You don’t have to – there is no legal requirement. However, there are legal requirements to do with tax compliance, VAT, payroll, etc. If you get something wrong, you could be faced with large fines. It can be better value in the long run to employ an accountant. And remember, accountancy fees are tax deductible.
In order to provide you with a quotation, we can arrange a free, no obligation, consultation with you to discuss your individual needs so that you only pay for the level of support that you require. This allows us to best understand your needs and provide a tailored quotation for you. From this meeting we will provide you with a fixed fee quote that we both agree to and you will then know exactly what you are paying for the services we provide. Our clients tend to prefer to pay monthly which is an option we can discuss in the meeting.
We clearly explain our work clearly and are happy to act as business advisors in order to help you grow your business
Absolutely. We’re an online practice so we will work with you using Skype, phone and email. So you can work with us wherever you are.
We make switching as easy as possible and it is easier to switch than you may think. There are no tax implications and you can switch at any time of year.
There are many, from sole trader, to partnership, to limited company. There are also other kinds of company, such as community interests or limited liability partnerships. We can help you work out the best option for you.
This will depend on your trade. It might include options such as travel and telephone bills – we can advise you further.
Standard VAT requires you to do the following:
1. Add up all the VAT you have charged (20% on top of net fees)
2. Deduct VAT you have paid to suppliers
3. Pay the difference to HMRC
This will usually need to be reported to HMRC quarterly in the form of a VAT return.
This depends on whether you are close to reaching the threshold for VAT registration. If your turnover is close to this figure or likely to go over it soon, you may be required to register for VAT. You can find out current thresholds at GOV.UK.
It might be the case that registering for VAT will be beneficial for you, allowing you to claim back VAT, or charging VAT and paying it over at a lower rate.
We can advise you further based on your personal circumstances.
You may be exempt if you are a sole trader. However, the advice from HMRC can be a little confusing and the penalties can be serious. You can begin by looking at the information provided by the government, and if you need any further advice, please don’t hesitate to ask.
The financial year end is set by Companies House and is normally 12 months from initial setup. There is a nine-month period from financial year end for you to file accounts with Companies House, and 12 months to file corporation tax returns and accounts with HMRC.
It runs from the 6 th April to the 5 th April.
They are due by the 31 st January from the end of each tax year.
If any of the people you are paying within your business are classed as employees by HMRC, you will need to have a payroll scheme in place. This is to make sure that they are being taxed properly as you will be responsible for the tax and National Insurance contributions that you deduct from them and pay to HMRC. If you’re not sure whether you need a payroll scheme and whether the people who work for you are classed as employees or self-employed, we can advise you further. If you do need a payroll scheme, we can administer it for you and pay your staff members by BACS.
It’s possible that it might be more tax efficient for you to pay yourself a salary and dividends as you can benefit from the tax-free personal allowance. We will offer you personalised advice.
You don’t if the people who work for you are classed as self-employed as they will be responsible for their own tax and National Insurance contributions.
We are a business advisory firm serving private clients and regional, national and international businesses. Our qualified expert accountants specialise in a wide range of taxation & accountancy matters for sole trader
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