Q.

Opening hours

A.

Our official opening hours are Monday to Friday 9:00am – 5:00pm but we try to operate on a flexible basis wherever we can. We aim to deal with enquiries from both existing and potential clients anytime, anywhere. So contact us and we’ll see what we can do to fit around you.

Q.

Would I be better off as a limited company or sole trader?

A.

This is a difficult question that really should be discussed in detail before making a decision, but we’ll try and give you a general idea. A limited company comes with the added peace of mind of limited liability if something goes wrong through no fault of your own, and often there’s substantial tax savings, BUT there is an added administration burden that creates higher accountancy charges. As a general rule of thumb, we normally advise that if your taxable profits are above £15k then you should start to consider incorporation, and if you’re profits are above £25k then more often than not incorporation will give you substantial tax savings.

Q.

How much will my accounts cost?

A.

This is really is a how-long-is-a-piece-of-string question. We have annual client fees that range from hundreds to tens of thousands of pounds per year. The best way to get an accurate quote would be to simply drop us a line. You’ve asked a straight question though, so we’ll try and give you straight answer (unusual for an accountant we know!):

For a straightforward and simple tax return we usually charge about £150-£200 plus VAT
Simple sole trader accounts usually cost around £500 – £600 plus VAT
Limited company accounts are normally around £800 – £1000 plus VAT

The thing is, these are straightforward quotes for those of you that require a straightforward service and often what you really need is more complex than that. We don’t say it for the sake of it, we genuinely will create a bespoke service to suit your needs and we’ll come and see you anytime, anywhere without charge or obligation to give you an idea of what we think your business needs.

Q.

Is it worth me getting a company car?

A.

If you’re a sole trader or partnership then it may well be yes. If you’re an employee or have your own limited company then a mileage claim based on the HMRC approved rates is usually the best option. That said, if you’d consider a car with a low CO2 emission level, especially one below 95g/km then a company car may well be an effective and tax efficient solution for you.

Q.

At what point do I have to register for VAT?

A.

First thing we’d say is that sometimes it can be worth registering voluntarily if most of your customers are VAT registered.

To answer your question though, the turnover threshold is measured over your last twelve months turnover and is rolling forward every month, you don’t ‘reset’ at the end of your accounting year. The current threshold for registration is when your turnover passes £81,000 in any twelve month period. Please note that your turnover has to drop below £79,000 in order for you to deregister.

Q.

How much can I earn before I start paying tax and NI?

A.

The current threshold is £153 per week before you start paying NI and £192 per week before you start paying tax but please remember that you get the NI allowance for each of your sources of income whereas your tax allowance is a total for ALL of your taxable income.