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Frequently
Asked Questions

Read some of our Salisbury accountants’ most frequently asked tax and finance questions. You may find the answer you need!

Read our FAQs
How much do you charge?

The question on the lips of all prospective clients that they’re always scared to ask! We get it. You may have been scarred in the past from overpriced accountants, in fact that could be why you’re here!

We have what we like to call ‘menu pricing’ for our whole range of services. This means you can pick and choose what you retain control of, and which work you’d like us to carry out for you. It can be as much or as little as you like.

Our ‘menu pricing’ allows us to build a completely tailored quote around you and your requirements. We understand that no two businesses are the same and what fits for one might not be the best for another. Feel free to call one of the team to obtain a no-obligation quote and find out how we can help you.

How much tax will I pay?
How long is a piece of string? We’re kidding, of course! With the Chancellor’s mind changing like the weather there is never a completely accurate answer until we’ve finished preparing your tax returns. That said, we can give you a good indication but would need to talk around your individual circumstances first. Give us a call and have a chat with one of the team.
Can my partner join me in the business?
Of course they can. Sometimes the more the merrier, as the old adage goes “Many hands make light work”. It might be that you’ve got a partner that doesn’t currently work, or perhaps they’d like to help ease your admin burden by working for you alongside their main role. The good thing is it might also be tax efficient to bring them on board.
I'm selling a rental property. What do I need to do?
Well, things used to be more straight forward and you could just keep all your records and report the sale at the end of the tax year when submitting your Self-Assessment Tax Return. Nowadays though, HM Revenue & Customs require the reporting of such a sale within a certain timeframe, along with the payment of any Capital Gains Tax that might be due.

In addition, the sale would still need to be recorded on a Tax Return, if you complete one. Give the team a call for some guidance on the reporting requirements and we can point you in the right direction.

I want to go self-employed, can you help?
Absolutely, if you’re new to self-employment the registration process can be a bit scary. There are also some timing deadlines that must be adhered to, so best to get professional help when starting out. Why not take a look at our dedicated Start-ups page and let us guide you along the way. Of course, we can take care of it for you in its entirety if that’s what you’d rather.
Will HMRC's MTD (Making Tax Digital) affect me?
The short answer is yes. If not now, then it will more than likely affect you in the future. To quote HMRC. ‘HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world.’ Check out our MTD Blog for further information on the subject. It can be confusing, so if you have any questions, call us.
Will one single person handle my account?

We like to build a relationship with our clients, so if you come on board, you will have a primary point of contact, usually Sharon or Alan. They will deal with and oversee all work relating to your business.

Alongside your designated accountant, we have a friendly team of accounts clerks, bookkeepers, payroll specialists and company secretarial personnel. Last but not least, our lovely receptionist Kate will likely be the person who greets you on the phone.

Are you qualified accountants?
We are members of the Association of Chartered Certified Accountants, so in short, yes! We have team members qualified at various levels to ensure you’re in safe hands.
Do you have any client feedback to prove your work?
Yes, lots! We have many happy clients and would love to show you what we’re capable of! Just head over to our testimonials page and check out our Google Reviews for some reassurance. Have a read of our case studies to see how we have helped.

Start-up FAQs

What’s the best structure for my business?
The answer to that really depends on a variety of things, such as the earning potential of your business, other income you might be receiving and also your end goals, among other things. There are a variety of trading vehicles that you could choose from and the suitability of each will depend on what you’re looking to achieve in both the short and the long term. We can talk you through the options though and help you make the best decision for your exact situation.
Should I speak with an accountant before starting out?
Probably, yes! Well, it’d be a good idea to. Have you ever tried building flat pack furniture without at least referring to the instructions?! It’s all about being more informed. We can help you by talking through the things that perhaps you hadn’t even considered, after all it’s not just the tax implications you need to look out for. There have been so many start-ups that didn’t succeed and perhaps with the right help, they could have. Why not learn from somebody else’s mistakes and make contact sooner rather than later.
Do I need a separate bank account?
If you’re starting a limited company then this is a legal requirement anyway, simply because the company is a legal entity itself. And, whilst it’s not always a requirement for a sole trader or partnership it is certainly a good idea to operate a separate bank account for your business. If your personal transactions are kept separate from your business ones it saves us time processing data and therefore saves you money. Ker-ching!
What records do I need to keep?
You’ll need to keep records for anything that relates to your business and the money coming into and going out of it. For example, copies of all sales invoices issued to your customers (or till receipts and readings for instance if you’re in retail), all purchase invoices and receipts for expenses, VAT paperwork for VAT you’re reclaiming… the list goes on. It doesn’t have to clutter your attic space though, if you’re going to use software like Sage, Xero or Quickbooks, why not utilise their features and keep your records electronically within the software. If you do this, you can ditch the paper copies afterwards.
Will you help me grow my business?
Absolutely! There is nothing we like to see more than our clients’ business thriving. We can have periodic meetings with you to talk about performance, past and future, set you some goals and just generally keep you on track to achieve what you set out to do.
Should I be putting money aside for my tax bill?
It’s always a good idea to put some money aside for your tax bill. If you’re new to the self-assessment system, the dreaded payments on account can take you by surprise, and the first bill is normally the worst too. As for the amount to put by well that will depend entirely on your personal circumstances. Get in touch and we can chat through what might work best for you.

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