Frequently Asked Questions
We are often asked the following questions, however, if you have any further queries we would be delighted to help.
We are curious and driven individuals. We are extremely professional and approachable but we are also passionate about what we do, and love it if you are passionate too!
When it comes to working together, we believe that good communication is vital because a healthy ‘partnership’ reaps the best rewards. Getting to know you and your business is always our first step, allowing us to understand your unique requirements and ambitions before tailoring our services to suit.
Carrying out a financial analysis of your business will give you a better understanding of your numbers and, in turn, what is possible.
We specialise in helping owner-managed businesses that wish to grow. Long days can often get in the way of big dreams but if you have a vision, even if there appear to be hurdles in the way, we have the tools and expertise to help you get there.
It’s simple. Let your current accountant know you will be switching to us, we will then deal with them directly to ensure a fast and smooth transition.
As a business owner, finances can take up a considerable amount of your time that could be spent growing the business, relaxing with family or doing more of the things you enjoy. Employing a financial expert can quickly become a prudent investment, providing specialist advice, and helping you to achieve your potential faster.
Our monthly accountancy packages are designed around your needs. This fee is fixed between review periods. Knowing how much you are paying, and when, can assist with cashflow and help you plan.
Your accounts should be submitted 9 months after your accounting year end. (e.g. Year end 31st December 2021, Companies House submission 30th September 2022)
Tax payable depends on your business structure, your level of trading and whether you are VAT registered. If 30% of gross sales are put aside, this would be a good starting point to cover both VAT and Corporation Tax (CT) payments.
Having regular contact and financial results from Income Accounting would allow you to look more closely at budgets and cashflow in order to have more accurate figures.
The cost to your business is the particular employee’s gross wage plus your employer NI contributions and employer pension contributions. The pension contributions will depend on which scheme you are using. The following example illustrates the maximum potential outlay:
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There are other ways to pay HMRC. For further details, log into your Government Gateway account (https://www.gov.uk/government/organisations/hm-revenue-customs) or contact us directly.