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FAQs

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We are sure to answer your questions below, however if you can’t find what you are looking for then call us now for the best advice around.

  1. My business is new; I couldn’t possibly need an accountant already could I?

Preliminary advice will determine the best financial set up of your business. From contracts to VAT to credit, they all impact your business which is why you need to make the right decisions from the word go and with specialist and experienced advice from an accountant you can do just that.

  1. My business is in need of serious financial aid, where do I even begin?

In order to successfully raise finances for your businesses you will not only need a strong business plan but will need to be aware of the financial risks and commitments your business may be forced to make. An accountant will determine cash flow, factor any potential debt and analyse your business assets to realistically ensure you have the right plan in place before you approach any lenders.

  1. My business is only a start up; do I need to register for VAT?

VAT registration is dependent upon your taxable turnover. Failing to register for VAT or not accurately completing a return can leave your business at risk of severe punishment. A dedicated accountant will ensure all your business finances are legally up to date.

  1. Is it even worth investing in an accountant?

For many small businesses and start ups, accountancy and tax services may seem like an unnecessary cost. However, whether your business is brand new or otherwise, your finances can only grow if they are in the right hands. The right accountant can give your business the right support.

  1. What do company accounts and tax returns usually involve?

It is a legal requirement for all businesses to ensure that Companies House and HM Revenue & Customs are provided with details on balances and income and revenue. On behalf of a company, an accountant will ensure that all appropriate financial statements are submitted to the correct authorities.

  1. What will happen if I choose not to bother with accountancy and fail to submit documents?

Any company that fails to submit the appropriate documentation will be subject to a financial penalty which may be in the thousands.

  1. I am not happy with my current accountant but I have been told switching is not worth the hassle - is this true?

Many small business owners and start ups often find themselves paying exorbitant fees to an inefficient accountant. Those in need of a far more efficient and cost effective service will often find that making a switch is not as difficult as it may seem. If you have found the right accountant it is often only a matter of making a call, as the accountants in question will take on your case and contact your previous accountant to gain access to files and move all your details over. All you as the business owner will need to do, is make the decision to switch.

  1. How long will it take to switch accountants?

Unfortunately there is no set time for switching accountants as the pace of the change is all dependent upon the cooperation from the firm you are departing.

  1. How will I be aware of the fees being charged to my accounts?

With the right accountant, transparency will remain at the forefront and all work being conducted for your business will always be discussed.

  1. Is there a minimum contract period?

Minimum contract periods are often a way for accountants to pull in businesses and make money. The right accountant will never pressurise you and will always ensure you feel comfortable at all times. The right accountancy and tax services are about making your life easier, without any forced commitments.

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