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FAQ

If you run a business or you're self-employed, having an accountant can bring a lot of advantages. Having an accountant frees up your time so you can focus on your business, and what you enjoy. An accountant specialises in helping you manage your business's finances. An accountant can handle key functions such as bookkeeping, VAT, payroll and filing your company and HMRC returns on time.

Where a good accountant can really help you is by being a trusted advisor and a sounding board when you need one, offering insight into the numbers and helping you make better-informed business decisions.

Our services are completely tailored to your business and so are our fees. We want to speak to you first, found out more about you, your business and what you need rather than just chucking a price at you.

Our fees are calculated based on the number of transactions we are dealing with for you and the annual turnover of your business, why should you pay the same as a much larger company or be charged the same rate on an hourly basis? Our fees are transaction-based so you only pay for what we actually do for you.

We don't charge by the hour and we never will.

Our pricing structure is completely itemised to include the finance functions you require and none that you don't.

Our fees will be detailed for you in a proposal brochure so you know exactly what your investment will look like from the outset before you sign anything. We work on a monthly fixed fee service which you pay via direct debit, so you always know ahead of time what your accountancy fees will be and you will have no large bill to pay at the end of the year.

No, not at all! 

 

You should contact your current accountant and give them notice you wish to leave, this will help them have your records in order for when we contact them.

 

Once you have signed your letter of engagement with us, we’ll get in touch with your last accountant and sort EVERYTHING! And don’t worry, they’ll still speak to you 🙂

Cloud accounting (or online accounting) has all the same functionality as desktop accounting, but moves the whole process to the cloud and expands upon it. There’s no desktop application – you can access your accounts software from anywhere in the world, via laptop, iPad or mobile app, you log in to an always-up-to-date online solution and all data is safely stored on a cloud server. Most cloud platforms will also have an open API, which basically means third party software can connect with your system to provide even further value to you as a business owner.

 

Why do we do this?

 

We would rather be an expert in one piece of software than be run-of-the-mill in a few. We feel Xero is the best for business and that's why we use it, also using one piece of software allows us to give a more specialised and focused client experience.

Maybe the question here is, do you really want to be doing this yourself or do you have the knowledge to be able to do it correctly?

Outsourcing your bookkeeping can be a huge time and money saver for your business. A qualified bookkeeper or accounting firm can process this quicker than you, free up your time to concentrate on what you want to focus on within the business and ensures income and expenses are allocated to the correct ledgers, ensuring you are claiming all of your VAT and so on.

HMRC's Making Tax Digital plans involve getting small businesses and the self-employed to complete digital tax records and returns, with the eventual aim of going completely paperless.

 

The MTDfB digital reforms are a key part of the government’s initiative to transform HMRC into a world-leading, digital tax authority, making it easier and quicker for individuals and businesses to keep on top of their tax affairs, with digital tax accounts meaning the end of the annual tax return for millions.

 

The changes will affect most businesses, including micro and small businesses. 

 

The changes will improve the quality of record-keeping for businesses, reducing the likelihood of mistakes, and help businesses to manage their affairs more effectively.

 

Over the next couple of years, the plans are to have all tax filings digital and keeping paper records will no longer meet regulatory requirements.

Dividends are a share of the profits which are paid to business shareholders as a return on their investment. Unlike paying salaries the business must be making a profit (after tax) in order to pay dividends.

 

A salary is a payment for services rendered, regardless of profit.

What expenses you can claim through your business will depend on if you are self-employed or an incorporated company as they can vary between the two.

 

The easiest way to explain is to say that, if the expense is wholly and fully for the business, then it can be claimed, if it is not, then it can't.

 

For example, you can't claim your Amazon Prime subscription via your business, if you use this personally.

 

For greater clarity on what you can and cannot claim as expenses email us at hello@appfluentaccounting.com and ask for a copy of our free expenses guide.

Under auto-enrolment, UK employers are legally required to set up a workplace pension, put all their qualifying employees into it and contribute to their pension savings.

 

The government introduced auto-enrolment in 2012 to help more people save for their retirement. Since then around 10 million people have been auto-enrolled and are saving for their retirement with their employer’s help.

Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor's payments and pass it to HM Revenue and Customs (HMRC).

 

The deductions count as advance payments towards the subcontractor's tax and National Insurance.

Contractors must register for the scheme.

Subcontractors do not have to register, but deductions are taken from their payments at a higher rate if they're not registered.

 

More information from HMRC and how to register can be found here.

Construction Industry Scheme.

This is tax paid by UK companies (with some exceptions) on ‘chargeable profits’. Rates are fixed each year by the government.