For your convenience, our most common customer questions are answered right here.
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Below you will find a list of frequently asked questions for our services. If there’s something else you’d like to know that we haven’t listed here, please call or send us an email.
When should I register with the HMRC after start trading?
You must notify the HMRC within 3 months to avoid a £100 penalty. If you’re approaching this deadline then contact us and we will help you get the form in on time.
What are the deadlines for Personal Tax /Self-assessment return filing?
Under self-assessment, a paper return must reach with the HMRC by 31st October and an online return by 31st January. If you fail to file the return, you automatically receive a £100 fine – even if you don’t owe any tax or have paid the tax you owe. If you miss the deadline for whatever reasons are, the longer you delay the more you will pay fine, penalty and even interest on the outstanding amount of tax payable.
What do I do if I think that I owe tax?
If you are an individual or a company who owes tax then you are required by law to complete a self-assessment tax return and pay any tax due. HMRC will not necessarily tell you to do so but, anyhow, you could be liable to penalties and interest on outstanding tax if you do not declare such tax or do not complete a tax return within the statutory time limits.
Should I be a sole trader, partner or director?
Like most things, it depends on a number of factors: the type of business that you are in and in particular, your size and profitability. All of these may determine whether there are tax efficient factors to being set up in a particular way. There are also other legal and statutory issues that may make you more in need of one structure than another.
How do I form a company?
We need personal details of each director and shareholder, the Company’s proposed name and a few other basic pieces of information, first we will check the availability and legality of your Company’s proposed name and structure. Premier Accountax operates an online system which can have a company up and running within 24 hours as soon as the initial checks are approved.
What is a limited liability (Ltd) company?
It is a separate legal entity, a company whose shareholders have limited their liability to the value of the shares they hold.
What are the deadlines for Corporation Tax return filing?
The deadline for filing your corporation tax return is within 12 months of the end of your company’s corporation tax accounting period. Yearly filing would include the submission of your company tax return and other supporting documentation. If you fail to file your return on time your company will be charged an automatic penalty, even if it does not owe any corporation tax.
I am late on my annual return and I received a letter from Companies House warning of criminal proceedings and removal from the registrar. What are the penalties and how do I appeal?
Failure to file your annual return even after receiving reminders can move the Companies House to either prosecute you for criminal proceedings or strike your company off after a month. All companies irrespective of size or status, including dormant, flat management and charitable companies get penalised for not filing their annual accounts on time. It would be best to get in touch with us. We will co-ordinate with Companies House on your behalf and set out an appeal process to postpone any action while we get you up-to-date on your annual returns. You might have to pay the financial penalty but an early submission should lead them to drop any legal action.
Should I trade through a limited company?
That depends on your circumstances. There can be significant tax advantages and limited liability is essential in some businesses. Why not make an appointment so we can guide you through the muddle?
Should my company pay me a salary or a dividend?
The most tax efficient remuneration strategy is usually a mixture of salary, dividends, tax-free expenses and benefits. We can tailor a package exactly to suit you!
What are statutory accounts?
These are year-end accounts for the relevant periods that are submitted to the Companies House, the HMRC and other authorities. Financial accounts can be complex and require a variety of disclosures to be made in addition to the profit and loss account and the balance sheet. It is therefore important to appoint an experienced accountant who will prepare these accounts for you and give you the appropriate guidance and information.
Do I need to register for VAT?
The VAT registration limit tends to be set each year in the budget. You must register for VAT if your taxable supplies exceed the annual registration limit, currently £82,000 in a twelve month rolling period. You must also register for VAT if you take over a VAT-registered business as a going concern. However, as you will be able to reclaim some or all of the VAT you pay on purchases, we recommend registering for VAT even if your turnover is below the threshold. However, you could benefit financially from voluntary registration at a much smaller turnover. Call us to find out how and why.
Are you fully qualified accountants? What professional certifications do you have?
It is a rather concerning fact that anyone can call themselves an accountant. We, on the other hand, are rather proud of the fact that we are an Incorporated Financial Accountants firm. We are regulated by the Institute of Financial Accountants (IFA) and hold the relevant Practicing Certificate. We also hold full professional indemnity insurance for your peace of mind. We also hold full professional indemnity insurance for your peace of mind. The IFA (the Institute of Financial Accountants) is the oldest body professional body that examines and regulates accountants in the UK. They set high professional and ethical standards which they expect their members to follow in their work, and regulate their compliance with those standards and the Law. It confirms that we have achieved and maintained a standard of excellence that enables us to offer the best available service to clients.
