Frequently Asked Questions
Common questions asked by prospective clients.
Accounts and tax can be complicated and you’ll likely have many questions. Many of the answers may be specific to your circumstances however, so please bare this in mind when browsing our generic FAQ’s. For more specific answers, please get in touch using the button below.
We’re not furloughed, nor working reduced hours. The opposite. We are working around the clock to continue to provide the same proactive service that helps guide and support business owners through any difficult times ahead.
We’re currently having our monthly meetings via video conference or telephone call. Our service remains the same, we’re simply reducing face to face meetings in-line with government guidelines.
Our service levels remain the same. We’ve not furloughed any staff. Call us as usual and we’ll be happy to help. We’re scheduling monthly meetings with clients via video conference or telephone call.
We’re working with many businesses to help them survive the unfortunate circumstances we are all facing. We’re helping with staff furloughing and ensuring our clients are taking advantage of any available assistance from local authorities, including funding.
Not all businesses are the same however and different solutions may be required that are suitable for your specific circumstances. We recommend you contact us for a no-obligation discussion so we can understand your current situation.
You can also follow us on Facebook to check out our posts. We regularly update with important announcements.
There are two main types of accounting:
- 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
- Annual Return
- National Insurance
- Corporation Tax
- Capital Gains Tax
- Stamp Taxes
- Statutory Pay
- Real Time Information
- P45s, P46s, P35s, P60s, P11s
- 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.
There are a number of benefits to having a good accountant. It’s not just about keeping your financial accounts up to date, your accountant should actually help save you money and ensure your business remains profitable.
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.
With lots to take into consideration, especially regarding the legal requirements, starting a new business can be scary and a little overwhelming. We’ll advise on the best trading structure and help define the legal responsibilities to help you set off on the best possible start.
We can help many tasks from creating business plans to calculating business expenditure and registering for VAT. We 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.
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.
An accountant can also will help with your payroll, ensuring that all employees’ tax codes and payments are recorded correctly.
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’.
A 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.
A good accountant will look at the profitability of you business, ensure you are on track for suitable growth and advise accordingly. They’ll help with your current business goals and help you create the most achievable goals, reflecting a realistic time-scale and successful outcome for growth.
Choosing the best system and software for your business can be difficult with so many to choose from, however we can advise you on the best accountancy software program for your business.
Your business type, size and its needs, are all factors that will impact which software we recommend.
All our customers benefit from the latest leading industry software Xero and Receipt Bank FREE at no additional cost.
We’ll guide you through the process of planning for your business growth, including the potential re-structuring of your business plan and preparing a detailed forecast.
Yes, we can set up your PAYE scheme and manage your payroll or advise on the best software and methods.
One way to grow your business is through an acquisition or merger, however, these can be complicated processes to complete. If a merger or an acquisition is the best decision for your business, we will help and advise you and make the transition as smooth as possible.
With our local accountant offices all over Yorkshire, we’re always near your business when you need us. If you are looking for a friendly Yorkshire firm of Chartered Accountants with local offices in Wetherby, York, Harrogate and Garforth who offer accountancy and business advice services to small and medium sized business, get in touch. Our aim is to make a difference. Find your local Franks Accountants office.
Pro-active advice and service is what separates a good accountant from a great one. Franks Accountants provide a unique, fresh, and hands-on approach to accounting. We are built around your business and pride ourselves on the service we offer and the value we bring to your business. During our regular monthly meetings, we look to add value rather than simply answer your questions.
Yes, our York Office is located at:
18 Blake Street
T: 01904 565565
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.
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, to 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.
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.
VAT (Value Added Tax) is a tax that’s charged on most goods and services that VAT-registered businesses provide in the UK.
Corporation Tax is a tax that is payable from all taxable profits of any company that is based in the UK, no matter where in the world the profit was generated. Corporation Tax is calculated and paid annually based on your ‘Corporation Tax accounting period’, which is usually the same as your company’s financial year.
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.
As this is a common question for us, we’ve created a specific switching accountants page with more details.
Is your current accountant pro-active? Do they provide an excellent service and offering you a fair rate? Are they easily contactable, flexible and offer unlimited contact at no additional cost?
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.
Choosing an accountant for your business is a very personal decision as your accountant will get to know your business inside-out.
Therefore, you need someone you can trust. We believe the best way to see if we’re the accountant for your business is to talk over the phone or meet over a coffee and have a chat about how we can help your business.
We work with businesses of all types and we are extremely proud of our client feedback. You can read more about what our current clients say about us here.
Services we offer
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.
We’re flexible and can meet outside normal business hours if necessary, Just let us know.
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.
Our recommendations are analytical in nature and therefore measurable. 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.
We offer a wide range of services which may not all be applicable to your business. We’ll review our services with you so you completely understand what we can offer and you can decide what services you would like to use.
For example, although we recommend use of Xero software and provide it free of charge, you may decide to continue with your own software. Some clients require management accounts creation, others not. The choice is yours.
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.
From providing guidance on the best plan for your business, to using the software within your business we will provide hands-on support, making sure you’re getting the most out of whichever accountancy software you choose.
Yes, we provide software for easy automation for collecting, processing and publishing receipts and invoices for your small business. A cloud based software which links directly to Xero saving you time and money.
Yes, we provide leading cloud-based Xero accounting software with all the features free of charge. Connect your bank accounts, sync your expenses, balance your books and be ready for tax time.