Q. Do I need to complete a tax return?
A. If you are self employed (or a partner in a partnership) you must complete a tax return, even if you have made a loss.
If you are a company director or a minister of religion, you must complete a tax return.
If you earn over £100,000 you will need to complete a tax return.
If you are an employee or pensioner already paying tax through a PAYE code, you can request that any tax you owe from savings or property, to be collected through your tax code rather than complete a tax return. However, If the income you receive is £10,000 or more from taxed savings or investments, £2,500 or more from untaxed savings or investments, £10,000 or more from property (before deducting expenses) or £2,500 or more after deducting expenses, you will need to complete a tax return.
Please see our helpful links page for a selection of downloadable registration forms.
Q. Do I have to operate a balance sheet?
A. A balance sheet lists the assets and liabilities of your business. It should be used when you have capital items, or if you have stocks, debtors or creditors. A balance sheet can be helpful at providing a clear and full understanding of your business to any stakeholders you may have such as your bank.
Unless your business is formed as a "legal entity" i.e. Ltd, LLP or Trust, you do not have to operate a balance sheet or provide information about your balance sheet on your tax return.
Q. Should I be VAT registered?
A. You can choose to be VAT registered at any time should you wish to register voluntarily. However, you must register to become VAT registered if you believe your turnover will reach the threshold within the next 30 days, which is currently £79000.
Q. Can I reclaim VAT on road fuel?
A. If you are VAT registered there are certain ways in which you will be permitted to reclaim input VAT on road fuel. You may either:
Reclaim all of the VAT but you must only use the fuel for business purposes,
Reclaim all of the VAT but pay a fuel scale charge, this is the way output VAT is accounted for on fuel used for private motoring,
Reclaim only the fuel used for business mileage, but you must keep detailed mileage records,
You can choose not to reclaim any input VAT on road fuel, which can be useful of your business mileage is low. If you choose this method you must apply it to all vehicles including
If you are on the flat rate scheme, your fuel usage is already taken into consideration within your sectors percentage rate. You will not reclaim input VAT or pay a fuel scale charge.
Please see our helpful links page to find the VAT registration form and table of fuel scale charges.
Q. How long must I keep my books and records for?
A. You will need to retain your books and records for six years after the end of the tax period to which they relate.
Q. How are your fees structured?
A. Our fees are fixed and based upon the approximate size and complexity of your business and how you keep your records. We guarantee to beat all new clients previous bills by at least 10% and sometime more than this!
Our fixed fees offer transparency to our clients and allow you to budget accurately.You can choose which services you require and how much you would like to do yourself.
We are also continuing to offer our clients an annual discount on their fees to show our appreciation of your loyalty and prompt payment of our bills. Special offers are also often available on our face book page.
Q. How do I register as a new client with you?
A. You can simply fill in the form on the 'contact us' page, we will then get in touch with you to arrange a meeting or give a quote online or over the phone. We pride ourselves on being contactable by our clients preferred method of communication, therefore, feel free to text, email, phone or write to us instead. When you are happy with our quote we will send out our engagement letter and any other relevant documentation for you to sign and return. We will also contact your previous accountant (if applicable), to request professional clearance and copies of your file information.
Have a question for us? Use the form below, and we'll post the answer right here on this page.