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Frequently Asked Questions
Get your burning questions answered and unlock financial clarity with our expert insights.
Using an accountant will ensure that you do not put yourself at risk to the various HMRC penalties and end up having to pay interest that is charged for late registration, late submission of tax returns and late payments of tax. Below are the responsibilities of an accountant:
- An accountant is responsible for financial accounting and reporting
- He takes care of the auditing process
- He helps in preparing tax documents
- He provides management services and consulting
- An accountant is responsible for financial analysis
- He plays a major role in cash management
The term ‘accountant isn’t regulated so anyone can call themselves an accountant regardless of their background, experience, training or professional qualifications.
Most qualified accountants in practice in England will be members of one of the following:
Institute of Chartered Accountants in England & Wales (ACA or FCA)
Association of Chartered Certified Accountants (ACCA or FCCA)
A lot of accountants are also members of the Association of Accounting Technicians (AAT or MAAT). This is often the qualification accountants take prior to taking the further exams necessary to join a Chartered or Certified Institute.
- Ask prospective accountants for client testimonials or for the names of reference contacts.
- Check the accountant’s qualifications.
- Find out about their relevant experience.
- Ask how many clients that they have like you.
- Ask for a full break down of their charges – is their fee fixed or will you be expected to pay any ‘extras’?
- How will they ensure your deadlines will be met and that you won’t have to pay any fines?
- Are they regulated by a professional body?
- Do they have professional indemnity insurance?
- What is their complaints procedure?
- Have they had any complaints or been sued in the last 10 years?
Most qualified accountants in practice in England will be members of one of the following:
Institute of Chartered Accountants in England & Wales (ACA or FCA)
Association of Chartered Certified Accountants (ACCA or FCCA)
A lot of accountants are also members of the Association of Accounting Technicians (AAT or MAAT). This is often the qualification accountants take prior to taking the further exams necessary to join a Chartered or Certified Institute.
We know we’re not the cheapest accountant you can find – we don’t aim to be! But we truly believe we are the best value you’ll find anywhere.
And remember, implementing just one idea from our Business Growth System could pay for our fees many times over.
Still worried you can’t afford it? Give us a call and we’ll see how we can help you take the first step to success.
No, not unless you hit the VAT threshold, which is currently £85,000 for the year commencing April 1st 2018. You must register for VAT when your turnover rises above the threshold in the previous 12 rolling months, or if you expect it to do so in the next 30 days. You have to start keeping records and charging VAT to your customers from the date of registration, which is usually the month after your annual turnover exceeded the threshold.
Technically no – but most people who set up a business of any type do generally choose to open a business bank account, to keep their business and personal finances separate. If you have never had one before, bear in mind that there may be charges for various things, like paying in cheques, so ask about these very carefully when choosing a bank. Some offer the first year free, but it’s worth shopping around to find the best long-term banking partner.
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