Accounting Frequently Asked Questions

FAQ

What do our customers ask the most

Sometimes the answers are easy to get so why don’t you have a look and see if your question is on the list?

Do I really need an accounting software?

Changing your accounting software or moving from paper to a cloud-based software might not look like an immediate benefit, however in the long run it will save you hours of extra work and money.

What is the deadline for filing the Self-Assessment?

If you are planning on filing a paper return, then it must reach HMRC by 31st October. An online return has to be filled by 31st January. If you fail to file the return, you will automatically receive a £100 fine.

Can I get a tax return if I'm an employee?

Yes, you can. HMRC is not a perfect body and mistakes can happen. For example, you might be registered with the wrong tax code and pay more tax than needed. A simple check on your payslip should tell us if you’re owed a tax return. Never assume HMRC will do it for you. Get in touch if you think this is your case.

What type of tax do I pay?

As a sole trader you pay income tax. Based upon profits you may pay the tax only once a year, by 31st January (if your total tax and NI payable is less than £1,000) or you may have additional tax to pay by 31st July (this is tax paid in advance for the next year). Small limited companies have to pay corporation tax which is due 9 months and 1 day after the end of their financial year.

Do I get a fine if I don’t pay my taxes on time?

Yes. You will receive a fine/penalty for missing the deadline. You will also accrue interest daily until you pay the tax (either tax on income for Self Assessment, Corporation Tax or VAT).

Are your fees fixed?

Yes. All our services have fixed fees and any changes will be agreed beforehand. No surprises for you!

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