Frequently Asked Questions (FAQs)

Here are some FAQs  (and answers) about the services I offer.
Just click on each tab for the answer.

If you have a question not addressed here, please feel free to Contact Me.

Q: Do I need to submit a self-assessment tax return?

A: HM Revenue & Customs set out who needs to complete a tax return with the most common reasons being either being a director, self-employment or having a rental property. The full list can be found here:

Q: Should I be self-employed or trade through a Limited company?

A: Generally speaking once your profit is more than £20,000 then you will be better off trading through a limited company.

Q: Do I need to register for VAT?

A: Once your turnover reaches a threshold then you are required to register, for 2014/15 the threshold is £81,000. You can voluntarily register which in some circumstances is more beneficial.

Q: Should I put my car through my business?

A: Whilst it is normally more tax efficient to own the car privately and claim HM Revenue & Customs approved mileage rate in certain circumstances it is more tax efficient to have the car within the business. Based on your needs I can guide you through the pros and cons of each option and even recommend cars which would be tax efficient.

Q: How long do I need to keep my records for?

A: You need to keep your records for 6 years.

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