FAQ

In order to provide you with a quotation, we can arrange a free, no obligation, consultation with you to discuss your individual needs so that you only pay for the level of support that your particular business would require. Following this meeting we would provide you with a written quote showing you exactly what you are paying for and the services we would be provide.

Some of our clients tend to prefer to pay monthly, which is an option we can discuss in the meeting.

The short answer is very!

We can make this much easier for you by contacting your current Accountant to inform them of your wish to leave and request your files and records are sent to us, so we can begin working for you.

We believe that Xero & QuickBooks online packages provide the best value for money, are the most secure and fundamentally, they are compliant with HMRC’s requirements for MTD.

Consequently, we are trained and qualified to effectively use these systems and can provide training where needed. 

However, should you prefer to use an alternative system, which is right for your business, it’s likely that we will have come across it and will be able to support you with the basic functionality.

We do normally work Monday to Friday from 9am until 5pm. However, if you cannot find time to meet during these hours, we can arrange by appointment to visit you out of hours. We can also speak with you via telephone out of hours if this suits you better.

We have listed many of the services we provide on our website, but there will always be the less common ones which may be missed off. Please contact us on info@bkbsw.co.uk to see how else we could help you and your business.

Being a sole trader is a good option for many small businesses, but there are various reasons why you may trade as a limited company. However, there are advantages and disadvantages of this option.

Advantages of incorporation:

• You have limited liability protection – This prevents individual company directors being personally liable for any of the company’s financial losses. In a sole trade, owners are personally liable for all business debts and liabilities.
• Tax efficient – Profits from a company are taxed at 19% (rising to 25% from 1 April 2023) compared to sole traders who pay 20%-45% income tax and are subject to National Insurance contributions. If you are a director and shareholder in the company, you can choose to take a small salary and withdrawal dividends from the company which are not subject to NI and have a lower income tax rate than a salary.
• Professional – In some industries, a limited company can provide a more professional image and encourage more confidence and trust among suppliers and customers.

Disadvantages of incorporation

• More compliance – A sole trader must only file a personal tax return to HMRC each year. A company must prepare and file accounts in line with Companies Act 2006 annually to Companies House, along with compliance statements, as well as file accounts and a company tax return to HMRC.
• Losses – If a company makes a loss this can be offset against the previous year’s profits or carried forward against future profits. This can be a disadvantage especially in the early years of the business, whereas if a sole trader makes a loss, this can be set against other income and save tax.
• Filleted accounts on public record – When you file your limited company’s accounts and confirmation statement, these are available for anyone to see on Companies House.
• Deciding whether to incorporate your business depends on your own circumstances, and we would be happy to talk the options through with you.

The answers is no, not always.

There are only two reasons why a director needs to file a personal tax return:

If HMRC have sent you a notice to complete a tax return, then you must file one. If you have already registered for Self-Assessment and have a 10-digit unique taxpayer reference number, then this will almost certainly be the case.

If you have personal tax to pay to HMRC. This is the one to consider carefully and some examples would be where you are a high earner in receipt of child benefit or you might be a director who receives dividends from your company/

The current tax free allowances can be found at: Income Tax rates and Personal Allowances : Current rates and allowances – GOV.UK (www.gov.uk), along with the current tax rates once the tax free allowances have been exceeded.

 In theory, you could have income from multiple sources, such as PAYE, dividends, and rental income, and as long as the income received in each category is below the current allowances, you would not be subject to income tax, If you would like further guidance on this, please get in contact with us.

There are lots of different dates and deadlines to be aware of when running your own business and as your Accountant we would automatically keep track of these for you and advise you of when action needs to be taken to ensure the deadlines are met in a timely fashion.

Important dates to remember: