At Capital Accountants, we are dedicated to providing exceptional financial, tax, and advisory services tailored to the needs of modern businesses. Our team of experienced professionals combines deep industry knowledge with a client-focused approach, ensuring accuracy, compliance, and strategic insight at every step.
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GENERAL FAQ'S
- 1 Why should I use Capital Accountancy?
- Capital Accountancy is a team of qualified accountants with memberships in ACCA, ACMA, IFA, and AAT. With extensive industry experience, we deliver tailored accounting, tax, and business advisory services to support clients across all sectors.
- 2 What will Capital Accountancy provide me?
- At Capital Accountancy, we work tirelessly to deliver the highest level of service to our clients. In addition to expert support with all aspects of company accounts and taxation, we offer fixed fees agreed in advance with no hidden costs, prompt responses to emails and calls within one working day, and the dedicated support of a named accountant who understands your business. We provide regular briefings to keep you informed of important updates, and issue an Engagement Letter detailing our terms, the services we will provide, and the agreed annual fees — ensuring complete clarity and transparency from the outset.
- 3 Does Capital Accountancy do Book Keeping?
- Yes
- 4 Does Capital Accountancy have a minimum term of contract?
- No
- 5 Can I sign up online?
- Yes
- 6 What responsibilities do I need to undertake?
- For us to meet deadlines and to keep your records up to date and in accordance with the requirements of HMRC, we at Capital Accountancy take responsibility to inform our clients for all the required paperwork. Deadlines for Companies House, Corporation Tax, PAYE, VAT or Director’s Self-Assessment will all be communicated to our clients in time. Our systems in places allow ample time for our clients to make payments allowing them to concentrate on their business as all accounts preparation and submissions will be the responsibility of Capital Accountancy.
- 7 Do you do Self-Assessments?
- Yes, Capital Accountancy provide personal tax calculations and filing services at a reasonable price based on the quantity of work and sector the client works in. We also register clients and act as agents for them, allowing us to communicate with HMRC on their behalf.
- 8 What must be entered in the Self-Assessment Tax Return?
- All form of Directors Income from investments, savings or any other form of business income should be entered on the tax return. Contractors are required to declare their PAYE figures and dividends. The deadline to file all Self-Assessment returns are the 31st of January (each calendar year). Payments towards your Self-Assessment will be made in two instalments i.e. end of January and end of July.
- 9 When Should I Take Dividends?
- Consider the timing of your dividend declarations. You may save tax by delaying drawing down profits until a future tax year, if you have already reached the tax-free threshold in the current year.
- 10 What is the tax on dividends?
- You will only have to pay tax on dividends if its goes above your dividends allowance within the year. The dividend allowance for 2017-2018 is £5000 (tax free), anything above this will be taxed on either the basic rate (7.5%), higher rate (32.5%) or Additional Rate (38.1%). The dividend allowance for 2018-19 has been reduced to £2000
- 11 What is income tax?
- Income tax is tax payable on the individual’s income. It will be charged at different rates depending on the type of income.
- 12 Do you do Payroll?
- Yes, the payroll software that Capital Accountancy manage is compliant with RTI’s submissions as well as national insurance and tax contributions. We provide payroll services for two company directors within the agreed price, however with 5 or more employees we have set packages which can be discussed with your accountants at Capital Accountancy.
- 13 Can I Pay My Spouse?
- Consider employing your spouse in the company or bringing them in as a director or shareholder. This can be helpful if you pay a higher rate of tax than your spouse.
- 14 When do I need to register for VAT?
- VAT registrations are mandatory for companies who have made taxable sales in the last 12 months that are above the threshold. The current threshold for 2018/19 being £85,000. The autumn budget 2017 mentioned that the VAT threshold will be frozen for 2019/20. If you expect that you are likely to exceed the threshold soon (within the next 30days), you should register for VAT services to remain with HMRC’s rules. You may voluntarily register your company for VAT even though your sales are unlikely to reach the threshold.
- 15 Should I register for VAT?
- Consider joining the Flat Rate VAT Scheme. You may pay less tax overall depending on the amount of VAT you charge, and claim;.
- 16 Can you help with VAT Registrations?
- Yes, Capital Accountancy can do this on your behalf.
- 17 Do you file VAT Returns?
- Yes, depending on the size of the company and the chosen VAT scheme we file monthly, quarterly or annually.
- 18 How Should I Pay Myself to Maximise Tax Efficiency?
- Get your remuneration right. Utilise your tax-free allowance and dividends to save at least £2,500 which can be off-set against your corporation tax bill. Even if you don’t have enough money in the bank to physically withdraw a salary. Declare it anyway and leave it as a debt owed to the Director so that you can withdraw it tax free when you have sufficient cash flow.
- 19 What Business Expenses Can I Claim?
- Make the most out of the expenses you can put through your company. As long as you only claim for genuinely incurred business expenses, there are savings to be made. For example, put the business mobile phone in the company name and all costs of the phone are deductible against the corporation tax bill.
- 20 Company Car Vs Mileage Allowance, Which Should I Use?
- In the cases, it is best to run your own vehicle personally and claim mileage using HMRC authorised mileage rates. This will also avoid large taxation charges on the use of company cars, in most cases.
- 21 What is “Home Office Allowance”?
- You can charge your company for the use of your home as an office. You can either claim a straight £4 per week or a proportion of bills based on your usage of the home for business. This can be against your corporation tax bill.
- 22 How easy is it to switch accountants?
- The process to switch to Capital Accountancy is easy and straight forward. Once you decide to switch to us, we will manage the transition ensuring a seamless procedure. We will take care of sending over a professional clearance to your current accountants, confirming the move and arranging the transfer of records, obtaining copies of accounts and all tax computations and notifying HMRC that we will be taking over your tax affairs. Upon signing with us after the professional clearance from your current accountant has been finalised you will be able to be up and running immediately. We will issue you with an Engagement Letter detailing our Terms of Conditions along with the services and Annual Fees agreed. We will also require the necessary documentation to be provided.