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By asking our accountancy advice centre a question, you could put your mind at rest over a number of possible accounting issues. So if you have any unanswered or troubling accountancy questions, fill in the box with your question and wait for us to get back to you. Our accountants will aim to answer you as quickly as possible.
We get asked for advice on a wide range of accounting questions. Maybe you want to find out what services would best suit your business or ask advice on setting up a limited company or starting out as a sole trader. We can also advise about issues concerning HMRC and tax.
Our Accountants experience comes from a variety of industries and they have spent years analyzing data and advising businesses. They can help with your business plans, budgets, forecasts and current economic situations and more.
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There are many issues to address in accounting and each business is unique. Here are some of the most common questions we are asked. They generally arise when starting, growing or closing a business.
Should I find an accountant before I start my new business?
Even though you do not yet have accounts to be checked, you can get a great deal of preliminary advice. You may want professional help deciding the format of the business – will you operate as a sole trader, a partnership or a limited company? Each choice has implications in respect of legal contracts
You also need to know what records you are legally bound to keep and an accountant can advise here and help set up the company correctly and efficiently. This will make preparing the year-end accounts, cash flow projections etc. easier.
When am I required to submit a Self-Assessment tax return?
You are required to file a Self-Assessment tax return if any of the following condition applies:
- You are a sole trader or self-employed and earning.
- You are in a partnership business
- If you are a director of a company
- If you have multiple incomes along with a salary on which tax and NI are not deducted (such as rental income, interest income)
- If you had capital gains during the year
- If you are a salaried person receiving child benefits and the total gross income is more than £50,000
- If you are a salaried person and the gross salary income is more than £100,000
- If you have an income in the form of foreign investment either in business or capital
What if I miss the deadline to submit my SA tax return?
If you are late with your tax return you are liable to pay a fine which increases day by day. If you delay paying it off, then the fine will be more.
- 1 February to 30 April (90 days): £100 penalties
- 1 May to 31 July (90 days): £10/day maximum of £900 (90 days)
- 1 August to 31 January (180days): £ 300 fine or 5% of the tax owing, whichever is more
- 2nd year – 1 February to 12 months: Another £300 fine or 5% of the tax due, whichever is more
What happens if I miss the deadline to pay SA tax?
If you are late paying your tax bill HMRC will charge 3% interest from the due date of the payment of tax. If the delay is more than 60 days, then HMRC may charge a penalty. Interest will change daily, so the amount of interest will increase daily.
What is the threshold for VAT registration?
The current VAT registration threshold for 2023 is £85,000. This is fixed now until 31 March 2024. A business must register for VAT if its taxable turnover for any consecutive 12-month period exceeds the VAT registration threshold
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