How easy is it to change accountant?
Changing your accountant is very straightforward. All you need to do once you have chosen to use AW Accountancy & Bookkeeping is provide us with your previous accountants details and we will do the rest.
Will it be clear from commencement how much I will be charged?
We work on a fixed fee basis. Fees will be agreed during your initial consultation and outlined in the letter of engagement. You will never be charged additional fees unless you ask for an additional service to be carried out. Our fees also include advice throughout the year at no additional charge.
Will I be charged for my initial consultation?
No. All initial consultations are free of charge with no obligation.
Do I need to purchase bookkeeping software?
Purchasing bookkeeping software is not a requirement particularly if your business is very small. However if your business is larger or has a large amount of transactions we recommend that you do have bookkeeping software. There are a number of low cost cloud based software products available – please contact us and we can discuss further. If your business is on the smaller side we can provide you with templates to record your transactions. If you outsource your bookkeeping to us then we use our in house software.
Do I need to be VAT registered?
You are required by law to register for VAT if your business turnover exceeds the annual registration threshold. You can also register for VAT voluntarily if it is beneficial for your business.
Do I need to register for PAYE (Payroll)?
Even if you have only one employee or you are a sole Director employee you should be registered for PAYE with HMRC and make all the relevant RTI submissions.
Should I form as a sole trader, partnership, LLP or Limited Company?
The structure of your new business depends on many factors including the size of your business and profitability. These determine whether there are tax advantages to being set up a particular way. There are also other pros and cons across the different structures. We will take you through the pros, cons, ongoing filing and tax implications to help you decide which is the ideal format for you.
What is the tax year period and deadline for file my self assessment?
The tax year runs from 6th April to the 5th April each year and you have until the following January (31st) to file your return and pay any tax and NI due. You may also have to make a payment on account on 31st January and 31st July.
What are the deadlines for Corporation Tax?
The requirements to comply with HMRC regulations are generally that you must pay your Corporation Tax bill within 9 months of the end of your financial year, and then file your company Tax Return within 12 months of the end of your financial year.
I am very busy during the working week - can you be contacted during evenings and weekend?
We are open Monday to Friday from 9am until 5pm. However, if you cannot visit during these hours we can arrange by appointment to visit you out of hours. We can also speak with you via telephone out of hours if this suits you better.