Frequently Asked Questions
Do I Need An Accountant?
Yes: in the same way we would not presume to be skilled in your profession, we do not expect you to be skilled in ours. Whilst it is perfectly acceptable to do your own books and tax returns, can you really be sure you are doing them correctly?
As accountants, we take exams and are obliged to keep current with the law to ensure that we can deliver good advice, save you money, and keep your business compliant. All businesses must adhere to deadlines for their tax affairs, and a good accountant will know your financial affairs as well, if not better, than you. This can be an invaluable resource, and peace of mind for you, freeing your time to concentrate on what you do best and to grow your business.
Must I Have An Accountant?
It is not a legal requirement to have an accountant, but it is a legal requirement to comply with the law in regards to taxation. An accountant fills this role for you, freeing your time to develop your business with what you know and do best.
Who Will I Deal With?
Jacqui Tetley is JT AccountS and the client facing contact. This doesn’t mean that on occasion you will not speak to another team member, or that Jacqui will be doing all the work: what it does mean is that anyone else involved in the preparation of your accounts will also be qualified and competent to do so, as well as covered by professional indemnity insurance. At the end of the day, all responsibility for delivery of your accounts and related work is the responsibility of Jacqui.
How Will You Charge Me?
JT AccountS value price. We will meet to discuss what it is you need from us, and how much or how little you want to do yourselves. There is no such thing a one size fits all with accountancy, so we need to know what services you need, and what you value so that we can provide a price that suits you. Our pricing structures allow you to know in advance what you can expect to pay each month, and provides the flexibility to add and remove services as you go.
For example, you might decide to do your own bookkeeping to start with to keep costs down, but as you grow might decide to give that work to us because it takes you longer than you want to be spending on it. This would increase our fees. This can also work in reverse. To start with you might give us this work and later decide to do it yourself. This would decrease our fees.
Differences Between a Chartered and Non-Chartered Accountant?
The primary responsibility of an accountant is to record and monitor the flow of money in an organisation, business, or agency. The accountant needs to verify the accuracy of all transactions that involve money, and ensures that all these transactions follow HMRC guidelines.
An accountant may work directly for a business or company, or may work privately and may be hired or contracted to complete tax returns or the books of an agency. Likewise, some accountants may also work for private individuals to help them in their financial decisions, tax returns, investments, and other matters that concern money.
Chartered accountants usually include corporate financing, auditing, taxation, and financial reporting. Generally, chartered accountants play a vital role in providing advice to achieve high profitability on behalf of their employer or client. They usually work in different settings like public, non-profit, commerce and industry sectors.
At the end of the day, it is a personal choice.
How Do I Pay You?
We put every new client on a monthly direct debit payment plan, charging for the year monthly in advance. If you join us part way through the year, there will be a choice to increase your monthly direct debit to bring the payments in line or pay a top up fee separately.
What Can I Expect From You?
Peace of mind, clarity, competence, honesty, accuracy, and efficiency. JT AccountS offers a friendly, tailored, and personable service. We aim to be contactable, and to answer your questions.
What Does JT AccountS Expect From You?
When you decide to engage our services, we expect you to provide certain personal information to verify your identity, and allow us to complete any registrations that might necessary with HMRC And or Companies House.
We will expect you to sign our letter of engagement, which will set out the terms of the contract between us. This is to protect both you and JT AccountS in the event of a dispute arising.
We expect you to provide us with the information we need to be able to do the work you have asked us to do, in a timely fashion.
We expect you to be honest and open in your dealings with us.
What Hours Do You Work?
We work flexible hours to fit in and around you being able to continue to run your business. We enable our clients to contact us any day or time, either by phone or email to help with any questions or queries. We can also help at weekends should the need arise. We can also, by appointment, offer Skype, Facetime, or WhatsApp video calls.
Do You Offer Bookkeeping?
Yes we do. In fact, we recommend it. Being with you throughout the year, be it weekly, monthly or quarterly, giving you advice on how the company profitability is doing: this will save you money on your final accounts, as by also acting as your accountant will have less to process at year end. By outsourcing your bookkeeping to us, you rely on our expertise, reducing the chances of errors occurring.
Differences Between Limited Company and Being Self-Employed?
Being self-employed means working for yourself: you invoice your clients, and they pay you directly. You must account for your own national insurance and tax, and submit a tax return every year.
A limited company is a separate legal entity which is run and controlled by the director(s). The director is given the responsibility of carrying out the day-to-day transactions of the company, and accounting for what takes place. You are paid as an employee, and you can choose to take a shareholder dividend.
How Do I Know What To Register For and When To Do It?
Depending on your status, and whether you need to be registered for VAT, or as an employer, JT AccountS can help you or handle all your registrations for you, within the required time limits. Deadlines for filing accounts and tax returns will be explained to you, and prompts and nudges will be given throughout the year to ensure all legal deadlines are met on time.
Can You Work At My Premises?
We usually work from our own offices, but do make client visits and are happy to discuss your requirements to see if we can accommodate them. Working from your premises can work out more expensive, but we are happy to provide a team member if needed.
Do I Need To Purchase Accounting Software?
No: JT AccountS are using Quickbooks online as their primary accounting software provider. Quickbooks is a cloud based system that we see as a ‘martini’ application, in that it can be accessed ‘any place, anytime, anywhere’. It offers real-time information, and can be accessed simultaneously so we can work collaboratively. This system is included within our price to you.
We will also consider working with other systems you may already have, and are compliant with Sage desktop and Xero.
Is It Hard To Switch Accountants?
No! It’s really easy, and we can do all the work for you. There needs to be a professional clearance, so to change accountants, you need to sign a letter informing your current accountant of your decision to change provider: we can prepare this for you. They will quickly pass over any information that we as your new accountant needs to help you.
What Happens If I Can't Pay My Taxes?
Paying tax and paying tax on time are important: it not only stops unnecessary penalty charges, and interest, but it also stops you getting into debt. We will keep you informed of anticipated tax bills, and encourage you to make separate saving provisions to cover these expenses, so they don’t hinder your cash flow when they fall due.