R & B Bookkeeping & Accountancy Frequently Asked Questions
FAQs
Here at R&B accountants we offer a wide range of services including bookkeeping, tax preparation, financial planning and analysis, audit preparation, and payroll. We cater to you and your business’s needs. Whether you are a small business owner in need of bookkeeping services, or an individual looking for help with tax preparation and planning, we are here to help.
To find out more or arrange a meeting with us contact us on info@rbaccountants.com
We start off with an initial free consultation where we will discuss your needs and expectations. Based on this consultation, and understanding what you need from us, we will provide you with a quote for our services. Once you have agreed to our quote, we will begin the next steps of getting all the information we need from you to begin working on your accounts.
At R&B Accountants you can contact us via email, phone, or arrange a meeting with us. Our team is available during regular business hours to answer any questions you may have.
Yes, we use Xero, the industry leading cloud-based software for accounting. But we can also help you with other cloud accounting software’s such as Sage or QuickBooks. We can transfer your accounts to Xero hassle free, and also provide you with basic training on Xero once set up.
Making Tax Digital (MTD) is part of the government’s tax administration strategy. The main objective of MTD is to make the tax process more efficient, accurate, and secure by replacing the traditional paper-based system with a digital one.
Under MTD, businesses and individuals are required to keep records of their financial transactions digitally and submit regular updates to HM Revenue & Customs (HMRC) using compatible software. The aim is to reduce the risk of errors and make it easier for taxpayers to stay on top of their accounts. But as one of our clients, you don’t have to worry about any of this as we take care of it all for you.
The implementation of MTD is being phased in gradually, with different categories of taxpayers being required to comply with different aspects of the initiative at different times. Currently MTD is used for VAT, so if you have a VAT registered business and haven’t applied for exemption, you are now required to keep digital records and submit your tax returns using MTD compatible software, such as Xero. Again, as one of our clients we take this headache away from you.
To find out more visit the direct gov website here
At R&B we tailor our services and fees to each individual client. Our fee structure is customised to meet the needs of each of our clients. Once we have had an initial meeting with you, we will provide a quote based on the complexity of the work involved, the amount of time required, and the level of expertise required.
Yes, we can help you if you are audited by HMRC. Our team is experienced in dealing with HMRC audits and will work with you to provide the necessary documentation and representation. By keeping all your documentation for your previous accounts it’ll make it easier to prepare for an audit.
Yes, we can help you with tax preparation and filing. Our team of experts are knowledgeable and current in tax laws and regulations and will work with you to ensure that your accounts are correctly prepared and filed.
If you work from home for all of part of your working week, then you may be eligible to claim tax relief for additional household costs. There are different regulations in place for who can claim tax relief and what you can and cannot claim for. To find out more visit the direct gov website here
When setting up a business you can choose from a range of different business types. Here we explain what each of them are.
The simplest one is a sole trader. This is someone who is self-employed and runs their own business, meaning you are solely responsible for the business.
A partnership is where two or more people form a business together. All business partners share the responsibility of the business, this includes sharing the profit or loss and their share of tax.
There are two types of Limited companies: Public Limited Company (PLC) AND Private Limited Company (Ltd). The difference between the two is that shares can be bought and sold through a stock exchange for a Public Limited Company but not for a Private Limited Company (Ltd). Shares in a Private Limited Company may be allocated internally if there is more than one shareholder in the business, but they cannot be traded publicly.
A limited company is an organisation that is set up to run a business and all of your business finances are separate to your personal finances.
An LLP is a limited Liability Partnership. This is a business that is run by two or more people. The partners’ profit shares and responsibilities are decided by an LLP agreement.
CIS means Construction Industry scheme. This is where contractors deduct money (they'll usually deduct the standard rate of 20%) from a subcontractor’s payments and pay this directly to HMRC.
Being a small business owner can be hugely rewarding but also stressful, especially when it comes to the record keeping part of your business. It is common for most small business owners to outsource their bookkeeping. Not only does it free up time for them to focus on their expertise but also, they don’t have the stress of worrying if their books are done on time and done correctly.
Choosing the right bookkeeper for you and your business is vital. A bookkeeper isn’t just someone who does your record keeping, they should help you understand your financial status and help you to understand the ongoing costs of running your business, what your cash flow situation looks like and if you are really making a profit. They should be a valued partner in your business that will help your business be more successful than if you tried to do it all yourself.
If you have more questions or would like to speak with one of us, please contact us.