How long has the practice been operating?
Premier Accountax is an established firm of Incorporated Financial Accountants with a history that spans more than 10 years.
What can you do for me?
If you are just looking for assistance with your tax returns – then that is what we will do. But we will also put reminders in place for you so that next year we can ensure we gather the information in plenty of time. Or if you have a company that you want to have more time to focus on, then we can work through your accounting processes and provide a package of services designed with your company in mind such as financial planning, advice, auditing, record-keeping, business structure advice, cost and pricing analysis, taxation, cash flow management, and payroll and government compliance. To find our more please visit our services section.
Do you offer home-based appointments or evening/weekend appointments?
Yes, we will visit at a time and a place that suits you!
How much time will you be likely to spend at our office, and how much can you do from yours?
If we are going to provide you with a regular bookkeeping or management accounting service, we generally like to spend some time in-house with you initially. This lets us get to know your company and find out how everything works. After that we can do most of the work from our own office. But this is all negotiable.
I am based outside of your geographical location. Is this a problem?
Not at all. Remote working is fast becoming the norm these days. Business can be conducted by telephone, email, and by using cloud-based applications.
How easy is to change accountants and why should I change?
If your existing accountant is offering you an excellent pro-active service at a fair fee then stick with them. It involves just one letter from you and we take care of everything else for you. We will manage the entire handover on your behalf. There is nothing for you to do. Your existing accountant is not usually allowed to charge you for providing the normal handover information. When you decide to switch to us, we will fully manage the transition and ensure that the handover is seamless. We will notify HMRC and other government offices that we are looking after your business affairs.
How do you transfer paperwork and information?
This depends on your location and requirement but we have successfully used email, post, or arranged to meet customers at a mutually convenient time and place.
How much will your service cost me?
We offer fixed fees linked to the value of what we provide. We’re not always the cheapest and as with many things in life the cheapest is often the most expensive in the long run. However, we are not expensive and we offer excellent value for what we provide. Most importantly we never undertake work without agreeing the fee arrangements in advance so you always know where you stand.
Do you offer fixed fees?
Yes, our fees are fixed in advance wherever possible. Any additional fees will be agreed with you beforehand so there are no unwanted surprises.
Can I pay by instalments?
Yes, fees for on-going services can be paid by monthly standing order to help your cash flow!
Do Premier Accountax provide any guarantees?
We don’t want our clients to have any concern about our service, our charges or our delivery timescales. We work very hard to provide, what we hope, is the perfect service. So much so that we offer you the guarantees of fixed fee agreed in advance, delivery date agreed in advance, response within 24-hours to phone calls and emails, an in our office or your office or home, we are available to help and advise
What information is needed to receive a quote and advice?
Firstly, to get a feel of the amount of work involved, we’d need a very brief review of your books and records. Additionally, we’d need a copy of your last financial accounts prepared by your current accountant to provide relevant advice. If there’s anything you need help with and think it’s relevant for us to know, please mention it in the quote request.
Why should I choose Premier Accountax as my Accountants?
We work hard to deliver the best possible service to our clients. As an IFA qualified accounting firm we provide the highest quality advisory services and our relationship with our clients is based on trust, integrity and open communication. We stay up to date on tax laws and associated legislation and ensure you receive all of the tax benefits possible for your circumstances. You should choose us because we can help you to identify goals and developing strategies to achieve them, to improve your business through optimum tax planning, to keep up-to-date with government legislation, to maintain an independent view of your business, to plan for change and adapt for survival and growth and to select the most appropriate structure for your business
Why should I get you to do the bookkeeping when I or one of my staff can do it?
If you enjoy doing the bookkeeping or already have staff who can do it, that’s fine. But bear in mind that we can also provide cover when people are sick or on holiday, and we can help out during peak periods. If you’d rather be doing something more profitable with your time than bookkeeping or are thinking of employing someone to do it, perhaps you should consider us. It’s a much more flexible arrangement for you than having an employee. And we can really add value as well.