FREQUENTLY ASKED QUESTIONS
FREQUENTLY ASKED QUESTIONS
Find answers to common questions.
Most commonly questions about the signing up process, changing accountants and some other tax related issues
Our initial consultation is totally free and our fee is competitive.
Unlike other accountants we do not charge for any subsequent meetings either face to face or over the phone.
Generally during the initial meetings our accountants complete a client interview form confirming your requirements. We issue you with a letter of engagement confirming the scope of our services and request you to e-sign it along with the agent authority forms.
As part of our Chartered association we are professionally obliged to follow some client identity checks for our permanent files. We request you to provide proof of address and your ID to validate these checks.
We immediately start work on your tax and accountancy affairs upon clearance of above information.
Switching over to Accountancy Managers is seamless, we take care of whole process and keep it as simple as possible. If you are switching over from another firm of accountants, we write to your previous accountants and request them to provide us with a professional clearance. This provides us with a history of your past accounting and tax calculations, trial balances, tax adjustments, capital allowances etc. We therefore start by having a full history of your tax and accountancy information.
We work very closely with you and provide you with a personalised service. Unlike other accountants we do not charge for any subsequent meetings either face to face or over the phone
We specialise in owner managed businesses, individuals tax affairs and medium sized businesses, in fact we only work with these areas as this is where our strength lies.
As a member of Chartered Association we work hard to bring knowledge, expertise and invaluable advice to your business and tax affairs. We constantly train ourselves to ensure our skills are fully up to date and pass these onto your business. Each staff member attends continued professional development courses to be compliant with this.
Here are some reasons why you should appoint us;
• Our priority is our clients
• Unlimited face to face meetings
• Personal and friendly service
• 100% availability
• Proactive and innovative approach
• Accountants for entrepreneurs
• Specialist knowledge and skills with industry expertise
• We organise your accounts department and you avoid the weaknesses
• Never miss any deadline, so no more late filing penalties
• We highlight importance of cash management to avoid red numbers
A large number of clients moved over to our firm had a similar complaint from their previous accountants. If you have such concerns then we are delighted to say that you’ve come to a right place. We consider tax reviews and business health checks as major part of work, an invaluable service. Being your accountants we not only provide you with a direction but also explain reasons behind our invaluable advice. You certainly saves by appointing us as your accountants and tax agents.
If you are considering using an Umbralla Company that suggests that you have never spoken to a good accountant. It is clear that the PAYE Umbralla arrangement leads you to higher taxes/Nic and a low take home income.
With a Limited Company you are in control of your finances. You learn a key skill which is managing your own business that opens a lot of avenues for future. With a good accountant the Limited Company structure is always a winner.
Please talk to us for further details.
We work very closely with you as a team and stay on top of your finances and assist you to run your business efficiently. We educate you on all transactions, expenses (allowable and disallowable), payable by you and by your business. These all not only save taxes but allow you to take more take home income, effectively increasing your wealth value.
You may have heard of typical tax efficient remuneration structure of salary and dividends. But there are a lot of other benefits which you can draw from your limited company. We look at these from a short term and long term perspectives. We discuss all these in our face to face meetings. The more we get to know you, the better advice we provide.
The following are key dates for self-assessment tax payers;
• 5th April each year is the last day of a tax year
• 31st October following the end of tax year = deadline to submit a paper return
• 31st January following the end of tax year = deadline to submit an online return
• 31st January following the end of tax year is also the deadline to pay your final tax bill
• 31st January following the end of tax year is also a deadline to pay a first payment on account (advance est. payment) for next tax bill
• 31st July is a deadline to pay the second payment on account (advance est. payment) for next tax bill
At Accountancy Managers we take care of all deadlines and filing requirements. We work closely with you during the year to collate information on your yearend accounts and tax returns.
We are pleased to confirm that our success rate in meeting deadlines and filing any returns whether a tax return, a VAT return, or annual accounts is 100%.
Our turn around rate is very fast. We generally take 4 weeks to release all pending returns.
Profit on sale of business is classified as a capital gain, instead of profit. There are a lot of allowances and reliefs available, either to defer the gain or mitigate the tax liability. You may also be eligible for entrepreneurial relief.
Limited companies are generally the safest structures to trade however if your business profits are not enough you don’t have to convert into a limited company as it may increase admin burden, accountancy and compliance related fees.
If you are in a high risk trade then limited companies are always preferable as your liabilities are unlimited in a freelance/sole trader structure.
Our business health checks highlight major weaknesses in your finances. We provide extensive advice in such areas and work closely to provide a solution for instance problems in debt chasing, delays in client billing and receiving payments.
We work with you and find a solution of raising finance.We also deal with your bankers to present a viable business plan.
We understand staff members are key to the success of your business. We can advise you to set up tax efficient employee schemes for retaining staff for instance by offering them a small stake in the business
Our extensive health check service covering accounting records, VAT and business taxation are invaluable part of our service. We not only review your current practices but advise on the best solution and their implementation.
Unlike traditional Accountants we prefer cloud accounting and have been using automation and cloud based accounting for most of our clients.You will have access to real time financial reporting.
Yes with our cloud based accounting solution you will be able to see all reports on the move
We handle a large portfolio of high net worth clients with investment properties. Our landlord tax services cover all your requirements as a landlord and the tax compliances there on.
If you want to pay tax on your rental income through Self-Assessment, fill in form NRL1i and send it back to HMRC.
If your application is approved, HMRC will tell your letting agent or tenant not to deduct tax from your rent and you’ll need to declare your income in your Self-Assessment tax return.
VAT is an indirect tax on your services and products that you sell. You may register for VAT on a voluntary or compulsory basis. Once you are VAT registered you need to charge VAT on your invoices from the effective date of registration.
Without a valid VAT number you cannot charge VAT to customers.
We assess your individual circumstances and advise on the best possible VAT structure such as Cash accounting, Flat rate scheme, Annual accounting etc..
We may assist to present your case to HMRC debt management team to secure a payment plan.
Alternatively we can discuss other options for raising finance for tax debts.