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We would be delighted to discuss your accountancy and tax-related needs with you and would want you to do so without feeling

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Our level of assistance in this area will be influenced by the amount of preparation that you’ve put into planning your new business.

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TECHNOLOGY AND DIGITAL ACCOUNTING

The way that HMRC receives information and that tax returns will be submitted in the future is changing. Here at Michael D Nichols

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Frequently Asked Questions

1. Do you offer out-of-hours appointments?
Whilst you may prefer to conduct business matters during normal working hours, we understand that this is not always possible and, accordingly, will try to fix an appointment to suit your circumstances. We are also able to visit your premises if this is more convenient.

2. What information do I need to bring to an initial consultation?
If applicable, we request that you bring last year’s accounts and tax return and any current letters you have received from HMRC. To enable us to act quickly on your behalf, it would also help if you could bring an original photo ID i.e. passport or driving licence, original utility bill (not less than 3 months old) and original personal bank statements.

3. How much will it cost?
Our costs are based on hourly charges which are made according to the level of expertise required in any given case; it’s entirely possible that more than one person will make a contribution to producing your finished accounts. After all, you don’t necessarily need an accountant to be processing your bookkeeping and, consequently, we assign an appropriate person to oversee different aspects of your work with a view to keeping your costs to a minimum.

We will always endeavour to keep your bill as low as possible but because of the unpredictable nature of the amount and accuracy of information that we receive, as well as the varying degrees of organisation with which this information is presented to us, it’s very difficult to say how many hours may be required to complete the task in hand.

If you’re more comfortable with us giving you a fixed quote, we’re happy to do this but this may not necessarily be the most cost-effective approach.

4. What paperwork do I need to bring in each year?
Bank statements for the entire period.
Sales and purchase invoices and credit notes for the period.
Petty cash records for the period.
Details of any correspondence or notices received from HMRC.
Rental incomes and related property expense receipts etc. for the year to 5th April, if applicable.
P60 and P11D, if applicable.
Pension incomes received by you in the tax year, if applicable.
Investment incomes via dividends and interest etc., if applicable.
Pension payments made, if applicable.

5. When do you need my paperwork by?
After the year end date has passed we say ‘the sooner the better’. This will help you to budget your tax payments and if you are due a refund you will receive this sooner rather than later. To guarantee your tax return will be filed by the deadline, we do ask for your paperwork to be in to us two months before the deadline.

6. How long will it take to do my accounts?
This often depends on the time of the year (how near we are to HMRC deadlines) and the size of the job but we say that all jobs should be completed in between four to eight weeks. We always try our utmost to get things turned around promptly.

7. How long do I need to hold onto my paperwork for?
The minimum period for which you must keep your records is 6 years plus the current tax year. You may need to look back at them yourself, and HMRC may need to see them if there is any question over your tax.

8. Why do you need to see my bank statements?
It is a compliance requirement of HMRC, and unfortunately, we cannot complete your Tax Return without them.

9. How long does it take for my CIS refund to come through?
This one is a tough one to answer and it is different for every client as this is in the hands of HMRC. We do however, chase all due refunds on behalf of clients on a very regular basis and we will send out the refund to you as soon as we receive it.

10. How do I pay my tax bill?

At the appropriate time, there are three ways you can choose to pay your tax bill:

i) Online banking, requiring the following information:

Sort code: 08 32 10 (HMRC Shipley)
Account Number: 12001020 (HMRC Shipley)
Amount: £xxx
Tax Ref: xxxx

ii) payment by debit card:
Go to www.billpayment.co.uk/hmrc

iii) Payment by cheque:
To HMRC quoting your unique taxpayer reference.

Please note as of the 1st April 2011 all limited company corporation tax payments must be paid electronically.

11. What is a UTR number?
It stands for unique taxpayer reference and is a 10 digit number. This should be given to you by HMRC once you have registered for self-assessment. We will need your UTR to file any tax returns on your behalf. If you are already registered it can be found on documentation issued by HMRC such as the Tax Return (SA100), a 'Notice to complete a Tax Return' (SA316) or a Statement of Account.

Depending on the type of document issued, the reference may be printed next to the headings 'Tax Reference', 'UTR' or 'Official Use'.

HMRC can take up to 6 weeks to send out your UTR number, so make sure you apply for one today to ensure you don’t miss any important deadlines. Without a UTR number, HMRC will not allow you to file a tax return. Act early and register for self-assessment to avoid potential fines!

12. What is the Qdos Tax Fee Protection Service?
This is a fee protection service that we offer our clients in case of an investigation by HMRC.

Every year, HMRC conducts investigations into thousands of businesses and individuals.

Unfortunately there is nothing that you or we (as your accountant) can do that will guarantee immunity from investigation. Even if the investigation reveals no additional tax liability, the time spent answering enquiries and dealing with HMRC may mean professional fees running into thousands of pounds.

The Protection Servicehas been developed specifically to protect you from HMRC’S wider powers of investigation. Our fee protection can offer you peace of mind, knowing that, should you be investigated, we can dedicate the right level of representation without you worrying about spiralling expenses.

If you have any questions regarding the Qdos Tax Fee Protection Service, please do not hesitate to give us a call.

 

If you have any questions, or for more information call us on 01622 745629. You can also sign up for our free newsletter.

 

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