FAQ’s
Frequently Asked questions
We appreciate that all businesses require effective solutions to their individual challenges.
However, we often encounter repeated questions when meeting new potential clients.
To make things a bit easier, we’ve taken the time to answer some of the frequently asked questions for you here…
Are you available to talk to when I have questions or need advice?
We are always available on the end of the phone or for a face to face. Regardless, we will endeavour to get back to you the same day if we are not immediately available.
How much will it cost?
Fees are based on the amount of work required. A fixed price quote can always be agreed upon before any work is commenced. There are fixed scales of fees for services such as payroll and submission of tax returns.
Is it best to trade as a sole trader or limited company?
Individual circumstances affect the most tax efficient or business appropriate way to trade. We will discuss with you which is the most appropriate entity through which to trade.
How long does it take to set up a limited company?
Companies normally take 24 hours to set up, but can be done the same day if necessary.
I don’t like paperwork – are you able to take care of everything for me.
We can carry out as much or as little of the day to day bookkeeping and administrative tasks as you require. We are there for whatever is needed.
Can you deal with HMRC for me?
Once we have authority, we can deal with HMRC for all matters on your behalf.
I’m a contractor – should I choose a limited company or umbrella accounting.
Since the introduction of the regulations concerning off payroll working careful consideration needs to be given as to how best to trade as a contractor.
We will undertake a thorough review of your circumstances to decide what is the best way forward in your specific situation.
Do I need to register for VAT?
VAT registration is compulsory once your turnover reaches £85,000 on a rolling 12 month period (2021/22). If it is advantageous, you are able to voluntarily register for VAT.
What expenses can I claim for?
Expenses allowable must be incurred “wholly and exclusively” in the running of the business. Items include office costs, travel costs, clothing expenses, staff costs, things you buy to sell on, finance costs, costs of business premises, advertising, accountancy and professional fees.
In addition capital allowances can be claimed for items such as equipment, computers and fixtures.
What do you need from me to get started?
Following our initial meeting we will let you know what records or information we will need to be able to provide the services agreed upon.
Generally, this includes such things as bank statements, invoices, bookkeeping records, depending on your circumstances.
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We appreciate that this page might not have all the answers you need at this stage of your journey. Please, feel free to contact us direct, and we’ll get back to you ASAP.
