VAT Returns
When does a VAT return need to be submitted?
VAT returns must be submitted to HMRC every quarter, one month and seven days after the end of the VAT period.
How does a VAT return work?
A VAT return calculates the amount of VAT owed to HMRC or the refund due, based on sales and purchases.
How much do accountants charge for VAT returns?
Accountants typically charge between £100 to £300 per VAT return, depending on complexity and business size. Please get in touch for a tailored quote.
Can you verify company accounts from VAT returns?
No, VAT returns and company accounts serve different purposes and cannot be directly verified against each other.
How to account for postponed VAT on VAT return?
Report postponed VAT on your VAT return in boxes 1, 4, and 7, following HMRC guidelines.
Corporation Tax
Can I pay corporation tax from my business account?
Yes, corporation tax should be paid from your business account.
How to account for corporation tax?
Record corporation tax as a liability when due and an expense in the profit and loss account.
Where does corporation tax go in accounts?
Corporation tax appears as a liability on the balance sheet and as an expense on the profit and loss statement.
Payroll
How do I set up a payroll account?
Register as an employer with HMRC, set up PAYE, and choose payroll software to manage employee payments and deductions.
How much do accountants charge for payroll?
We typically charge between £5 to £10 per payslip or a fixed monthly fee of £50 to £200. Please get in touch for a personalised quote.
Tax
How much can you earn before paying tax?
For the 2023/24 tax year, the personal allowance is £12,570.
How much tax should I pay?
Tax rates vary; check current HMRC guidelines or give us a call for personalised advice.
When does the tax year end?
The UK tax year ends on April 5th.
About Emslie Bird Ltd
Emslie Bird Ltd is a leading accountancy and tax firm committed to providing exceptional financial services to small and medium-sized businesses.
Established in 1995 with a vision to deliver personalised and practical financial solutions, we operate from centrally based offices in Evesham and Wolverhampton, serving a diverse clientele across various industries.