Welcome to our
FAQ Page
Welcome to our FAQ page.
Here we’ve compiled answers to some of the most common questions we receive from clients.
If you can’t find the information that you're looking for then, please get in touch with us directly - we’re always happy to help.
FAQs
What services do you offer for small businesses?
We offer accounts preparation, tax compliance, business advice and strategy, bookkeeping, payroll, tax planning, VAT returns and financial reporting all tailored for small businesses. We also offer personal tax advisory services and business tax advisory services.
Do we have to use all of your services?
We offer a range of different services, which may not all be applicable to your business.
We’ll review our services with you during a free consultation so you can understand what we offer and what services you need for your business.
Can you help with setting up a new business?
Yes, we provide guidance on business structure, registration, tax implications and setting up accounting systems for startups.
We appreciate that starting a new business can be overwhelming and we can work with you to ensure a smooth and efficient set up.
Do you offer tax planning services?
Absolutely. We offer proactive tax planning to help you minimise your tax liabilities and maximise your savings.
We work with you to save you money that you can reinvest back into your business.
Do you provide payroll services for small businesses?
Yes, we handle payroll processing, ensuring compliance with all legal obligations (including PAYE and National Insurance) and allowing you to focus on running your business.
How can you help improve my business’s cash flow?
We can provide you with advice and strategies to ensure healthy cash flow and financial stability for your business.
We also make sure your cash flow statements accurately track the inflow and outflow of cash to provide you with useful information for decision-making in your business.
Can you help with financial forecasting and budgeting?
Yes, we can assist in preparing detailed forecasts and budgets to guide your business decisions and help with long-term planning.
We appreciate that planning and forecasting are crucial for making informed decisions and ensuring the long-term success of your business.
Together we can set smart objectives for your business and map out the steps necessary to achieve these objectives.
Do you offer advice on how to grow my business?
Yes, our proactive business advisory services include growth strategies, financial management and scaling your operations.
We can help you make smart business decisions and take advantage of all eligible deductions and credits to help you grow your business. From choosing the right business structure to setting up financial systems, we can provide guidance to help your small business succeed.
What accounting software do you recommend for small businesses?
We work with two accounting software platforms: Freeagent and Xero. We can help you choose the one best suited to your needs. You can pay your bills, raise your invoices, record your expenses and claim back your VAT through the software.
Can you help with my tax returns?
We can assist you with completing all of your tax returns to help you stay compliant and avoid penalties.
whether that’s self- assessment tax returns, VAT returns or corporation tax returns.
The deadline for self-assessment tax returns is 31st January, while VAT returns are generally due one month and one week after your financial year end and corporate tax returns are generally due 9 months after your financial year end.
How can I reduce my business tax bill?
We can help you to unlock savings with our tailored tax solutions.
Any necessary and ordinary expenses related to running your business are deductible from your tax bill. You may be surprised what you can and cannot deduct!
We can support you with strategic tax planning, including claiming deductions and understanding available allowances to help you make smart financial decisions throughout the year.
Do you handle VAT returns for small businesses?
Yes, we offer VAT registration, preparation and submission of VAT returns, ensuring full compliance with HMRC.
Can you help me with HMRC investigations or disputes?
Absolutely. We can represent you in dealings with HMRC, assist with investigations and resolve disputes efficiently and effectively.
We also offer tax investigation insurance, protecting you from an unexpected bill for any HMRC enquiries. You would also have access to a legal helpline as part of this service.
What is Making Tax Digital (MTD) and do I need to comply?
MTD is a government initiative to modernise the UK tax system by digitising the tax system for VAT, Income Tax Self Assessment and Corporation Tax for businesses.
Under MTD, you will need to keep digital records and use MTD-compatible software to make tax submissions electronically.
We can help you understand whether MTD applies to your business and transition smoothly to ensure compliance with MTD legislation.
What happens if I miss a tax deadline?
Missing deadlines can result in penalties and interest charges from HMRC.
But don’t worry! We’ll help you stay on track to avoid these.
Can you help me stay compliant with changing tax laws?
Yes, we keep up-to-date with all tax law changes and ensure your business remains compliant with any new regulations.
Will you deal with HMRC on my behalf?
Yes, we can act as your agent and liaise with HMRC on your behalf, handling any queries or submissions and taking away the stress from you.
Do I need to keep my receipts and invoices?
Yes, keeping accurate records of receipts and invoices is crucial for tax compliance and effective financial management.
How often should I update my bookkeeping records?
Ideally, bookkeeping should be updated at least weekly to ensure accuracy and to avoid end-of-year rushes.
We offer full-service bookkeeping solutions to save you time and ensure your records are always up to date.
How often should I review my financial reports?
It’s recommended to review financial reports monthly to monitor performance, but we can tailor reporting frequency to your business needs. The key thing is to understand the key drivers behind your business.
Can you help me switch from my current bookkeeper or accountant?
Yes, we can assist with the transition smoothly, handling the transfer of records and ensuring there is no disruption to your business.
Moving over to us couldn’t be simpler - we take care of everything.
What are your fees?
Our fees depend on the services required but we offer competitive and transparent pricing with flexible packages tailored to your business.
We offer fixed-fee pricing so you always know where you stand, this provides predictability. We can agree payment plans to ease cashflow.
We typically agree monthly payments to suit the cash flow needs of your business but we can adjust this to your preferences.
Are there any other charges?
We pride ourselves on transparent pricing with no hidden or unexpected charges.
If an assignment expands beyond the initial agreed scope of work, then any additional fees will always be agreed in advance.
What is your availability?
We are generally available during normal business hours Monday to Friday, 09:00 to 17:00 but we will always try to be flexible to accommodate your schedule.
Do you have insurance?
Absolutely. We hold professional liability insurance to give you peace of mind when working with us.
Are your services compliant with GDPR?
Yes, we adhere to strict GDPR regulations to ensure your data is protected and handled securely.