Frequently Asked Questions

a:Get some impartial advice from an accountant before you consult the bank. A bank will want to see a strong business plan and organized records. Let us help you get ready for your business's next step!

a:Does your accountant return your calls? Do you feel comfortable asking them a question? Do you feel heard? With the right accountant, the answers should be a resounding "Yes!"

a:There are many benefits to hiring an accountant, including:

• Save time and money: Accountants can save you time by handling all of your financial tasks, such as bookkeeping, payroll, and tax preparation. This can free up your time to focus on running your business. Accountants can also help you save money by identifying tax deductions and credits that you may be eligible for.
• Reduce the risk of errors: Accountants have the knowledge and experience to ensure that your financial records are accurate and up-to-date. This can help you avoid costly errors that can lead to penalties and fines.
• Get professional advice: Accountants can provide you with professional advice on a variety of financial topics, such as tax planning, budgeting, and investment strategies. This advice can help you make sound financial decisions for your business and your personal life.

a:We offer a wide range of accounting services, including:

• Bookkeeping: We can handle all of your bookkeeping needs, from recording transactions to preparing financial statements.
• Payroll: We can process your payroll and pay your employees and taxes on time and accurately.
• Tax preparation: We can prepare your individual, business, and sales tax returns.
• Tax planning: We can help you minimise your tax liability and develop a tax strategy for your business.
• Advisory services: We can provide you with professional advice on a variety of financial topics, such as budgeting, investment strategies, and business planning.

a:The cost of our accounting services depends on the type of services that you need and the size and complexity of your business. We offer a free consultation to discuss your specific needs and provide you with a customised quote.

a:Some common accounting mistakes that businesses make include:

• Not keeping accurate records: It is important to keep accurate records of all of your income and expenses. This will help you to track your financial performance and make informed business decisions.
• Not filing taxes correctly: It is important to file your taxes correctly to avoid penalties and fines. If you are unsure about how to file your taxes, it is best to consult with an accountant.
• Not paying taxes on time: It is important to pay your taxes on time to avoid penalties and fines. If you are unable to pay your taxes on time, you may be able to apply for a payment plan.

a:There are a few things that you can do to prepare for your tax return:

• Gather your financial records: This includes your income statements, expense statements, and any other relevant documents.
• Organize your records: This will make it easier for you to file your taxes accurately and efficiently.
• Identify any tax deductions and credits that you may be eligible for: There are many tax deductions and credits available to businesses and individuals. You can find information about tax deductions and credits on the HMRC website.
• If you are unsure about how to file your taxes, consult with an accountant: An accountant can help you to file your taxes correctly and avoid costly errors.

a:Bookkeeping is the process of recording financial transactions. Accounting is the process of analysing and reporting

a:You must register for VAT if your taxable turnover for any consecutive 12-month period exceeds the VAT registration threshold. The VAT registration threshold for 2023-24 is £85,000.
If you are not sure whether you need to register for VAT, you can consult with an accountant or visit the HMRC website for more information.

a:The most common types of business structures in the UK are:

• Sole proprietorship: A sole proprietorship is a business that is owned and operated by one person. It is the simplest and most common type of business structure in the UK.
• Partnership: A partnership is a business that is owned and operated by two or more people. There are two types of partnerships: general partnerships and limited partnerships.
• Limited company: A limited company is a separate legal entity from its owners. It is the most complex type of business structure, but it offers the most protection to its owners.

You can choose the right business structure for your needs by considering factors such as the size and complexity of your business, your personal liability, and your tax planning goals.

a:When you start a new business in the UK, you will need to register for Self Assessment with HMRC. This means that you will be responsible for filing your own tax return and paying your own taxes.

The tax implications of starting a new business in the UK will vary depending on the type of business structure that you choose and the type of business that you operate. However, some common taxes that new businesses may need to pay include:

• Income tax: Income tax is a tax on your income from all sources, including your business income.
• National Insurance: National Insurance is a social security tax that is paid by both employees and employers in the UK.
• Corporation tax: Corporation tax is a tax on the profits of limited companies.
• VAT: VAT is a sales tax that is charged on most goods and services that are supplied in the UK.

You can find more information about the tax implications of starting a new business in the UK on the HMRC website.

a:There are many different types of business expenses that you can claim, including:

• Expenses incurred in the course of running your business: This includes things like office supplies, travel expenses, and marketing costs.
• Capital allowances: Capital allowances are deductions that you can claim for the cost of certain assets, such as machinery and equipment.
• Other expenses: You may also be able to claim other expenses, such as research and development costs and training costs.

a:Capital gains tax (CGT) is a tax on the profit you make when you sell (or 'dispose of') an asset that's increased in value. It's the gain you make that's taxed, not the amount of money you receive