Frequently Asked Questions

Why and When should I contact an accountant?

  • As soon as you start to thinking about your business, an accountant can help you take the next steps. 
  • We can discuss your business's organization, tax purposes and operations, along with target pricing and profit margins.  
  • Even if you are a small business your book can quickly become complex if you do not know what to do. So Hire an Accountant can help you to keep your business paperwork tidy. 

How can I know which accountant is right for me?

  • Does your accountant return your calls?
  • Do you feel comfortable asking them a question? 
  • Do you feel heard? 
  • With the right accountant, the answers should be a resounding "Yes!" 

Do self employed need an accountant?

  • Are you Legally Required to Use an Accountant if You're Self-Employed? The answer for this is No.
  • There is no legal requirement for you to use an accountant. Self-Assessment means that you are responsible for working out your own taxes and filing your own tax returns.
  • But if you have an Accountant you highly probably will pay  less tax and someone professional will always watch&help your books for you while you are busy with your work. 
  • If you do not comply your legal obligation there is a risk to pay tax penalty.

Do I need an Accountant when I prepare my Business Plan?

  • If you work with an accountant while you are writing your business plan, they will be able to use their professional knowledge to add financial projections to your report. 
  • Hire a professional Accountant  can help you create a professional and realistic business plan. You can catch the success with Business Plan if you work with the Professional who knows what to include into it. 

Can I prepare my Company Accounts?

  • There is no legal requirement to hire an Accountant to prepare your Company books unless your  Company is large enough to require an audit.
  • Limited Companies are required to complete an Annual Return, CT600 Company Accounts, and Directors are required to complete Self-Assessment Tax Returns.
  • What happens if you dont file company accounts?
    According to Companies House: “You can be fined and your company struck off the register if you don't send Companies House your accounts”. 
  •  There is more to talk of course but we can say it is not a good idea to prepare the company accounts by yourself, unless you are an Qualified Accountant.

How much does a Bookkeeper or an Accountant charge per hour?

  • There is no certain answer for this two question because the price can be vary depends on the level of work and  experience of the person you will hire.
  • Some newly starter Bookkeeper charge £10 per hour while others charge £30 per hour. Some visits your office and charge you their travel expenses. Some work from their own office and do not charge you any other extra expenses if they do not visit you at your place.
  • Some Accountant charge per hour for each work.Some charges fix price for each task per month, per year etc.
  • The best way is the negotiate the price when you meet with them. 
  • Make sure to ask if there is a hidden charge or not. You may get further invoices if you do not ask.
  • You should always read your agreement if you provided one.