Here we come up with a bucket full of questions about our services or accountancy in common, you will find all the answers you’re looking for here. If not, we can arrange an exclusive one-to-one session for you over the call or via email.
Please bear in mind that the below answers are meant for guidance only and not tailored to your present outlook. But we hope it will dissolve most of your queries. Even if it doesn’t, we are just a call away. We consider it very important that you seek the right professional advice that focuses on your line of events when needed.
These are some of the most common questions in anyone’s mind. So, we feel it may help you out before getting on board.
Here is the List of our FAQ -
Should I form a Limited Company?
Do I need to declare before HMRC if my rental expenses exceed my rents?
What may happen if I fail to declare all my income?
Most likely, you’ll have to pay a fine in addition to any tax due once HMRC uncovers that you have not declared your entire income.
When do I need to charge VAT from my goods or services?
You do not need to charge VAT on any of your goods or services unless you have crossed the VAT threshold. However, you must register for VAT if your turnover exceeds the limit. Well, you can voluntarily enrol for it even if your turnover is under the bar. Learn more about our VAT services here. Find your current VAT Thresholds here – Tax Tables – Value Added Tax
What details are expected for a limited company’s letterhead?
How long do I need to keep my records active?
Individuals – You need to maintain your records for 22 months from the end of the tax year. For example, if you file your 2018-19 tax return by the filing date, you should keep your records alive until 31 January 2020 Self-employed or in partnership You have to maintain your records active for at least five years from 31 January post the tax year that the tax return cycle relates to. For example, if you have filed your 2018/19 tax return by 31 January 2020, you need to maintain your records till 31 January 2025.
Companies -The financial records for an accounting period will have to be maintained for six years down the line. For example, if the accounting cycle ends on 31 December 2017, the records have to be kept active until 31 December 2023. Please bear this in mind that if you apply for the tax return late, or it undergoes a compliance check, then you may need to keep the records safe for longer. See HMRC’s guide to maintain Tax Return records for more details.
How can I pay the taxman?
One of the most commonly asked questions is ‘How can I pay my tax bill?’. The online guides will reveal all the payment options, from posting a cheque to paying over the call and even setting up direct debits. It will explain in detail – steps you need to take in case of the financial crisis and unable to pay under the deadlines.
How can I pay my PAYE or Class 1A National Insurance?
To know more, click here to find your PAYE or Class 1A National Insurance.
How long do I have to enrol with HMRC after I start trading?
What details do you need from me, if I want Money Matters & Co to take charge for me?
We need the below given details from you:
• Full Name and ID proof (Passport or Driving Licence)
• Date of Birth
• Present Address and address proof (including your last address if you have stayed at your present address for less than 3 years)
• Home telephone and mobile number
• National Insurance number
• UTR number (if applicable)
• Company name and number (if applicable)
• VAT registration number (if applicable)
• Tax return/ last accounts proof (if applicable)
Do I have to maintain books and records?
Yes. You must stay up-to-date with your bookkeeping. There is a fine of up to £1,000 for failure to show your accounting records.
How much tax do I need to pay?
What are the things involved in switching accountants?
The process is simple and we will take care of most of the administrative tasks for you. We will connect with your old accountants to get all your information and documentation transferred to us. You will then receive an engagement letter from us that will talk about the terms and areas we need to act for you. Learn more on our Becoming A Client page.
What norms I need to follow while adding an employee?
