For questions and advice about your business accounting.
07785 914 936
Harpenden, St Albans and surrounding areas.
Frequently Asked Questions
Which trading vehicle is right for me?
This depends on individual circumstances. You may be better as a sole trader or a limited company – if you are starting out we will explain the pros and cons of each so you can decide which is best for you.
When should I register for VAT?
If your turnover is or is expected to be over £85,000 then you must register for VAT but it maybe beneficial to register voluntarily. This is especially true for pre-revenue companies so you can claim all the VAT on your costs back.
What is a company tax return?
All companies have to pay corporation tax on their profits and have to submit a CT600 (tax return form to HMRC.
What expenses can I claim?
Depends what business you run and which structure you are operating under. Generally you can claim all costs that are directly associated with the business which may include business travel, a mobile phone, computer and accountancy fees. Sometimes lunch, some trivial cost, a Christmas Lunch or childcare. We’ll let you know what is allowable and what isn’t.
How easy is it to switch accountants?
Accountants understand that from time to time businesses review the way they do things and that this may result in a change of accountant. Switching is easy, we make the contact with your previous accountant under your instructions so no awkward phone calls for you just a smooth transition from one accountant to another….. simple!
Do I have to use an accounting package?
No you don’t. However depending on your size of business and complexity you may find it beneficial to. We recommend Xero but other packages are also good. We’re happy to advise on whether you need a package.
How much do you charge?
Our fees vary depending upon your requirements. For a basic accounting and tax service we start around £60 per month. For an EIS or SEIS advanced assurance application we charge approximately £1,000 – £1,500. We will always give you a bespoke fixed fee quote or a daily/hourly rate as appropriate.
Will you charge me every time I ask a question?
No don’t worry you can e-mail or call us without the meter being turned on everytime – however if you are constantly pumping us for free advice then we may have to have a conversation about it!