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FAQs

Accounting can be daunting, but with our handy FAQs, you'll soon find the answers you're looking for.

Below are some accountancy questions we are often asked. If you have questions regarding Business, Personal or Charity accounting, contact our friendly team today, we would be happy to answer them for you.

Accounting with Hysons, Chartered Accountants

Do I Need an Accountant?

Using an accountant will ensure that you do not put yourself at risk to the various HMRC penalties and end up having to pay interest that is charged for late registration, late submission of tax returns and late payments of tax.

Business Accounting

How Do I Register for VAT?

Once you are at the required threshold amount or if you have voluntarily registered for VAT (more on this later) you will need to fill in the VAT registration forms on the HMRC website. You will then receive a VAT registration number, which you will need to add to any raised invoices and a confirmation certificate.

What is a Limited Company?

A private limited company (LTD) is “an individual legal entity which is separate from that of its officers”(technical speak for the people who run it). A limited company has its own assets and liabilities, profits and losses.

When Should Payroll be Paid?

Regarding salary, it can be weekly, fortnightly or monthly- it can be paid whenever you choose. With income tax and NI, this has to be paid either monthly or on a quarterly basis. Your payroll can be done quarterly if the monthly due figure is not more than £1,500. If it is over £1,500 it has to be done monthly.

Personal Accounting

What is a Self Assessment Tax Return?

Self Assessment is a means of declaring your income, costs and profits to HMRC, for anybody that earns income outside of the PAYE system. Once your full income for the year has been established, with costs and any tax deducted at source omitted, the tax and National Insurance due on your taxable profits can be calculated.

When Does My Self Assessment Need to be Submitted?

The tax year runs from 6th April to 5th April each year. The Self Assessment and any tax and National Insurance due to HMRC must be submitted by the 31st of January of the following year. This is the last deadline for filing electronically.

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Related

Why You Should Hire a Chartered Accountant

Chartered Accountants work in a wide range of business sectors and in a broad spectrum of roles, from financial controllers, directors to chief executives.

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Business Accounting Services

With your business knowledge and our specialist support services, growing your business and making it more profitable is easy. We offer several business accounting services, including: Compliance Services, Regular Management Accounts and Business Planning.

Learn more → about Business Accounting Services

Self Assessments

Our self-assessment service for individuals aims to guarantee that your tax return is completed in a timely and efficient manner, while also paying the correct amount of tax.

Learn more → about Self Assessments