Frequently Asked Questions

Helping you to better understand the financial industry.

A Quick Guide to our FAQ

Below is a list of our most frequently asked questions. Simply click on a question below to see the respective answer.
If you have a question that isn’t listed below, contact us today and a member of our team will do our best to assist you.

When do I need to register for VAT?

The turnover threshold for any 12 month period is £85,000. If your business turnover exceeds or is likely to exceed this amount, you will need to register with HMRC within 30 days.

When do I start paying Higher Rate Tax?

The basic rate band (the point at which higher rate tax becomes payable) is £33,501.

If I buy a Van, do I get all of the money back I spent, on my tax return?

There is a special tax allowance available to individuals and Companies called Annual Investment Allowance. This allows businesses to claim expenditure on Plant and Machinery (up to £200,000) against their business profits.

How much do you charge?

Every client we see has varied needs; we can tailor a package that suits you. If you feel we suit your needs, please contact us today.

What are payments on account?

Payments on account are an assessment of the tax due for the preceding year, usually paid in advance. These are then deducted from the total tax due in the preceding year.

Am I claiming the correct expenses?

When we take on new clients, we offer to take a look at the expenses you are currently claiming through your business, and offer suggestions as to any additional expense areas you may be missing out on.

When are my accounts due at Companies House?

Limited Company accounts are due at Companies House 9 months preceding the year end. For example, if your year end is 31 March, the requirement to file is 31 December.

What are dividends?

Dividends are monies paid out of Company profits to shareholders. The amount paid can depend on the structure of the shareholdings within the company.

What is the filing date for my tax return?

The filing date for self assessment tax returns is 31 October if filing by paper, and 31 January if filing online.

Can I take the money I've paid into the Company out, tax free?

Yes. If you have ‘loaned’ the Company money through a ‘Directors Loan’ the money can be paid back to the Director whenever, as long as the Company can afford to do so.

What is Real Time Information?

Real Time Information is the new way to file Payroll information with HMRC. It means information filed with HMRC on monthly returns is bang up to date.

Do I have to pay Statutory Sick Pay to my employees?

If your employee is under contract with you, yes you will have to pay them SSP. There are circumstances in which SSP is not payable, and please contact us if you wish to know more.