I already have an accountant, is it going to be difficult to switch?
The simple answer is that it's quite straightforward. We will take care of virtually everything, including all matters relating to HMRC, Companies House etc. We can let your existing accountant know you are changing, they are then required to pass over all books and records. This means we can see exactly what has been done for your business in the past and what we need to plan for in the future. We then require your signature to confirm we will be acting for you.
When must I prepare my Company accounts?
Company accounts are due to be filed at Companies House nine months after the end of your financial year. Any corporation tax due is payable nine months and a day after the end of your financial year.
When must I pay my tax?
If you are self-employed, your self-assessment tax return must be filed before 31st January following the end of a tax year to avoid penalties and fines. For example, a 2019 tax return must be submitted by 31st January 2020. We recommend completing your tax return well in advance of this date so we have time to check and advise you of any opportunities to reduce your bill.
Most limited companies pay their Corporation Tax nine months after the company year end. 'Large' companies are now required to make 'quarterly' payments on account. A company is 'large' if it pays corporation tax at the full rate.
How long should I keep my business records?
Records should be kept for a minimum of six years for Inland Revenue purposes. A VAT Inspector will usually only go back over three years when undertaking a routine inspection.
However if you take up our cloud services including Receipt Bank then you no longer have to keep your receipts in paper form as they are all stored in your accounting systems. Find out more here.
What is Cloud Accounting?
Cloud Accounting is when your accounting package is based in the cloud like QuickBooks Online. QuickBooks Online is hosted on remote servers rather than locally on our server meaning you are able to get access to your data from whever you are (as long as you have internet). With Cloud Accounting there are now lots of Apps that can connect into your accountancy package like Receipt Bank. These third party Apps are making it even easier to get your accounts done and are helping our clients get the most from their business.
Is Cloud Accounting safe?
The simple answer is yes. All cloud applications use encrypted connections when you connect into them and transfer data. This means that the data is encrypted before it is sent to your device from the server.
1st Floor, 50 High Street
Cosham, Portsmouth PO6 3AG
Tel: 02392 640746