Frequently asked questions.

There is a lot to consider when starting and running a business, which can be very time consuming and stressful. Having an accountant at your side can take some of the burden from you and make sure you are extracting your business’s full potential. I can work with you to make sure that you are using all available tax efficiencies to your advantage and allow you to concentrate on what you do best – running your Business! Working with you, I will strive to ensure that you comply with the legal requirements for your business with regards to filing and tax liabilities.

If you are worried about your business expenses or household bills help is available. If you do not qualify for any government assistance, you can still take action to reduce your outgoings or use your income more effectively. I can sit down with you to review your income and expenses and advise on possible savings or referrals for alternative assistance. This service is not just limited to company or business but personal and household too. Please do get in touch if you think I could help and don’t struggle in silence.

Retirement is not always about pensions, although it is a useful investment tool for tax efficiency and later life quality of living.  There are other considerations too.  How to effectively exit your business/company – sale, winding up…?  Using savings allowances to the full extent plus utilising little known options such as protections for family through wills, insurance, trusts, etc.  The list can go on and knowing where to start is key to successful, tax efficient later life planning.  Contact me to find out your options, I will happily refer you to my trusted partners in these fields to ensure you get the full guidance and support to give you peace of mind.      

I can provide a tailor-made package of services and facilities that are unique to you, so you only pay for what you need. You can discuss your individual requirements and we can decide together what is best for you. This 1:1 personalised approach means that there are no hidden fees! You know what the costs are upfront. My business is predominantly cloud-based so there are no expensive overheads to cover, allowing me to keep my fees competitive. I offer options for payment, subject to conditions, so that you can spread the cost to assist with your business or personal cashflow.

Deciding upon how to structure your business can be difficult as it is based on many factors. I can give you the legal and taxation requirements of each option and explain the pros and cons of each structure. With this knowledge, I can help you to decide whether working as a sole trader, partnership or limited company is the right structure for your venture. I can help you set up and offer peace of mind that your business is fully compliant from the get-go, whichever structure you decide upon. Hassle and jargon free.

For some business structures no, you can use your personal current bank account; however, this is not always advisable. For other types of business, such as limited company, you legally need a separate bank account. I can help you decide what is right for your business type and work with you to make sure your cashflow, income and expenses are traceable so that you know what funds are available to you and keep you fully compliant with any legal obligations.

You are required to be VAT registered if your turnover exceeds £85,000 unless you are an exempt business such as certain charities and financial services. You can voluntarily register for VAT; however, this needs some consideration as to whether it is financially or operationally right for your business. I can discuss the requirements and the pros and cons of this with you, to help you make an informed choice on what is right for you and your business.

MTD is a government initiative to digitise the way HMRC collects tax information from businesses and individuals. It is being rolled out gradually over the different tax categories with mandatory VAT businesses already being onboarded. From April 2022, all remaining VAT businesses will be required to comply, followed by self-assessment taxpayers and finally corporation taxpayers. Please give me a call to discuss where your business fits into the government roadmap, and I can help you to plan for the changing regulations to make sure you remain compliant and do not incur any penalties.