FAQs
As your registered office, we will deal with your Companies House and HMRC post on your behalf. Once they arrive at our offices, the letters will be scanned, securely stored in your account and shredded. If action is required from you, your client manager will notify you and explain the situation.Anything that isn’t from Companies House or HMRC will be returned to sender.
An authorised agents, we act on your behalf, dealing with HMRC and Companies House for your company.
In order for us to generate your VAT returns, Corporation Tax and year end documents, you need to keep your records updated. We recommend that you reconcile your bank account on your accounting system once a month. You can verify your entries using our bank reconciliation system before every tax filing.
Depending on your company activity, updating your accounting system can take as little as a few minutes per week.
All our contracts are 12 month contract with payments made on a monthly basis via Direct debit only . If you leave your contract before the minimum term period, we will not complete or file any HMRC or Companies House submissions for that period.
You get unlimited advice from your dedicated accountant at any time during office hours, over both email and phone. You don’t need to book an appointment or find time in your busy day to visit us, we’re available as and when you need. Our office hours are Monday to Friday, 9.30am to 5.30pm.
For personal tax the amount you need to pay will depend upon how much you earn and and whether you’re employed or self-employed. The amount is calculated using different tax rates and a series of tax bands. To work out how much corporation tax your company or organisation must pay for each accounting period will depend upon your company or organisation’s taxable profit. It can easily be calculated by filing a corporation tax return. At the moment, you can pay and file your company tax return online or on paper.
Before we delve deeper into the world of taxes, it is worth pointing out that trying to calculate your taxes can be complicated, challenging and time-consuming; it is certainly one of those areas where using an accountant is well worth the money.
We can discuss your total tax payment and whether you owe additional taxes this year or if you need to get a refund. Most importantly, we will work out how your income and expenses affect the total tax you pay and the steps necessary to minimize them in the future.
if our a sole trader you can
to use an online calculator to estimate yout tax liability
if your a employee of acompany
to use this online calculator to estimate your tax deduction
The VAT registration threshold tends to be set each year in the budget; visit HMRC tax rates page for current threshold. It is compulsory for you to register for VAT if your VAT taxable turnover is more than the threshold amount for the previous 12 months or if you expect it to reach or exceed that amount in the next 30 days. You must also register for VAT if you take over a VAT-registered business as a going concern. However, as you will be able to reclaim some or all of the VAT you pay on purchases, we recommend registering for VAT even if your turnover is below the threshold.
However, as you will be able to reclaim some or all of the VAT you pay on purchases, we recommend registering for VAT even if your turnover is below the threshold
Under self-assessment, a paper return must reach HMRC by 31st October and an online return by 31st January. If you fail to file the return, you automatically receive a £100 fine – even if you don’t owe any tax or have paid the tax you owe. If, for whatever reason, you miss the deadline, the longer you delay the more you pay.
We examine every client’s individual circumstances closely and suggest planning well in advance so that you pay only as much as you have to and don’t incur a fine.
Switching accountants is easy and straight-forward. It’s usually a case of simply writing to your current accountant, telling them the name of your new accountants and advising them that the new firm will be contacting them shortly to collect your records.
When you decide to switch to us, we will fully manage the transition and ensure that the handover is seamless. We will take care of everything including contacting your current accountant and explaining you are moving away, drafting a brief note confirming the move, arranging for the transfer of records, obtaining copies of your accounts and tax computations, and notifying HMRC and other government offices that we are looking after your business affairs.
Firstly, 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 to provide relevant advice.
All our prices are based on the amount of time we spend on your company’s accounts
The deadline for filing your corporation tax return is within 12 months of the end of your company’s corporation tax accounting period. Yearly filing would include the submission of your company tax return form and other supporting documentation. If you fail to file your return on time your company will be charged an automatic penalty, even if it does not owe any corporation tax.
Keeping the above in mind, your actual payment deadline can vary depending on how much taxable profit your company or organisation makes. This is determined by many factors including the amount of your taxable profits and whether you operate a group of companies. It pays to complete your tax return well in advance. We recommend that you contact our offices so that we can examine and plan your return in plenty of time.
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.
The current national minimum wage (NMW) rate per hour depends upon your age and whether you are an apprentice. The current rates (1st October 2016) are as follows:
for workers aged 25 years or more: £8.72 per hour
for workers aged 21 to 24 inclusive: £8.20 per hour
for workers aged under 18 (but above compulsory school age): £4.55 per hour
for apprentices aged under 19: £4.15 per hour
for apprentices aged 22, but in the first year of their apprenticeship: £4.15 per hour. Apprentices aged 19 or over who have completed one year of their apprenticeship are entitled to receive the national minimum wage rate (£8.20)
The offset rate for accommodation charges is £8.20 a day or £57.40.00 a week
This sounds straightforward but many employers will face problems when trying to comply with the law. Since any business can be subjected to a NMW compliance review by HMRC on the complaint of a worker (or ex-worker), it is important to fulfill proper NMW record keeping requirements to disprove any claims made. If you wish to establish robust systems and processes to comply with NMW legislation please get in touch with us.
It is a rather concerning fact that anyone can call themselves an accountant. We, on the other hand, are rather proud of the fact that we are an IFA qualified firm. The IFA (Institue of Financial Accountants) is a professional body that examines and regulates accountants on a global basis. They set high professional and ethical standards which they expect their members to follow in their work, and regulate their compliance with those standards and the Law. It confirms that we have achieved and maintained a standard of excellence that enables us to offer the best available service to clients.
We don’t want our clients to have any concern about our service, our charges or our delivery timescales. We work very hard to provide, what we hope, is the perfect service. So much so that we offer you the following guarantees:
– Fixed fee agreed in advance
– Delivery date agreed in advance
– Response to phone calls and emails within 24 hours ( Excluding Weekends and bank holidays)
– A named accountant to look after you