Athena Accountants Wantage
How do I register for VAT?
VAT registration is done through HMRC, you can either apply yourself, or we can do it on your behalf.
What is the UK VAT Threshold?
There is a threshold that businesses must register for VAT, this is currently £85,000 for a rolling 12 month period.
How do you register as Self-Employed?
To register as self-employed, there is a very simple HMRC form that needs to be completed. We can do this for you or point you in the right direction so that you can do it yourself.
How do you form a partnership?
A partnership is an agreement between 2 or more people. You may need a solicitor to draw up a contract and it needs to be registered with HMRC.
What is bookkeeping?
Bookkeeping is the recording of your income and expenses, reconciliation of your bank accounts and details of your customer and suppliers, all n once place. We use accounting packages such as Xero and Freeagent. Bookkeeping is an essential step of the whole accounting process.
What is a “set of accounts”?
This is an annual report, compulsory for companies, that sets out your performance, profit (or loss) for the year and position, the businesses assets and liabilities.
How much do you charge?
We operate of a fixed fee basis in the main, tailored packages, bespoke to each client. There will of course be the odd one-off fee that is always discussed in advance.
How easy is it to change accountants?
Very. We simply write to your old accountant once you have told them about us and they will send us all your past information. Its that easy and we do it all.
When do I need to pay my personal tax?
Personal tax is payable by 31st January every year. With payments on account made for the following year also on that date and again on 31st July.
When do I need to pay my company tax?
Corporation tax is due 9 months and 1 day after the company year end.
Do I need to keep my receipts?
Yes. This is especially important should you have a tax investigation, and it is actually one of the director’s responsibilities for companies. This does not have to be in paper form though. We use an app called Receipt bank which links an electronic copy to your bookkeeping software.
What is an accounting period?
This is the period that is covered in a set of accounts or tax return.
What is a year end?
This the last day of the accounting period.