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Frequently Asked Questions

Answers to some of our more frequently asked questions...

Can I ask an accountancy question about accounts or tax without being billed for it?

Yes. You won’t be billed for asking an accounts, tax or any question for that matter. Atreus Accountants understand that you may want to check something relating to your business accounts and need an answer quickly. We aim to respond with answers to your accounts queries as soon as possible.

Will I be charged per hour for my accounts being done?

No you won’t. Atreus Accountants use fixed fees which will be determined before the work is undertaken. We are open with our prices for company accounts, tax returns and we like to agree these fees upfront before the work is started. Check our Fees page for more detail.

How easy is it to switch accountants?

Accountants understand that from time to time businesses review the way they do things and that this may result in a change of accountant. Switching is easy, Atreus Accountants make the contact with your previous accountant under your instructions, so no awkward phone calls for you just a smooth transition from one accountant to another. We do the leg work for you.

Should I use a qualified accountant?

In our opinion it is important to always use a certified accountant. We are regulated by the AAT and comply with certain standards and have undertaken a rigorous training. Atreus Accountants know what we are doing and have the best experience and training to provide the best accountancy and business advice. When you use someone who isn’t certified, you take a risk and it can prove to be expensive in the long term.

What expenses can we claim?

Understanding expenses can seem confusing and what expenses each individual can claim can depend on their type of business and what it does.

Atreus Accountants advise our clients to always seek our advice on what can be claimed, and it is always wise to do so. Some examples of items that can be claimed are listed below. Contact us to find out more about each area and what other items may also be claimable for you and your business.

  • Accommodation
  • Advertising, marketing and PR
  • Bank charges
  • Childcare
  • Clothing
  • Council tax
  • Mortgage and rent
  • Professional Fees
  • Stationery
  • Travel
  • Utility Bills

Do I need to be VAT registered?

You are required by law to register for VAT if your business turnover exceeds the annual registration threshold (currently set at £85,000 2019/20). You can also register for VAT voluntarily if it is beneficial for your business. Atreus Accountants can help you in registering for VAT at any time and take on the work of bookkeeping and submitting VAT returns to HMRC on your behalf.

What is Making Tax Digital (MTD)?

Making Tax Digital was brought in by HMRC in April 2019, firstly with Value Added Tax (VAT) and is likely to roll out for other taxes such as Self-Assessment from 2020.

MTD is a system that digitally transfers information in real time to HMRC via the internet through a clients accounting systems. If you would like to know more about MTD contact us or if you would like to know more about MTD for VAT click here.

Are you able to take on the whole accounting function of my business?

Yes. Atreus Accountants are able to do the whole lot, including bookkeeping, payroll, VAT returns and year end compliance. We are also able to provide management accounts and business consultancy if this is needed.

Is it worth having regular management accounts prepared?

It can be worthwhile preparing management accounts as you can then have regular planning sessions to see how the business is doing and whether you are reaching your objectives. It can otherwise prove costly further down the line if the wrong decisions have been made and not acted on straight away.

How long do I need to keep my business accounting records for?

You need to keep your accounting records for 6 years.

What accounting software is best for my business?

There are a lot of accountancy software’s available and most of them have similar functions. We can advise on what is most suited to your business and discuss the pros and cons of each. It is best to have these discussions early, as it can be difficult to change over once you have started using one. It can also be costly to the business if the accountancy software isn’t right.

Should my business be using ‘Cloud’ accounting software?

A lot of businesses are now considering cloud accounting software as an option. We can advise and support you in making the right decision.

Should I be prepared in case HMRC want to investigate my accounting records?

They may want to inspect your accounting records at any time. The number of investigations has increased dramatically since there has been the need to claw back more income tax receipts, and they have the power to interrogate your accounts going back over a number of years. You should be keeping your business accounts and tax records for at least 6 years, and the more organised they are the better. If an investigation is instigated on your business, we can help.

When do I need to send my accounting information?

It is good practice to send records of your business transactions on time and you should send everything we need once you have come to the end of your accounting period. It is important that we receive everything in good time, to meet your return deadlines. Always remember that your records should be complete and accurate for us to provide correct services and advice to you.

I have started a business but don’t have a clue about taxes and what I have to do, can you help?

Yes. We can advise on business start up, bookkeeping, tax deadlines and take on the accounting and finance side of your business. We can also help you through the tricky early stages, what needs to be set up and guide you along the way, helping you learn about taxes and what you need to do.

Have you got an accountancy or business related question that we haven’t answered here? Please contact us now.

Leonard Summerson is licensed and regulated by AAT under licence number 81

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