Your Questions Answered…
We answer the questions that people most ask us.
How easy it is to change accountants?
What information is needed to receive a quote and advice?
To get a feel of the amount of work involved. We’d need a very brief review of your books and records. Additionally, we’d need a copy of your last financial accounts prepared by your current accountant. If there’s anything you need help with and think it’s relevant for us to know, please contact us.
What are the deadlines for Personal Tax /Self-assessment return filing?
What are the deadlines for Corporation Tax return filing?
How long do I have before I register with HMRC once I start trading?
You must notify HMRC within 3 months to avoid a £100 penalty. If you’re approaching this deadline then contact us and we will help you get the form in on time.
What’s the difference between management accounting and what my accountant does at the end of the year?
Your financial accountant is there to keep the Inland Revenue and any external stakeholders happy. By recording financial information at the end of the year. A financial accountant focuses on tax.
A management accountant is there to help you throughout the year. By providing you with useful information that will enable you to make good decisions and optimise your company’s performance.
What is corporation tax?
This is tax paid by UK companies (with some exceptions) on ‘chargeable profits’. Rates are fixed each year by the government.
What is a limited liability (Ltd) company?
It is a separate legal entity, a company whose shareholders have limited their liability to the value of the shares they hold.
What is a partnership?
This is when two or more people agree to carry on a business together intending to share profits.
What is a sole trader?
This is the simplest type of business. There are no shareholders, just the owner’s money and borrowings. A sole trader may also be known as a sole proprietor.
Why should I use you rather than someone providing a bookkeeping service in their spare time?
With us, you get bookkeeping with a management accountant’s eye. You get advice, insights and training that you wouldn’t normally get from a bookkeeper.
You also get the peace of mind that comes from knowing you’re dealing with a company that has professional indemnity insurance and will be able to appreciate the bigger picture of your business
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Why should I get you to do the bookkeeping when I or one of my staff can do it?
If you enjoy doing the bookkeeping or already have staff who can do it, that’s fine. But bear in mind that we can also provide cover when people are sick or on holiday. We can also help out during peak periods.
If you’d rather be doing something more profitable with your time than bookkeeping. Or are thinking of employing someone to do it, you should consider us. It’s a much more flexible arrangement for you than having an employee. And we can add value as well.
How much will your service cost me?
That depends on exactly what you want us to do. Rest assured that our service is cost-effective. You will generally either end up saving money (by paying less to your accountant at the end of the year) or freeing yourself up to focus on your customers, turnover and profit.
How do you transfer paperwork and information?
This depends on your location and requirement but we have successfully used email, post, or arranged to meet customers at a mutually convenient time and place.
What does ACCA mean?
This is the Association of Chartered Certified Accountants. It is an internationally recognised professional accounting qualification. This can only be attained following the successful completion of 14 professional examinations. To become a full member of the ACCA, you have to have completed at least 3 years of relevant practical experience in many areas of general practice.
