FREQUENTLY ASKED QUESTIONS (FAQs)

HOW LONG SHOULD I KEEP MY TAX RECORDS FOR?

You are expected by law to keep your records for at least 5 years after the 31st January submission deadline of the relevant tax year.

This is necessary because HMRC has access to your records to ensure you are paying the correct tax figure.

WHAT ARE YOUR SERVICE FEES?

Our service fees depend on the volume of transactions per client's records.
This is necessary so as to avoid low balling and maintain quality accounting service delivery.

Get more understanding from the details of our services.

WHAT ARE THE DIFFERENCES BETWEEN AN ACCOUNTANT, A CPA, AND
A BOOKKEEPER?

These three disciplines utilize business financial data to accomplish their objectives.

While the Bookkeeper keeps records of a company's fiscal transactions, the accountants or certified accountants leverage the financial reporting framework or International Standards on Auditing while preparing or reviewing the financial records.

For more information, please get in touch!

WHAT ARE THE ADVANTAGES INHERENT IN IR35?

The advantages of IR35 are that it is a more flat rate on the income that is being earned.

IR35 is a tax law that protects contractors from paying tax twice on the same income.

It can be used to reduce the burden of tax for contractors who are self-employed, but it can also be used by companies that hire contractors to avoid paying employers' National Insurance contributions.

There are no deductions or exemptions, so it's just one income stream that is being taxed.

It also makes tax compliance easier.