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Accountancy

How easy is it to switch accountants?

We will handle the process for you by writing to your existing advisor and requesting all the historical data we require.  This should take no more than a couple of weeks in most circumstances.  This is a standard process accepted by all accountants.

How does VAT work?

Standard VAT works by adding up all the VAT you have charged on your sales (20% on top of your net fees), deducting all the VAT you have paid out to your suppliers and handing over the difference to HMRC. This information is usually reported to HMRC on a quarterly basis via completing a VAT return. There are different schemes available such as the flat rate scheme which can help to save you money but speak to us about the different options and we will help you decide what’s best for your business.

Do I have to register for VAT?

The current compulsory threshold for VAT registration is £85,000 which means if your turnover in the last 12 months is over this figure or it is likely to go over in the next twelve months you will need to think about registering your business for VAT. We can advise you on the whole process and help you to decide which VAT scheme to go on to save you the most money.  It may even be worth you registering for VAT voluntarily as for some businesses this means they can claim back considerable amounts of VAT they have paid out or even make additional profits from charging VAT to their customers and paying it over at a lower rate.

When do I have to pay my personal tax bill?

If you have provided you records to us and received your completed tax return back that you have since approved, your Self-Assessment Tax Return (SATR) will have been filed with HMRC and will subsequently be due for payment by 31st January following the end of the tax year 5th April.

My tax return talks about making balancing payments and payments on account. What does this mean?

When your tax return is completed it will be accompanied by a tax computation.  The tax computation summarises the return.

Below the tax liability, a heading of ‘tax payments’ will be detailed to explain;

Payment due on 31 January 2018

Balancing payment due for previous tax year              Anything above previous PoA’s for the year

1st Payment on Account for the current tax year        50% of previous years tax liability

Payment due on 31 July 2018

2nd Payment on account for the current tax year       50% of previous years tax liability

*Position shown for illustration purposes only

How do I pay my personal tax bill?

There are a number of ways to pay your tax bill whichever method you choose you will need to provide your Unique Tax Reference number (UTR) followed by the letter ‘K’.  Your UTR number can be found on your tax return, if you don’t have that to hand please contact us so we can help out.

Click here for information about ways to pay.

When is my company corporation tax due?

Corporation tax falls due 9 months and 1 day after the end of the company’s accounting period.

How do I pay my company corporation tax?

There are a number of ways to pay your Corporation Tax, whichever method you use HMRC will require a reference number that is provided on the blank payslip HMRC provide when notifying you that a corporation tax return requires filing.  If you do not have the reference number to hand we can access it for you through our systems, contact us and we’ll get it for you.

Click here for more information.

Which accountancy software package do you recommend?

Accountancy software is going through a revolution at present with the market share of the commonly recognised providers such as Sage and Quickbooks being squeezed by new cloud accounting software providers such as Xero, FreeAgent, Kashflow to name a few.

At Blow Abbott we have recently viewed demonstrations of various packages, our preference, to cope with the current and foreseeable future, is to use Xero.  Please contact us if you have any questions on this.

My tax bill is too high can I do anything to reduce it?

In preparing your accounts we look to provide you with a tax efficient outcome, we are happy to talk this through with you.  Should you wish to spend an hour with us chatting through your personal/business affairs, we will be able to pull your information in to a formal report identifying key points that can be addressed in the short and medium term depending on agreed priorities.

What is cloud accounting?

Cloud accounting is the practice of using an accounting system that’s accessed through the internet.  If you have any questions regarding cloud accounting please contact we’ll be happy to speak to you about it.

Click here for more information about Cloud Accounting.

General

What are your opening hours?

Our office in Cleethorpes is open Monday to Thursday between 9am and 5pm and on Friday between 9am and 4pm.

Our office closed between Christmas and New Year.

What are your contact numbers?

For accountancy, payroll and financial services enquiries, please call our reception on 01472 694569

If you would like to speak directly to our payroll team, call 01472 604628

Do you offer fixed prices for your services?

We never want our clients to be ‘surprised’ by a bill, so all our prices are discussed and quoted in advance.

Can I pay by direct debit?

Yes, we have the facility for payments to be made by direct debit.

Legal Services

What is a Lasting Power of Attorney?

A Lasting Power of Attorney or LPA, is a document which is drafted and signed to enable your chosen ‘attorneys’ to be able to act on your behalf to manage your affairs, during your lifetime. It is normally only needed if you are incapacitated in some way through accident or illness and can’t manage your affairs on your own, so can be extremely useful and takes the stress away when your loved ones need to be able to help.

Why do I need a trust?

A trust set up during your life or within your will, can offer the best protection for your assets if created properly and at the right time. A trust is the most robust form of legacy planning there is, and is actually very flexible in terms of what can be done with it once it has been set up. A trust will ensure that your assets are ‘ring fenced’ from many of the threats you may consider to be of concern to your estate when you’re alive, i.e. in a care home and when you’re gone.

Do I still need a Will even if I’m not wealthy?

Anyone with a bank account, house (not rented), children under 18 and/or assets which they may soon inherit, should have a simple will. If there is no will in place then your children or assets will probably not go to those people you’d want them to on your death. A will for instance, is the only place you can be sure of who the legal guardians of your children under 18 will be, if you have passed away.

How long does a simple Will take to complete?

Once our adviser has completed the initial appointment, which normally takes around 30/40 minutes, then your will/s can be drafted and signed off within 2/3 weeks.

Payroll

Is my tax code correct?

If you believe your tax code is incorrect you will have to phone the HMRC income tax helpline on 0300 200 3300 (usually we would recommend to phone first thing in the morning or late evening to avoid queues) Unfortunately we are unable to phone on your behalf as it is a personal matter.

Do I have to set up a workplace pension/auto enrolment scheme?

Yes, every business has to offer a pension scheme – for more information please visit the Pension Regulator website

None of my employees want to go into the auto enrolment scheme do I have to set one up?

Yes, the scheme has to bet set up. It is then up to the employees once enrolled to opt out of the scheme.

Can I set up a Direct debit for my PAYE liability?

No, as the amount changes on a month to month basis this is not possible. You can currently pay online or via cheque.

I’ve lost my P60 please can I have another copy?

Unfortunately we can only produce one copy of your P60, we can however issue you with a copy employee record print containing the same information

My employee has gone off sick what do I do?

Presuming your employee earns over the lower earnings limit they will qualify for Statutory Sick Pay. They can self-certify for the first week and after this they will be required to provide a sick note. The first 3 working days of absence are classed as waiting days and are not payable, your employee will then receive SSP (£89.35 per week) for a period of up to 28 weeks.

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