FAQs

Frequently Asked Questions

1. Do you provide free initial consultations?

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.

2. What is the process of signing up with Accountancy Managers?

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.

3. I have an existing accountant, how do I switch over to Accountancy Managers?

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.

4. Do you charge for telephone calls, meetings during the year?

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.

5. Why you are different from other accountants? Why should I choose Accountancy Managers?

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

6. I am a contractor and require some additional tax planning as I feel my existing accountant do not offer tax planning services?

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.

7. I am thinking to start contracting should I go for Ltd or Umbralla ?

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.

8. Do you provide guidance on how to run a limited company and how what expenses are claimable?

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.

9. I am a sole director of a limited company. How can I extract profits from my limited company?

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.

10. What is the deadline to pay my tax bill?

The following are key dates for self-assessment tax payers;

• 5^th April each year is the last day of a tax year
• 31^st October following the end of tax year = deadline to submit a paper return (ending soon)
• 31^st January following the end of tax year = deadline to submit an online return
• 31^st January following the end of tax year is also the deadline to pay your final tax bill for recent completed tax year
• 31^st January following the end of tax year is also a deadline to pay the first payment on account (advance est. payment) for next year tax bill
• 31^st July is a deadline to pay the second payment on account (advance est. payment) for next year tax bill

11. Do you take care of deadlines?

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%.

12. I have a lot of back-log and overdue returns. How long do you take to turn around this?

Our turn around rate is very fast. We generally take 4 weeks to release all pending returns.

13. I am selling my business. Do I get any relief as I have been working so hard to develop it?

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.

14. I am a freelancer and someone has told me to convert into a limited company? Is that beneficial?

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.

15. I run a medium size business and require assistance in raising finance. Do you help in this case?

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.

16. I have a couple of excellent staff members and I wish to keep them in my business. What shall I do to make their salary attractive in a tax efficient way?

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

17. I feel my business accounting function lacks many features. What do you offer in this regard?

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.

18. I would like to have real time book-keeping for my small business. Do you provide this service?

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.

19. Can I see my profit and loss through apps from iPhone? Do you provide any platform for real time financials?

Yes with our cloud based accounting solution you will be able to see all reports on the move.

20. I am a landlord with a couple of properties; do you provide tax services to landlords?

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.

21. I don’t live in the UK but I have a rented property in the UK. My existing accountant never advised me on receiving gross rents?

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.

22. What is VAT and how does that work? I have been asked to add VAT on my invoices?

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 any VAT to any customer.

23. Can you assist to save VAT bill?

We assess your individual circumstances and advise on the best possible VAT structure such as Cash accounting, Flat rate scheme, Annual accounting etc..

24. I have a lot of VAT debt? What should I do as it is very stressful?

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.

If you are looking for an answer which is not listed above or if you have more complex query please feel free to contact us.

Accountancy Managers Ltd is a specialist chartered accountants firm, providing accountancy and taxation services to clients from a variety of industries.

Please get in touch by dropping into our office, by contacting us or calling us on 020 7636 3455 We can provide an instant quote.