FAQs

● HOW DIFFICULT IS IT TO CHANGE ACCOUNTANTS?

A lot of people make the mistake of assuming changing accountants to be a time consuming and inconvenient task, but that is not the case at all. Switching to a new accountant – or getting set up with a small business accountant for the first time – is easy and straightforward. If you have a current accountant, you should let them know that you will be changing. At Tidal Bookkeeping, we will oversee the transition and ensure everything is handed over correctly.

● WHY SHOULD I OUTSOURCE MY SMALL BUSINESS ACCOUNTING?

Though you may have the software and skills to handle your own accounting, it is much easier to outsource everything to a team of professionals. By outsourcing your small business accounting needs, you have the time to focus on other aspects of running a business. Plus, you don’t need to worry about making mistakes or overlooking something important. When you outsource your accounting, you can relax knowing that everything is being taken care of by experienced professionals.

● HOW MUCH DO YOU CHARGE FOR ACCOUNTING?

The cost of outsourcing your accounting varies depending on the size of your business, how often you want help and the amount of work that needs doing. At Tidal Bookkeeping, we ensure that our services are cost effective. We work on a bespoke basis and tailor our services to you.

● DO I NEED TO VAT REGISTER MY BUSINESS?

You need to be VAT registered if your business turnover exceeds the annual registration threshold, which is a VAT taxable turnover of more than £85,000. This is a legal requirement for all businesses. You can also VAT register your business voluntarily if your VAT taxable turnover does not meet the threshold, and there are some benefits of doing so.

● WHEN DOES THE TAX YEAR END AND WHEN IS THE SELF ASSESSMENT FILING DEADLINE?

The tax year runs from the 6th April to the 5th April in the UK, and you have until the 31st January the following year to file your self assessment tax return. This includes paying any tax and National Insurance owed. There are also certain circumstances when you may have to pay a payment on account by the 31st July, as well as on the 31st January.

● WHAT IS THE CORPORATION TAX DEADLINE?

You must pay your corporate tax bill within nine months of your financial year ending. You must file your company tax return within 12 months of your financial year ending.

● WHY SHOULD I CHOOSE TIDAL BOOKKEEPING AS MY SMALL BUSINESS ACCOUNTANTS?

At Tidal Bookkeeping, we offer a professional small business accounting service. We understand how stressful and time consuming accounting can be, which is why we take care of everything. Whether you need a small business accountant to help out once or twice a week, or you need a more regular arrangement, we tailor our accounting services to you.

If you have a question that has not been answered, get in touch with the Tidal Bookkeeping team.