How easy is it to change to Bridgewater Accountants? Changing your accountant is easy. First, give us a call. We’ll discuss your business needs and how we can add value for you. Once you’ve decided to transfer to Bridgewater Accountants, you’ll need to write to your existing accountant and authorise them to discuss your business with us. We’ll then write to them and let you know when we have all your files. Also, we will notify HMRC and Companies House of the change.
What level of accounting expertise does Bridgewater Accountants have? Our director owners have years for experience and qualifications from Association of Chartered Certified Accountants (ACCA). We regularly undertake training to keep up-to-date with accounting and tax legislation.
What can a Chartered Certified Accountant do for me? Advice from an accountant can be invaluable for all your financial, taxation and business needs. We are not just accountants but your business partner who can help your business to achieve success. We can help with your book-keeping, annual accounts preparation, statutory filings, tax needs from income tax, corporation tax or VAT and deal with the necessary authorities on your behalf. Moreover, our job is to provide effective tax planning and advise which will result in significant improvements to your bottom line.
Does Bridgewater Accountants have any kind of tie-in? We do not have any kind of tie-in nor charge any admin fee for exit. You are free to leave our services at any time and we will transfer all your records to your new accountant.
Should I set-up my new business as a Limited Company? Tax will be a key factor in this decision. Corporation tax rates are lower than personal income tax rates making it more beneficial to trade as a Limited Company. Also, businesses with low levels of profits can make use of the Company tax exemption as well as higher earners, who can save higher rate personal tax by extracting money from their companies in a more tax-efficient manner.
What accounting records do I need to prepare? All businesses need to keep records, which include details of payments, receipts, credit purchases and sales, assets and liabilities. These books and records can be manual or computerised and from them management accounts and annual accounts can be produced. For businesses operating as companies there are strict legal requirements as to their format. We will walk you through this and how to keep your books up-to-date.
Can I file abbreviated accounts? All companies have to file annual accounts with Companies House. However, there are filing exemptions available for "small" and "medium" sized companies, which will restrict the information available to competitors and limits the cost of accounts preparation. If your company files abbreviated accounts at Companies House, you must still file full statutory accounts as part of your Company Tax Return.
Do I have to register for VAT? You must register for value added tax (VAT) when the taxable supplies of your business exceed a certain limit. In most cases, 'taxable supplies' refers to your total sales. The limit changes each year, depending on inflation and government decisions.
I am Self-employed what do I have to do under Self-Assessment tax regime? This system puts the responsibility on you, the individual taxpayer. Firstly, you must notify the HMRC within specified time limits of having a liability to Income Tax. The correct Income Tax forms must be completed and then submitted by the due date. Finally, any tax due must be paid at the correct time. We can handle all these steps for you to ensure you meet your obligations.
How can I minimise my accounting fees? We offer competitive prices for an unbeatable service. With our fixed fee option, tailored specifically to your business needs, you can rest assured you will never be surprised by our fees. If you require anything that goes beyond the fixed fee service we will discuss any additional charges with you.
Is it true that if I’m paying tax then you’re not doing your job as my accountant? Paying tax means that your business is profitable. Our job is to help you minimise tax but only in a legitimate way. We will make sure that we structure your business in the most tax efficient way and claim every legitimate expense that you are entitled too.