Q: How much work do I need to do?
A: This is completely up to you. At Turas, we offer a bespoke service that can be tailored to the level of assistance you require. We can support you or do everything for you, it’s your choice.
Q: Do I need to file annual accounts with Companies House or HMRC?
A: You will need to file annual accounts with both Companies House and HMRC each year if you are a limited company. If you are a sole trader or partnership, the income is declared on a Self Assessment.
Q: Do I need an accountant to prepare annual accounts?
A: There is no legal requirement for companies to use an accountant to prepare annual accounts, unless the company is big enough to require an audit. There is a legal requirement to prepare limited company accounts in a particular way and format. Also, you have to use a third party software to submit the Corporation Tax Return to HMRC. Many business owners choose to use an accountant to ensure they are complying with all regulations.
Q: How often should you run your payroll?
A: It’s up to you, and your contract/agreement with your employees. You can pay your employees weekly, fortnightly or monthly. You need to advise HMRC via a payroll submission called an RTI. Turas will submit this submission on your behalf should you use our payroll services
Q: How often do HMRC need to be paid?
A: Income tax and national insurance need to be paid either monthly or quarterly (It must not total more than £1500 if you choose quarterly).
Start Up Business Accounting
Q: Will I be sent deadline reminders throughout the year?
A: Yes – our team will regularly update you on any deadlines in plenty of time.
Q: Will hiring an accountant save me money?
A: Accountants are well informed about any tax saving schemes and other ways to save on your tax bill. Not only this, it will save hours of your valuable time.
Q: Can you help me plan my business’ progression?
A: If you are wanting your business to progress, we can sit down and help you work out realistic targets from your existing accounts. We can also keep an eye on where your biggest costs are to see if savings can be made, and make suggestions on different sales avenues to take. The first step to being able to progress your business is to understand it the way it currently operates.
Accounting for Landlords
Q: Does it matter how many properties I own?
A: No, we can provide you with our services no matter how many properties you have, or what your income is.
Q: How long should I retain tax-related records and documentation?
A: You should keep any records for at least 7 tax years.
Q: Can I claim my mortgage interest?
A: Yes. There has been a change in rules about how it is accounted for, but if you are a basic rate tax payer, then the change does not affect you from a tax perspective. If you are a higher rate tax payer, you are restricted to only being able to get 20% tax relief on your mortgage interest, but it is still worth putting through!
Services for Sole Traders and Partnerships
Q: What is classified as a sole trader?
A: If you’re self-employed and run your own business you can be classified as a sole trader. It also means you get to keep all your business’s profits after you’ve paid tax on them – but you’re also responsible for any losses your business makes.
Q: Is a sole trader still a business?
A: Yes a sole trader is still considered as a business. When you own and operate a business as a sole trader, you and your business are considered as a single entity.
Q: What is a partnership and how do they pay tax?
A: A partnership is a collection of sole traders. There is usually a partnership agreement in place which dictates how much profit each partner is entitled to. The partnership itself does not pay tax. The profit share is fed in to the individual’s self assessment, and the individual will pay tax on their total income.
Q: Does it matter how big my business is?
A: No – we offer an e-commerce accounting service to all sizes of businesses.
Q: How much work and time do I need to put in?
A: This is completely up to you. We can help and support you as much or as little as you need.
Q: Do I need to account for each individual transaction? There are hundreds!
A: No, we utilise software between your sales platform (website, Amazon, eBay, Etsy etc) and your bookkeeping software so that you do not need to manually enter hundreds of transactions. It also matches the payments that are usually made up of the hundreds of transactions.
Q: Who do you help?
A: We help a wide range of different people and businesses from personal taxpayers, self-employed individuals, partnerships, company directors and property landlords.
Q: How much do you charge?
A: Our fees are fixed and tailored specifically to each individual’s needs. We operate on an annual fee broken down in to monthly payments so it is easier for you to manage rather than having a single bill once a year. It means we can adjust during the year if your business changes. And you always know exactly what you are paying for.
Q: Do you only accommodate businesses in the Telford area?
A: Not at all – we have clients all over the UK. We can help you remotely if you don’t want to travel to our office.