Frequently Asked Questions
Find Out MoreDo I need to complete a Self-Assessment Tax Return?
If you are self-employed and earn over £1,000, a company director, or have income from multiple sources, you will likely need to complete a Self-Assessment Tax Return. It is used to report your income, and expenses, and calculate the amount of tax you owe. Here at KLB Financial Management in Widnes, we guide you through the process and ensure accurate and timely submission.
Why do I need an accountant?
An accountant plays a crucial role in managing your finances and ensuring compliance with tax laws and regulations. We can provide expert advice on tax planning, help you optimise your financial performance, and handle complex accounting tasks. Therefore, allowing you to focus on running your business effectively.
How do I make sure I put enough aside to pay my tax bill?
Calculating and setting aside funds for your tax bill can be challenging. Our team can assist you in estimating your tax liabilities based on your business income and expenses. We can help you create a tax savings plan. Which in turn will ensure you have sufficient funds available when it’s time to settle your tax obligations.
Will I need a business bank account?
If you are self employed you are note required to have a separate business bank account; however, we highly recommend you do. It helps you maintain a clear separation between your personal and business finances. It also simplifies bookkeeping and tax reporting and enhances the professionalism of your business.
If you are a registered company, then yes you will need a separate business bank account. The account must be in the companies registered or trading name. Nowadays digital banks such as Mettle, Starling and Monzo offer free business banking and are easy to set up. There are great for small businesses and start ups.
Do I need a company secretary?
This depends on the legal structure of your business. While it’s not mandatory for all businesses, a company secretary can provide valuable administrative support. Through our company secretary service we ensure compliance with statutory obligations and assist with company filings.
What records do I have to keep for business accounts?
As a business owner, you are required to keep records of your income, expenses, and other financial transactions. This includes invoices, receipts, bank statements, payroll records, and any relevant supporting documents. These records are essential for accurate financial reporting and tax compliance.
Is there a way to make filling in my Tax Return easier?
Yes! Contact our team today. We will guide you through each step. We help gather the necessary information and ensure all relevant expenses and deductions are properly accounted for. By entrusting this task to us, you can minimise errors, save time, and have peace of mind knowing your Tax Return is accurately completed.
When do I have to register for VAT?
You must register for Value Added Tax (VAT) if your taxable turnover exceeds the VAT registration threshold. This is currently £85,000 in a 12-month period. However, you may choose to register voluntarily even if your turnover is below this threshold. We can guide you on VAT registration requirements and help you determine the right time to register for VAT.
KLB Financial Management will ensure your VAT returns are accurately completed and submitted on time.
Is it better to be a limited company or a sole trader?
The choice between operating as a limited company or a sole trader depends on various factors. These include your business goals, legal liabilities, tax implications, and personal circumstances. Each structure has its own advantages and considerations. The team at KLB Financial Management can talk you through the best options for you.
What Next?
Get In Touch
If you have further questions or wish to speak to the team about your finances, call us at 07391 855 866. We can offer advice and support if you need help with your Self-Assessment tax return in Widnes and across the Northwest. Furthermore, we offer a comprehensive range of accounting services to businesses and charities. Take the first step to get your finances in order and book your free initial consultation today.