FAQ
Accounting and tax FAQs
Straight answers to the questions our clients ask most often about accounts, tax, VAT and running a company in the UK.
What are statutory accounts and who needs them?
Statutory accounts are the annual financial statements every UK limited company must prepare at the end of its financial year. A private company must file them with Companies House within 9 months of its year end and send them to HMRC with its Company Tax Return (CT600).
Who needs to file a Self Assessment tax return?
You usually need to file if you are self-employed with income over £1,000, a partner in a partnership, a landlord with rental income, or you have other untaxed income, such as foreign income or certain capital gains. Online returns for the 2025/26 tax year are due by 31 January 2027.
How do I form a company in the UK?
A limited company is registered with Companies House. You choose a company name, a registered office address, at least one director and the shareholders, and agree the articles of association. Directors and people with significant control also need to verify their identity. We can handle the whole process for you.
How does R&D tax relief work?
Companies that spend money on qualifying research and development can claim tax relief. For accounting periods starting on or after 1 April 2024, most companies claim under the merged R&D expenditure credit scheme, while loss-making R&D-intensive SMEs may claim enhanced support instead. We help identify qualifying costs and prepare the claim.
When do I need to register for VAT?
You must register for VAT if your VAT-taxable turnover goes over £90,000 in any rolling 12-month period, or you expect it to go over that amount in the next 30 days. You can also register voluntarily below the threshold.
What is Making Tax Digital for Income Tax?
Making Tax Digital (MTD) requires sole traders and landlords to keep digital records and send quarterly updates to HMRC using compatible software. It applies from 6 April 2026 if qualifying income is over £50,000, from April 2027 if it is over £30,000, and from April 2028 if it is over £20,000.
When is Corporation Tax due?
Corporation Tax is normally payable 9 months and 1 day after the end of the accounting period, and the Company Tax Return must be filed within 12 months. The main rate is 25%, with a small profits rate of 19% for profits up to £50,000.
How much do your services cost?
Fees depend on the size and complexity of the work. Our price list gives a guide for each service, and we always agree the fee with you in writing before we start.
Can we meet in person or online?
Both. You are welcome to meet us at our office at 59 Leighton Road, London NW5 2QH, or we can work with you entirely by phone, email and video call.
Which accounting software do you work with?
We work with Xero, QuickBooks, FreeAgent, Sage, CCH and 1C. You can keep using the software you already have. If you use something else, or just spreadsheets, tell us and we will find the best way to work together.
When are the tax deadlines?
For Self Assessment, you must tell HMRC by 5 October if you need to file for the first time. Paper returns are due by 31 October. Online returns, and payment of the tax you owe, are due by 31 January after the end of the tax year. If you make payments on account, the second payment is due by 31 July. Companies have different deadlines: Corporation Tax is normally payable 9 months and 1 day after the end of the accounting period.
What happens if I file or pay late?
HMRC charges an initial £100 penalty if your Self Assessment return is late. After 3 months there are daily penalties of £10 a day, up to a maximum of £900, with further penalties after 6 and 12 months. If you pay late, HMRC charges interest and penalties of 5% of the unpaid tax at 30 days, 6 months and 12 months. If you have already missed a deadline, contact us as soon as you can so we can get your return filed.
What do you need from me to prepare my return?
It depends on your situation, but usually we need your Unique Taxpayer Reference (UTR), details of your income for the year (such as a P60 or P45, invoices or sales records, rental income, dividends and interest), records of your business expenses and any letters you have had from HMRC. We will tell you exactly what we need for your case.
When are company accounts due?
A private limited company must file its annual accounts with Companies House 9 months after its financial year ends. First accounts are due 21 months after the date the company was registered. The Company Tax Return is due 12 months after the accounting period ends, and Corporation Tax is normally payable 9 months and 1 day after it ends.
What happens if accounts are filed late?
Companies House charges an automatic penalty. For a private limited company it is £150 if the accounts are up to 1 month late, £375 for 1 to 3 months, £750 for 3 to 6 months and £1,500 for more than 6 months. The penalty is doubled if your accounts are late 2 years in a row. If your deadline is close or already missed, contact us as soon as you can.
How long does it take to register a company?
Companies House usually registers a company within 24 hours when the application is made online. Applications sent by post take 8 to 10 days.
What is a confirmation statement?
A confirmation statement confirms that the information Companies House holds about your company is correct and up to date. You must file one once a year for as long as your company exists. We can prepare and file it for you.
Do I need a registered office address?
Yes. Every company needs a registered office address to be registered with Companies House. If you do not want to use your own address, you can use our registered office service.
Licenses & certificates
Request a consultation
Personalised financial guidance
Speak with our experts to discuss your accounting, tax, or corporate needs. Whether you are an individual, a startup, or an established business, we provide personalised guidance and reliable advice tailored to your circumstances
