Accountancy advice in Norfolk

Why do I need bookkeeping? Bookkeeping is vital to any business and by law every business should keep a record of all financial transactions made.

Can I use any employee to do my bookkeeping? Anyone can do your bookkeeping as long as they have the relevant experience, qualifications and knowledge to do so. We would recommend only using someone who has been trained correctly.

Why is an accountant important for my business? Why do you call a plumber? They are professionals and you trust them to give ensure your boiler is installed properly and works. Running a business is the same, you need an accountant to help advise and support through the year allowing you to focus on your business goals.

What type of business should I set up? This mainly depends on the size and expected turnover of the business. Our business start-up page gives you a breakdown of the main different types. We also offer a FREE initial consultation (up to 30 minutes) for all new business start-ups

I already have an accountant. Can you take over my accounts? Yes we can, if you are happy with the services we are proposing we can advise the best way how to switch from your current accountant to us.

How much do I have to make before having to register for VAT? Registering for VAT only applies to companies that have a business turnover of over £81,000 in a rolling twelve month period of trading. You would need to keep checking on a monthly basis to see if you are crossing the limit, if so you would have 30 days to register for VAT.

VAT inputs and outputs, what are they? If you charge VAT on services or goods you sell this is classed as Output VAT. If you are charged VAT on services or goods you buy or purchase this is classed as Input VAT.

When should my tax returns be filed by? H.M. Revenues and Customs issues your tax return paperwork to you in April and if you are completing the form manually and sending them back they should be completed by the 31st October the same year. If you are using the online service you have until the 31st January the following year.

Why should I use Taylor Minns? We have over 30 years of experience within the accountancy industry, you can trust us to provide you with a first class accountancy service at all times

What type of business should you start up? One of the biggest questions we are asked at Taylor Minns when our customers are looking to start up a new business is "What type of business should I set up?"
We offer an initial business start-up consultation which is free (up to 30 minutes). We will help you to decide whether you should be a sole trader, partnership or limited company. We can also form a limited company on your behalf. So no matter if you are a one man band or a company with fifty plus employees we can help.

Why do you need to choose a business type? All businesses are different and choosing the correct one for you makes the difference in how you can spend any profits, and who is liable for any debt for the business if things are not going to plan. Usually the size of the business decides this and if you are classed as a company or not.

What are Sole Traders and Partnership Businesses? Sole trader is the smallest businesses and is one person doing everything from the day to day running, selling of your products, providing the business services and looking after the accounting and finance. The difference between a sole trader and partnership businesses is that partnerships have two or more people doing this.
The advantages of running a sole trader or partnership business is that you can decide what happens with the money you make and the tax process is not as complicated as larger scale businesses. The disadvantages are as you are responsible for the money you make through the business you are also responsible if the business owes money.

What are Limited businesses? If the business is larger than a sole trader or partnership they are usually referred to as companies or corporations. These businesses come with different rules regarding tax, employees, profits and debts. The main difference is that the people who run the business do not need to submit their own accounts. This is done separately as a business. These companies also do not usually just have one person in charge of everything, they can have shareholders. These shareholders usually own a percentage of the business and have invested money in the company to own the percentage. As a company or corporation there are different types of tax that needs to be paid and you would also have directors who would employ staff to help with the running of the business.
If the business is a privately owned business the shareholders or investors own the business and these are known as 'Limited Liability' companies. These companies would usually be identified by 'Ltd' behind the company name. Also the company profits are kept in the company and shareholders or directors can receive payments based on the shareholdings. If the company had debt it would not affect the shareholders or directors.