FAQ’s

We want to work with micro and small owner managed businesses and personal tax clients who want a friendly and personalised service. We love people and finding out about people’s chosen lines of work – it’s fascinating and inspiring the number of amazing business’s that are out there.
Come and meet us, have a coffee, biscuit and a chat. People are often surprised to hear we are accountants (take that as you will!).

Using the right accountant for your business can have many benefits, this list is certainly not exhaustive but here are what we feel to be the most common benefits:

Added value – We can help you grow your business by staying on top of your finances, allowing you to make informed decisions as you navigate your business journey.

Reduce the tax you pay - This is our area of expertise, we know what expenses are allowable and will ensure that you are claiming all expenses to minimise your tax liabilities. We can also look ahead and look at future tax planning opportunities.

Time saving – It frees up your time allowing you to focus on your business allowing you to do what you do best.

Avoid penalties and fines – We will work with you to ensure that all submissions and payments are made on time to avoid unnecessary late filing penalties, fines and late payment interest.

This is entirely up to you! Some people love it, some hate it. But basically it comes down to how regularly and easily you want to be able to review your business numbers.

If you are happy to leave everything to the year end accounts then keeping your records on excel spreadsheets is fine - well kept spreadsheets are just as good, if not better than poorly kept data in accounting software.

The drawback to spreadsheets is that it is not very easy for us to provide regular reviews of your figures and to help with tax planning.

If you want to be able to review your figures regularly and for us to provide tax planning advice then we really would recommend using tools such as Xero, QuickBooks and Sage, but there are also industry specific software systems out there as well.

Software, used well, can save you a lot of time and with the ability to link bank accounts it reduces error levels & as so much of the process is automated, freeing up your time to focus on what you do best in your business!

Our fees include day to day advice over the phone and email. Should you need a more detailed piece of advice that requires significant calculations and appraisal of options this may attract an additional fee. Additional fees will be communicated to you before any work is undertaken so that you know exactly where you stand.

No, there is absolutely no requirement to engage the services of an accountant, but there are lots of benefits.

• An accountant can check you have claimed all the expenses you should and not claimed ones you shouldn't.

• An accountant can make you aware of tax efficient ways to save on your tax bill

• A good accountant will not mind you asking lots of questions - in fact at VN Accountancy we welcome it as it makes our job much more rewarding to help people throughout the year

• If you have already filed a return but not spoken to an accountant its not too late, amended Returns can be submitted to HMRC within certain time scales.

• We work as part of your extended team and find that it is so much more valuable to be able to provide advice before a decision is made.

• Not to mention, we can save you time, worry and stress!

We would recommend that, where possible, it is a good idea to chat with an accountant before the end of the tax year so that actions can be taken to reduce tax liabilities rather than after the end of the tax year when changes can't be applied retrospectively.

A sole trader is owned and controlled by one person who has full liability for the business and any debts. As such personal assets can be at risk if the business fails.

A sole trader can be set up very quickly and easily and commence trading straight away. The paperwork and obligations are less, but it can result in higher taxes, be more difficult to attract certain types of customers (some businesses will only work with Limited Companies) and raising finance can be more difficult.

A Limited Company is a separate legal entity. A Limited company can be owned by one or more people who own shares in the company, the value of the share holding is the limit to the liability that each person has.

A Limited Company has to be incorporated and have a separate bank account opened before the commencement of trade. The accounting and reporting requirements are more onerous as filings are required to Companies House and HMRC, but raising finance can be easier. It can be more tax efficient and Companies can be perceived to have a better reputation (depending on the industry you operate in).

If you are deciding which route is best for you, it may seem like alot to consider, but that is where our advice and experience can help.

Absolutely, we can help! As a relatively new business ourselves we can provide you with the practical advice in relation to starting a business as well as all the accountancy, tax and business advisory guidance.

There is often a lot more to consider than you might initially think and we can point you in the right direction as well as provide recommendations (where appropriate) of other specialists who can offer help and expertise in areas that we can't. Get in touch, for a no obligation chat to find out more.

This is a really good question, the answer is... it depends.

There are two types of VAT registration - Voluntary and Mandatory.

Mandatory: required when business turnover exceeds £85,000 income

• Not all sources of income are subject to VAT

• Monitor your level of turnover monthly (particularly if it is close to the threshold as it is on a rolling 12 month basis)

• Once you exceed the threshold you have 30 days from the end of the month the threshold was exceeded to register for, and start accounting for VAT

Voluntary registrations are just that, you can choose to register if your turnover is below £85,000. You might choose to do this because:

• You are a new business and know your turnover will exceed £85,000. If you register now you won't have to change your pricing and start adding VAT on at a later date when registration becomes mandatory

• It can improve your credibility as a business

• Your income may be subject to lower VAT rates of 0% - 5% - which when recovering the VAT on your purchases, may provide you with a repayment of VAT.

Get in touch and we can talk about what is best for your business.