FREQUENTLY ASKED QUESTIONS

WHAT ARE YOUR SERVICE FEES?

Our fees are dependant on the type of business you are operating, the size of your business and what services you require. We work very closely with our clients to provide them with the timely and accurate financial information they need to scale their business. We are providing a premium service and our prices reflect this. Our initial consultation is free of charge and our prices are agreed in advance. You can see detail of our prices in our prices pages.

DO I NEED AN ACCOUNTANT FOR MY LIMITED COMPANY?

There is no legal requirement for having an accountant but there are so many benefits to having one. With the UK tax code being the longest in the world and regulations constantly changing, leaving all accounting and tax compliance down to the company directors would take up a high amount of their time. Hiring a professional accountant can free up your time to focus on growing your business. Accountants are trained over many years in the complexity of the taxation system as well as UK GAAP to ensure your accounting is accurate. An accountant can assist with Company Formation, registrations with HMRC for PAYE, Corporation Tax & VAT, running payrolls for directors and staff, preparing Statutory Accounts and CT600 tax returns and managing the bookkeeping.

HOW LONG SHOULD I KEEP MY TAX RECORDS FOR?

You must keep your financial records for at least five years after the 31 January Self Assessment tax return submission deadline of the relevant tax year. At any time before that, HMRC may seek to check your records to make sure the figures are accurate and that you’re paying the right amount of tax.

DO I NEED TO FILE A SELF ASSESSMENT ?

You may have to file a self assessment tax return if you fall into one of these categories:

- You are self employed and have made sales of over £1,000

- You received money from savings or investments

- You are a company director and have taken dividends 

- You are a partner in a business partnership

- You rent out a property 

- You receive child benefit & yourself or your partner earns over £50,000

- You have sold assets throughout the year