FAQ's
- How can I tell if I am getting the best service and value for money from my current accountants?
The best way to check is to see what other accountants can offer you. You are very welcome to come in, have a chat and discuss our services and prices. We are so confident that we offer great service and value that we will provide £250 worth of free advice at our first initial consultation. There is no obligation to continue using us, so you have nothing to lose and quite possibly a tax saving to gain.
- Can you reduce my tax bills?
In many cases the answer is 'Yes'. Click on the links below to see examples of how we have saved our clients a large percentage of their annual tax burden.
- How easy is it to change accountants?
The simple answer is that it's quite straightforward. We will take care of virtually everything, including all matters relating to Inland Revenue, Companies House etc. We can let your existing accountant know you are changing, they are then required to pass over all books and records. This means we can see exactly what has been done for your business in the past and what we need to plan for in the future. We then require your signature to confirm we will be acting for you.
- Will it be clear from the outset how much you will charge me?
We understand that you need a clear indication of costs. Before we start working for you we will explain clearly the charges for our service; we will, wherever it is possible, pre-quote a fixed fee, or provide you with an estimate of the anticipated costs. There will be no hidden costs.
We try to work on a fixed cost basis, but on occasions when it is difficult to assess the amount of work involved, we usually work on a time basis. In this instance we will continually keep you informed as the work progresses and submit bills on account. - Will you charge me for every contact I make with you?
No. For us to work well together we need to have a good working relationship where we understand your business and you know you can rely on us to provide advice and support. We encourage our clients to stay in contact with us.
- Am I trading through the most tax efficient structure?
We are frequently asked this question, and on many occasions the answer is 'No'. For example, recently we advised a client who owned a retail shop. He was trading as a sole trader, and his business generated annual profits of £40,000. Having conducted a review, we recommended a change of trading style which resulted in annual savings of 24% of his total tax burden.
- When must I prepare my Company accounts?
Company accounts are due to be filed at Companies House nine months after the end of your financial year. Any corporation tax due is payable nine months and a day after the end of your financial year.
- When must I pay my tax?
If you are self-employed, your self-assessment tax return must be filed before 31st January following the end of a tax year to avoid penalties and fines. For example, a 2010 tax return must be submitted by 31st January 2011. We recommend completing your tax return well in advance of this date so we have time to check and advise you of any opportunities to reduce your bill.
Most limited companies pay their Corporation Tax nine months after the company year end. 'Large' companies are now required to make 'quarterly' payments on account. A company is 'large' if it pays corporation tax at the full rate. - How long should I keep my business records?
Records should be kept for a minimum of six years for Inland Revenue purposes. A VAT Inspector will usually only go back over three years when undertaking a routine inspection.
