FAQ - Kingsley Maybrook

How easy is it to change accountants and why should I change?

If your existing accountant is offering you an excellent pro-active service at a fair fee then stick with them. However, different accountants will save you different amounts of tax and provide different levels of business advice. If your present accountant doesn't offer the type of service you want and that we do offer, then changing over to us is very easy. It involves just one letter from you and we take care of everything else for you. Your existing accountant is not usually allowed to charge you for providing the normal handover information

How do I form a company?

This is quite straightforward assuming that you have in front of you the personal details of each director and shareholder and a few other basic pieces of information (such as the Company’s proposed name!). Kingsley Maybrook operates an online system which can have a company up and running in 24 hours.

Do I have to be VAT registered?

You are required to be registered by law if your “Taxable turnover” (broadly speaking the amount that you sell to customers), on a rolling twelve month basis, exceeds the annual registration limit, currently £82,000. You can register voluntarily before you reach the turnover limit if it is beneficial for you to do so.

Should I be a sole trader, partnership, limited company or LLP?

Like most things, it depends on a number of factors: the type of business that you are in and in particular, your size and profitability. All of these may determine whether there are tax advantages to being set up in a particular way. There are also other legal and statutory issues that may make you more in need of one structure than another.

What do I do if I think that I owe tax?

If you are an individual or a company who owes tax then you are required by law to complete a self-assessment tax return and pay over any tax due. HMRC will not necessarily tell you to do so but, not withstanding this, you could be liable to penalties and interest on outstanding tax if you do not declare such tax or do not complete a tax return within the statutory time limits.

You seem to offer a lot. Are your fees expensive?

No! We offer fixed fees linked to the value of what we provide. We're not always the cheapest and as with many things in life the cheapest is often the most expensive in the long run. However, we are not expensive and we offer excellent value for what we provide. Most importantly we never undertake work without agreeing the fee arrangements in advance so you always know where you stand.