Frequently Asked Questions
Be In The Know
How long should I keep my tax records for
If you’re a sole trader or in an unincorporated business partnership, you need to retain your business records for at least six years including the tax year you are in. These records include all sales documentation, business expenses, personal income, money paid into and withdrawn from the business, as well as VAT and PAYE information if applicable.
In general, limited company records must be retained for six years from the end of the accounting period.
If you’re an employer you must keep PAYE records for three years from the end of the tax year to which they relate.
If any business records have been lost or stolen, you should inform HMRC straight away. They may request that you try to recreate the documents; however, if you do not inform them and they later request your records financial penalties of up to £3,000 can be applied for failure to produce them.
What are your service fees
As with all professional services, our fees are based on time spent. At our initial consultation we will get a feel for what level of services you want and require so that we can give you an estimate of what our fees will be. We offer clients the option to settle fees as and when they arise or by a monthly standing order.
When and how do I pay my taxes
We inform all of our clients in writing of what tax is payable and exactly when it is due to be paid. The fastest and easiest way to pay HMRC is online. To make a card payment go here.
Do I really need an accountant
The only time you obliged to use an accountant is if a company is large enough to require an audit. You do not have to use an accountant, but if you choose not to, you have to ensure that complex paperwork is processed on time and to the correct standard.
Is it worth hiring an accountant
One of the main reasons we are contacted is to help people keep compliant with HMRC and prevent them from getting into difficulties with their tax affairs. All businesses are required by law to keep adequate and sufficient records of their business. Another good reason for having your accounts prepared professionally is it can help you make more money through tax savings and provide invaluable information to help in the decision making process required to run your business in the most effective way. It can also save you a lot of time and relieve you of some of the burdens.
How regularly should I see my accountant
This is up to you. Some may only need to see us once a year, others will need more guidance and require more regular contact - it all depends on the type of work you need us to do.