Frequently Asked Questions

>Frequently Asked Questions
Frequently Asked Questions 2017-06-12T20:48:44+00:00

Common questions asked by prospective clients.

General Accounting

There are two main types of accounting:

  1. Financial accountant – A financial accountant will gather data into financial documents. These financial documents are used to organise all records required by internal and external stakeholders including
  • PAYE
  • Annual Return
  • National Insurance
  • VAT
  • Corporation Tax
  • Capital Gains Tax
  • Stamp Taxes
  • Statutory Pay
  • Real Time Information
  • P45s, P46s, P35s, P60s, P11s
  1. Management accountant – A management accountant uses a business’s financial information to help business managers make business decisions including expansion, change of direction, merging and collaborations.

Keeping up to date with financial accounts for your business can be

1.      Prevent getting you into legal trouble

It is the law for a business to provide records of their accounts informatively and consistently to meet tax deadlines throughout the financial year. If one of these deadlines are missed this will result in a penalty. An error or a single delay can result in businesses having to pay interest on top of late fees.

Errors in accountancy documents and inconsistent in reporting can get you in trouble with HMRC.

2.      Make profitable business decisions

Accuracy in accounting is not just a legal requirement, it is an essential component to the operations of your business.

In order to make a good business decision you will need to know the financials of your business such as financial history, current state and future forecast. Without knowledge of your finances your business could end up losing more than it could ever make. An accountant will help you become more profitable by predicting the most profitable path to make, that can determine the success of your business.

3.      Reduce your taxes

Accountants will find legitimate ways to keep your tax rates as low as possible, this could be through certain government schemes and initiatives, flat rate schemes or expense claims that many businesses don’t know about.

It is not a legal requirement for a small company to have an accountant, so hiring one is not a necessity. However, providing detailed and accurate records of your business is a necessity.

It is only a legal requirement to have an accountant if the company is big enough to require an audit.

You can do you own accounting however it is recommended that you know what you are doing, there are many rules and standards that financial documents require, there are also deadlines that need to be met throughout the calendar year. So, although you own accounting is possible it can be costlier and time consuming to do your accounts yourself rather than hire an expert.

Business Start-ups

There’s a lot to think about when you’re setting up a new business. Such as creating business plans to calculating business expenditure and registering for VAT. An accountant will work with you to help in these financial areas are set up smoothly and efficiently.

Many accountants work as business advisors to help you decide the best trading structure, register with the appropriate government departments when setting up your company.

No, an accountant will continue to support you once your business is up and running – for a fixed rate of course. Providing ongoing advice in financial planning and business growth to keep your business on track.

We recommend that the earlier you can get an accountant involved in your start-up business the better. An accountant will be able to offer you help and support from day one, whether helping you to register with HMRC or assist you the best way to record your finances.

Finances are one of the most important aspects for a business especially during the start-up phase. With the popular phrase being ‘Cash is King’.  Business start-up accountant will keep your accounts up to date whilst you use your time to manage the rest of your start-up. With up to date accounts you will be able to make more informed decisions avoiding costly mistakes.

Local Accounts

Your businesses financials being a core part of your business therefore it is essential to have a good personal relationship with your accountant. You may think that in this modern era that it can be easy to send files over the internet however a monthly face to face meeting with your accountant will help them to understand and build a clear picture of your business and ambitions.

Tax Planning

VAT (Value Added Tax) is a tax that’s charged on most goods and services that VAT-registered businesses provide in the UK.

An experienced tax planner will be able to help you identify tax saving opportunities, therefore saving you money that you can re-invest back into the business.

Tax planning is a complex process with many areas to think about, there is a lot to learn and digest for the inexperienced, especially when dealing with HMRC. Therefore, having an experienced professional tax planner can help you with your business tax and personal tax strategies.

You may receive correspondence from HMRC whether it is unexpected or about an issue that you may be already aware of, an account will be able to liase with them on your behalf if you wish to take the stress off you.

An account will be able to help clients who are behind on self-assessment, t advising on informing HMRC on undeclared income. From investigations to routine VAT inspections an accountant will be able to help you deal with all these enquires.

Changing Accountants

If you’re looking to change accountants, then moving over to us couldn’t be simpler. All it takes is one letter from you and then we take care of everything else. Plus, your existing accountant isn’t usually allowed to charge you for providing the standard handover information.

Is your current accountant pro-active, providing an excellent service and offering you a fair rate? If you answered no to any of the questions, or just want to explore your options, then give us a ring. We offer a free no obligation consultation so there’s no need to make any rash decisions. Different accountants will save you different amounts of tax and provide different levels of business advice, so it’s important to find the right accountant for you.

It’s never too soon to get in contact with us, we are here to change your future, not just report what has already happened. We can’t emphasise enough the importance of tax planning at an early stage to avoid crisis driven advice. Ideally you do tax planning before the year even starts but after that, the earlier the better. The same is applicable to all areas of advice.

Services we offer

Yes, of course. It can often help us to see your business, books and records first hand, and we are always happy to invest our time, without charge, to show you what we can do. Of course, if you’d prefer to visit us, that’s fine too, you can book a consultation online.
Whenever is good for you! Let us know and we will do our utmost to help and get to see you as soon as possible and when it’s convenient for you.

As accountants, we’re a bit analytical, therefore, we don’t offer anything we can’t achieve. Plus, the services we offer are backed by our 100% risk free guarantee, so you’ve no need to worry. Our current clients are used to our high level of service, feel free to speak with some of them to ask them about their experience.

Fees and Pricing

Not at all, we are competitively priced and we do offer excellent value for what we provide. We offer fixed fees linked to the value of the services you need and most importantly we never undertake work without agreeing the fee arrangements in advance. This means you always know where you stand and what you’re paying, so there’s never any hidden or unexpected charges.
As we quote what we anticipate to be a fair fee for the value provided, if the work stays the same, then we would only anticipate normal inflationary increases. In some cases, it is clear exactly what work is involved so we can guarantee the fee for more than one year. However, very occasionally there may be reasons why the amount of work involved exceeded what was expected but we would sit down and discuss these with you. We’re not in the business of providing low quotes just to get your business for the first year and then raising the fees. We want you as a client who will trust us and grow with us.

Software

SAGE is a desktop accounting software ideal for small, growing businesses. The software can be used for standard accounting, such as, cash flow management, as well as, invoicing, and producing customisable reports. The benefits of using SAGE include, that it is flexible enough and easy to learn for the use of non-accountants, has automatic back-up, and features automatic accounting checks.

Xero is an online accounting application ideal for small businesses. This app can be used to manage your accounts independently, as well as, in collaboration with us, your accountant. The benefits of using Xero include, that you can collaborate with your team and accountant, controlling what is visible to each person, get real-time data, automatic invoicing and access your accounts on the mobile app.