Frequently Asked Questions
Below you will find a list of the most frequently asked questions about our firm and the services we offer – accounting services, tax services and secretarial services.
GENERAL QUESTIONS
How do I know I can trust you?
Front Edge Accountants was established in 2009. Since then, we have had more than 230 satisfied customers. They trust us because we are licensed experts, regulated by the Association of Accounting Technicians to engage in public practice in accountancy, taxation and consultancy.
What accounting services do you offer?
We provide a comprehensive range of accounting services, expertise and advice whether you are looking for Online Bookkeeping Services, Company Formations, Tax Returns or Business and Tax advice. When it comes to accounting, you can count on us.
Is it easy to change accountants?
It is very easy. Once you decide to move your services over, you simply need to notify your current accountant that you are moving and give permission for your records to be provided to us. We will deal with this by contacting your previous accountant to get the information we need.
Are your fees affordable?
Our fees are affordable starting from £20 per month. Get in touch with us and we will send you a personalized quotation.
How can I contact you?
You can contact us by email, phone call or visit us. We are open for business from Monday until Friday, 9am-5pm.
My business is not big. Would you be interested in doing its accounting?
At Front Edge Accountants you are in the right place. We work primarily with small and medium-sized businesses.
Do you provide accounting services only for companies?
No, we work with individuals as well.
QUESTIONS RELATED TO ACCOUNTING SERVICES
What is the difference between bookkeeping and accounting?
Bookkeeping is the daily recording of financial transactions and information related to a business. It ensures that the records of individual financial transactions are correct, up-to-date and comprehensive. While part of the accounting process is bookkeeping, accounting goes beyond and is more subjective, giving you insights into your business’s financial health based on bookkeeping information. It also involves analyzing it.
Are management accounts mandatory?
Management accounts are not mandatory and do not need to be completed to official time frames or deadlines, only those stipulated by the business. They help plan for the future, allowing you to adjust the direction your business is taking based on specific successes and failures.
How does the CIS scheme work?
The Construction Industry Scheme (CIS) is a scheme that works by contractors taking money from their subcontractor’s wages in order to cover their tax and National Insurance contributions.
Do I need to register for VAT?
You must register for VAT if your taxable turnover exceeds £85,000 in any 12 months period.
How often is VAT paid?
Every quarter, you will need to fill in a VAT form (online only) to HMRC.
What are statutory accounts?
Statutory accounts, also known as year-end accounts, are a set of financial reports prepared for a specific time and completed at the end of each financial year. They help the business owner understand daily operational costs by showing the profit that includes all adjustments made at the end of the year, deductions, taxes, payroll, etc.
What is payroll?
Payroll is the process of paying salary to a company’s employees. It starts with preparing a list of employees to be paid and ends with recording those expenses. At Front Edge Accountants we take care of every stage of this process.
For which business is CIS important?
CIS is important for the construction business, because it protects construction workers from being employed illegally and taken advantage of.
How many rates of VAT are chargeable in the UK?
There are 3 rates of VAT chargeable in the UK:
- The standard rate charges 20% and applies to most goods and services.
- The reduced rate charges 5% and applies to some goods and services such as home energy, children’s car seats, residential property conversions, etc.
- The rate charges 0% and applies to most foods and children’s clothing.
QUESTIONS RELATED TO TAX SERVICES
In which cases do I need to complete the self assessment tax return form if I am not self-employed?
You need to fill in the self assessment tax return form:
- When your work expenses are over £2500 in any tax year;
- When you have income from renting a property, whether you have made a profit or a loss;
- When you are UK Non Resident Taxpayer, but you have income in the UK and pay tax, you will usually need to declare your income;
- When you are non-resident and have rental income in the UK, a tax return is required.
What is the deadline for submission and payment of any self assessment taxes?
The deadline for both submission and payment of any taxes due is usually 31 January.
When is the deadline for paying the corporation tax?
The corporation tax filing deadline is different from other taxes. It has to be paid before you file your company tax return. This means the date it needs to be paid depends on your corporation tax accounting period.
Which companies in the UK must pay corporation tax on its profits?
If you are a limited company, any foreign company with a UK branch or office, a club, co-operative or other unincorporated association, e.g. a community group or sports club, you must pay corporation tax.
QUESTIONS RELATED TO COMPANY SECRETARIAL SERVICES
What company secretarial services do you offer?
Company secretarial services are not the traditional work of a secretary, as the name may suggest, but rather refer to the level of administrative function within a business that ensures good corporate governance, effective administration and compliance with legislation, laws and regulations that control business and industry.
Do I need to register an office address?
Yes, you must register an office address. It is the official correspondence address that every limited liability company (and LLP) is legally obliged to provide during the incorporation process and to maintain throughout its existence. This address is publicly available and should be included on any official company documentation along with your company number.
Why should I hire you to perform the company secretarial duties of my business?
Because you will get:
- Experienced professionals who know the ins and outs of the processes and will save you money and time to train new employees;
- Duties performed effectively and on time, without worrying about deadlines;
- No risk of financial penalties and more time to focus on your business.
Which transactions require a special resolution?
There are a number of transactions that require a special resolution to be passed such as a change in the company name, a reduction in the company’s share capital, a change in the company’s status by registration (from an unlimited to a limited company or from a private company to a public company), etc.
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From preparing tax returns and year-end financial statements to tax-reduction strategies and ongoing financial and business planning advice, we are ready to help. Affordable fees starting from £20 per month.
