Frequently asked questions
How much is the employers annual allowance?
Currently HMRC allows employers an allowance of up to £4,000 (assuming their NI bills does not exceed £100,000) per year (figures for the tax year 2021-22). This means that the employers do not pay the first £4,000 of employers NI contributions, but they still need to make payment over for the employees NI contributions that have been withheld from employees’ salaries.
If I sell a property is there tax to pay?
Potentially, if you sell a residential property that you’ve used as your main home then it is unlikely that there is any tax to pay on that sale (assuming it’s been your main home for the whole period you’ve owned it). If you sell either a commercial property or a residential property which isn’t your main home then it may be that there is Tax to pay in the form of CGT (Capital gains Tax) on any profit you’ve made on the sale. The amount of tax due may be reduced by the use of your CGT allowance for the year.
We would recommend you always check on any potential liability for CGT prior to you completing the sale so as to ensure you fully understand your potential tax liability early. This is most important as you will have to file a property CGT return and pay over any CGT to HMRC within 30 days of completing the sale. Failure to do either will result in fines and penalties.
How much do your services cost?
This is not an easy question to answer.
Our packages provide various options and the final price is dependent on:
Your trading style (sole trader, Partnership, Limited Company or LLP, etc.)
- How you keep your records) paper, spreadsheet, desk-top bookkeeping software, cloud software, etc.)
- How many bank accounts need reconciliation?
- Volume of records requiring reconciliation.
- If payroll services included, the frequency of processing, the number of employees.
- If VAT registered, do you require us to prepare your returns?
As you can see there are many factors that determine the fees we charge, however, we always tell clients the cost of any work prior to carrying it out so there is no hidden surprises.