Asked Questions
Whether you are a start-up or long established, just looking for some bookkeeping assistance or want to outsource your entire accountancy burden, we are ready to help move your business forward. Take a look at these popular frequently asked questions:
Starting a business
If you are thinking of starting your own business the first thing you should do is get some professional advice from an accountant. We can advise on: The most appropriate…
Sole trader or limited company, which trading style is best for me?
You may have heard that you can save tax by running your business through a limited company, but is that really the case? There is no one correct answer as…
What bookkeeping do I need to do and do I need software?
Following the introduction of Making Tax Digital (MTD), VAT-registered businesses with a taxable turnover above the VAT threshold (currently £85,000) are required to keep digital records and use software to…
Do I need to complete a Self Assessment income tax return?
You must complete and submit a tax return to HMRC if you are: Self employed as a sole trader and earned more than £1,000 A partner in a business partnership…
What is Capital Gains Tax?
A capital gain arises when you dispose of an asset that has increased in value. You will pay tax on the profit you have earned i.e. the sale proceeds less…
Do I need to register for VAT?
You must register for Value Added Tax if your VAT taxable turnover goes over the Government set threshold, or if you know that it will. The threshold currently stands at…
What is the VAT domestic reverse charge for construction services and how will it affect my business?
The VAT domestic reverse charge moves the responsibility of reporting VAT away from the subcontractor and on to the contractor when working within the construction industry. Your business will be…
What information do I need to give you in order for you to prepare my…
…bookkeeping? Just give us access to your bookkeeping software (if you are not taking advantage of our FREE or discounted software packages), your bank statements and invoices for each period…
Record keeping – how long should I retain my records?
Self employed / Partnership You must keep all your records of income and expenditure, along with supporting invoices etc., for at least 5 years after the 31st January submission deadline…
What are off-payroll working rules, sometimes called IR35?
You may be affected by the off-payroll working rules if: You are a worker providing services through your own limited company or other intermediary to an end client You are…
Do I need a qualified accountant?
While you are not legally obliged to have a qualified accountant, or any accountant at all, choosing a qualified accountant will provide you with the peace of mind that your…
Do I have to pay the National Minimum Wage?
All workers of at least school-leaving age are entitled to a set level of minimum pay per hour known as the National Minimum Wage. Workers over 23 years of age…
Do I have to give my employees paid holiday?
Whether staff are employed on a full-time, part-time, flexible or zero-hours contract, they are entitled to statutory holiday pay. All staff are entitled to 5.6 weeks of paid holiday a…
What are the filing deadlines and what happens if I am late?
VAT Returns VAT Returns must be submitted and paid one month and 7 days after the end of the VAT quarter. For example, the deadline for the VAT Period 1st…