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:
Pay Element | Example |
Gross wage Pay per period x periods in year | £2,000 per month = 2,000 x 12 = £24,000 |
Employer NI (22/23 tax year 15.05%) Gross wages less £9,100 x 0.1505 | £24,000x0.1505 = £2,242.45 |
Employer pension Gross wages x 0.03 | £24,000 x 0.03 = £720 |
Total Cost of Employee | £26,962.45 |
Submission Dates | Payment Dates | |
Self-assessment | 31st January following the end of the tax year e.g. tax year ended 5th April 2022 due 31st January 2023 | Final bill due 31st January 31st July POA due |
VAT | Quarterly 1 month & 7 days after quarter end e.g. QE March 2022 due 7th May 2022 Annually 2 months after end of annual period | Quarterly 1 month & 7 days after quarter end e.g. QE March 2022 due 7th May 2022
Monthly/quarterly payments in advance & final payment due on submission |
Corporation Tax | 12 months after accounting period end date e.g. YE December 2021 due 31st December 2021 | 9 months & 1 day after accounting period end e.g. YE December 2021 due 1st October 2022 |
P11D | 6th July following end of tax year e.g. 6th April 2022 due 6th July 2022 | 22nd July of the same submission month e.g. 6th July 2022 due 22nd July 2022 |
PAYE (Employer) | On or before date wages payment made to employees | Monthly 22nd of the month following end of tax month e.g. ME 5th April 2022 due 22nd April 2022 (if paying electronically)
22nd of the month following the end of the quarter e.g. Quarter 6th April 2022 to 5th July 2022 due 22nd July 2022 |
Account Details | Reference | |
Self-assessment | HMRC Cumbernauld 083210 12001039 | 11 character payment reference. Personal UTR + “K” e.g. 1234567890K |
VAT | HMRC VAT 083200 11963155 | 9 digit VAT registration number |
Corporation Tax | HMRC Cumbernauld 083210 12001039 | 17 character CT payment reference. Can be found on your online account. Usually your company UTR plus specific digits at the end |
P11D | HMRC Cumbernauld 083200 11963155 | 17 character reference 13 character Accounts Office reference number with the tax year + “13" e.g. April 2022 tax year = 120PA1234567892213 |
PAYE (Employer) | HMRC Cumbernauld 083210 12001039 | 17 character reference 13 character Accounts Office reference number with the tax year + month e.g. ME 5th May 2022 = 120PA1234567892301 |
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.