Accountancy Questions and Answers

Why do I need an accountant?

Whilst it is quite alright to handle your own affairs, there are lots of things to keep an eye on which you may not be aware of and which will keep you from giving your own business full attention. There are VAT and payroll matters to consider as well as day to day record keeping. As well as annual accounts and tax returns you may need management accounts or budgets preparing and there are time limits and changes in legislation to keep on top of.

Why would you not have an accountant?

Do I need to register with HMRC?

The onus nowadays is on the individual to inform HMRC when they commence self employment or have new or untaxed sources of income and this is normally within 3 months. Registration is done online and is normally free of charge for new clients.

Do I need to register for VAT?

You are not required to register for VAT until your turnover or sales reach an annual threshold, currently £82,000.
You can however register voluntarily before you reach this level of turnover if for your sales are zero rated, farming and agriculture or new house building for example, and the VAT on all your purchases can be reclaimed or if you are in a start up situation when you are planning capital expenditure on fitting out premises and equipment. We can advise on registration matters based on the merits of each case.

How can you save me money?

We do our best to ensure that your tax bill is as low as possible by making best use of the tax legislation and making sure that all your available expenses and allowances are claimed. By giving advice and support we can make your business more efficient and help reduce costs in areas you might not already have considered.