• Yes, having data available to view in real time is invaluable.
  • We recommend Xero and can set this up for you.
  • The sooner you can view accounts data the better. So, yes, there will always be advantages to having regular management reports.
  • We can recommend a mortgage broker and provide you with confirmation of your income.
  • Most records need to be kept for between five and seven years. The actual time will depend on your business structure.
  • Our fixed fee packages include reasonable telephone support. If you query is outside the scope of our fee agreement, we will quote separately for any additional support requested.
  • If you want us to act for you, all you need to do is advise your present account by phone or email that you want us to take over as your adviser. Let us know when this is done, and we will deal with any other formalities.
  • Tax returns need to be filed by 31 January following the end of each tax year. So, for the tax year 2020-21, the deadline will be 31 January 2022.
  • It is best to inform HMRC as soon as you commence trading. This can be done online.
  • If we take care of your bookkeeping, we will notify you if your income takes you over the VAT registration threshold. Currently this is £85,000 per annum.
  • You will need to set up and manage a payroll connected to HMRC. We can do this for you.
  • If you are a director and/or shareholder you can withdrawn funds as a salary, dividends or a range of other options depending on your personal circumstances.
  • You can claim a tax-free amount that is based on a rate per mile of 45p for the first 10,000 miles in a tax year and 25p per mile thereafter.
  • Companies can be incorporated on a same day basis if the name you want to call the company is accepted by Companies House.
  • UTR is the abbreviation for Unique Tax Reference. It identifies you as a specific taxpayer with HMRC. You will need this when you speak to HMRC, set up online facilities or file returns.

We hope that you find the answers you are looking for in our FAQ’s however if you have any other questions or need further clarification please do not hesitate to contact us at 01244 677013 or via email.

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