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.