Question 1

Why Accounting Outsourcing ?

Accepted Answer

Outsourcing allows you to get access to full accounting services from experts and professionals. It saves your time and money efficiently to concentrate on building other strategies for business. Outsourcing is more cost effective than hiring  staff to complete the finance and accounting functions for your organization.

Question 2

When am I required to submit a Self-Assessment tax return?

Accepted Answer

You are required to file a Self-Assessment tax return if any of the following condition applies:     If you are a sole trader or self-employed receiving monies in cash or bank     If you are in a partnership business     If you are a director of a company     If you have multiple incomes along with a salary on which tax and NI are not deducted (such as rental income, interest income)     If you had capital gains during the year     If you are a salaried person receiving child benefits and the total gross income is more than £50,000     If you are a salaried person and the gross salary income is more than £100,000     If you have an income in the form of foreign investment either in business or capital

Question 3

When should a company register for PAYE with HMRC?

Accepted Answer

If any of your employees meet one or more of the following criteria when you start employing staff, or using subcontractors for construction work. If employees are paid  £123 or more a week, get expenses and benefits, have another job or get a pension

Question 4

What happens if I miss the deadline to pay SA100 tax?

Accepted Answer

HMRC will charge a 3% interest from the due date of the payment of tax. If the delay is more than 60 days, then HMRC may charge a penalty. Interest will change daily, so the amount of interest will increase daily.

Question 5

When is the deadline to file the company accounts and corporation tax return?

Accepted Answer

Statutory accounts have to be filed within 9 months after the accounting year end.  Corporation tax has to be paid 9 months after the accounting year end. Corporation tax to be filed within 12 months after the accounting year end.

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