COMMON QUESTIONS FROM CLIENTS
I AM WITH ANOTHER ACCOUNTANT, HOW DO I CHANGE?
Changing accountants is much easier than you think! Feel free to make an appointment with us as the initial consultation is free! We can discuss your needs, your records and our charges. If you are satisfied with what we have to offer, we contact your previous accountant and they pass over any relevant information and copies of accounts and tax returns to us.
WHAT IF I HAVE NEVER HAD AN ACCOUNTANT AND I AM BEHIND WITH MY TAX RETURNS?
First thing is – don’t worry. Make an appointment as soon as possible. We will discuss with you what needs to be done and explain the interest and penalties likely to be charged by H M Revenue & Customs. We will provide you with a quote and you can make your own decision whether you would like us to help. Our initial consultation is free! We generally request payment up front for the work agreed to be undertaken for clients with overdue tax returns.
HOW LONG DO I NEED TO KEEP MY RECORDS FOR?
Records should be kept for at least 6 years for H M Revenue & Customs so we normally advise you to keep them for 7 years.
WHAT RECORDS DO I NEED TO PREPARE FOR YOU TO DO MY ACCOUNTS AND/OR TAX RETURNS?
Every person or business is different. Some prefer to keep computerised records and others a plastic bag of invoices! If you would like some advice on what records you should be keeping, we are happy to discuss this with you for free!
I HAVE A COMPANY. WHEN ARE THE ACCOUNTS, CT600 AND CORPORATION TAX PAYMENT DUE?
For a company, the accounts are due at Companies House 9 months after the year end. The corporation tax is due for payment 9 months and 1 day after the year end. The CT600 (corporation tax return) is due 12 months after the year end. These are the same each year except for newly incorporated companies.
WHEN DO I HAVE TO PAY MY SELF-ASSESSMENT TAX?
Self-assessment tax is payable on 31 January and 31 July each year. If you only have a small amount of tax due each year (<£1,000) you will only need to make payments on 31 January each year. If your taxes due are larger than this, H M Revenue & Customs require you to make payments on account of the following year's tax on 31 January and 31 July each year. This amount is based on this year’s tax due. If you are sure that your profits have dropped in the following year, it is possible to reduce these payments on account, but you should be aware that if the tax is actually due then interest, and possibly penalties, will be due.
MAKING TAX DIGITAL (MTD)
If you currently prepare a tax return you are likely to be affected by MTD. It is the government's new programme to move everyone online. The deadlines in place are:-
April 2019 - All sole traders, partnerships, Limited Companies and landlords who have income above the VAT threshold (currently £85,000).
April 2020 - All sole traders, partnerships, Limited Companies and landlords who have income above £10,000 per annum.
Submissions will be required quarterly as well as an annual return.
Much information will be collected by H M Revenue & Customs, such as interest, employment and pension income.
We offer cloud based software, which is free to use, called Capium. This can be used by you to input as much or as little as you wish, and we then have access to the same information and complete your records each quarter. Using the software is not compulsory and those not wishing to do computerised bookkeeping can be accommodated too.
Again, for those with computers, we can upload documents for approval, rather than posting everything out, this reduces the time taken prior to submission.
OUR PRICING AND PAYMENTS
At JLS & Co Accountants Ltd, we understand that every business is unique and requires different services. We cannot provide you with standard prices but are pleased to quote for the work you require before we start. There are no hidden charges, so there are no nasty surprises. We offer free advice on many topics to our clients by phone, email or in the office. Our prices increase each year in line with inflation.
We accept payment by standing order, bank transfer, card payments by phone or in the office, cheque or cash. Paying by monthly standing order can assist your cash flow. Our normal terms are payment within 14 days of our invoice, which is normally sent to you once we have completed the work.
For top-class bookkeeping in & around Bargoed, South Wales, call us now on