Frequently Asked Questions (FAQ)

We are an accounting practice based in the UK, offering a range of services including bookkeeping, tax planning, and compliance.

Hiring an accountant can save you time and money by ensuring that your finances are properly managed and that you are taking advantage of all available tax breaks.

Our fees vary depending on the services required. Please contact us for a personalized quote.

Accounts need to be submitted annually to HMRC.

The deadline for submitting accounts to HMRC is 9 months after the end of your accounting period.

Penalties for late submission can vary depending on the delay. Please contact us for more information.

Yes, we can assist with bookkeeping services and provide advice on best practices.

VAT (Value Added Tax) is a tax on goods and services. It’s charged on the value added to products or services at each stage of production or distribution.

If your business turnover is over a certain threshold, you are required to register for VAT.

Do I need to register for VAT?
If your business turnover is over a certain threshold, you are required to register for VAT.

What is the VAT registration threshold?
The VAT registration threshold is currently £85,000.

Can you help me register for VAT?
Yes, we can help you register for VAT and ensure that you are compliant with all regulations.

A sole trader is an individual who runs a business on their own, while a limited company is a separate legal entity with its own directors and shareholders.

Which is the best option for me?
The best option for you depends on your specific circumstances. We can provide advice on the most suitable business structure for your needs.

Yes, we can assist with setting up a limited company and ensure that all legal requirements are met.

Limited companies are subject to corporation tax on their profits, and shareholders are subject to income tax on any dividends received.

Corporation tax is a tax on the profits of limited companies.

Corporation tax is payable 9 months and 1 day after the end of your accounting period.

Yes, we can assist with corporation tax returns and ensure that all requirements are met.

Self-Assessment is a tax system used by HMRC to collect income tax from self-employed individuals and those with income from sources other than employment.

How do I get started with your accounting services?
Simply contact us to arrange an initial consultation. We’ll discuss your needs and provide you with a personalized quote for our services.

If you are self-employed or have income from sources other than employment, you are required to submit a Self-Assessment tax return.

MTD is a government initiative to digitize the tax system and make it easier for individuals and businesses to manage their tax affairs.

Yes, we are fully MTD compliant.

We can assist with registering for MTD and ensuring that you are fully compliant with all regulations.

Penalties for late tax payments can vary depending on the amount owed and the length of delay. Please contact us for more information.

The deadline for paying your tax bill is usually January 31st following the end of the tax year.

In some cases, it may be possible to arrange a payment plan with HMRC. We can advise you on your options.

The tax-free personal allowance is the amount of income you can earn each year without having to pay income tax. It is currently £12,570.

National Insurance is a tax on earnings that funds various state benefits such as the State Pension and the NHS.

The amount of National Insurance you need to pay depends on your earnings. We can advise you on your specific situation.

 The State Pension is a regular payment from the government that you receive when you reach State Pension age.

The age at which you can claim your State Pension depends on your date of birth. We can provide guidance on when you will be eligible.

The CIS (Construction Industry Scheme) is a scheme for contractors and subcontractors in the construction industry to report and pay taxes.

If you are a contractor or subcontractor in the construction industry, you are required to register for the CIS scheme.

Yes, we can assist with CIS tax returns and ensure that all requirements are met.

IR35 is legislation aimed at tackling tax avoidance by individuals who provide their services through a company.

If you provide your services through a company, you may be affected by IR35. We can provide advice on your specific situation.

The AIA is a tax relief that allows businesses to deduct the full cost of qualifying capital assets from their profits before tax.

The AIA is currently set at £1 million until December 31st, 2021. It will then revert to its previous level of £200,000.