1. How do I transfer from my current accountant to Sadler Joyce?
2. I have already started trading but have not yet spoken to an accountant. What should I do?
3. Should I be self employed, or should I trade through a limited company?
4. What is the best way to draw money from the business?
5. What costs can I include in my books?
6. Do I need a business plan?
7. What do I do about a business bank account?
8. My tax return is due, and has not been done. What should I do?
9. When do I submit my information to you for completion?
10. Is my car a company car?
11. What is RTI payroll, and can you provide this service?
12. How do I pay my tax bill?

FAQ 1 – How do I transfer from my current accountant to Sadler Joyce?


Call us to arrange a free consultation now! Once you sign up, we will handle the changeover for you, with minimal effort required on your part. We will do everything we can to ensure a smooth handover.

FAQ 2 – I have already started trading but have not yet spoken to an accountant. What should I do?

The sooner you speak to us the better. If you need to make any changes to your business, you want to make them now rather than wait until next year. The longer that you go without advice, the more vulnerable you are likely to be from a taxation perspective. Contact us for your free consultation now, and we will start helping you immediately.

FAQ 3 – Should I be self employed, or should I trade through a limited company?

Different types of structure will suit different situations. It is best to obtain advice sooner rather than later. Make an appointment to come and see us and we will ensure that you have the optimal structure. We can help you to form a limited company or limited liability partnership.

There are 4 main types of structure to choose from:

Sole Trader – The basic self employed structure. This is the simplest form of business, however your personal assets are not protected from business failure. All of your profits are subject to income tax and national insurance.

Partnership – Similar to the above, with more than one person sharing the risks and rewards. It is particularly important that you have a well thought out, written partnership agreement so that all partners know what happens if………. The business and personal affairs of the partners are not legally seperate so beware.

Limited Liability Partnership – A partnership which has some of the limited liability protection of a limited company, but is still subject to the rules of income tax. Abbreviated accounts must be filed with Companies House and are publicly available.

Limited Company – The business affairs are separate from that of the owners, but there are more regulations to comply with. The owners own shares in the company and their liability is normally limited to how much they have paid for their shares plus any guarantees they have made. In the case of an owner managed business any additional money invested in the business could also be lost if the business fails. Profits of the company are subject to corporation tax, and there could be a financial advantage to this. Abbreviated accounts must be filed with Companies House and are publicly available.

If you come and see us we can discuss this in further detail to ensure that you have the optimum business structure.

FAQ 4 – What is the best way to draw money from the business?

This depends on both business structure and individual circumstances. Getting the wrong amount, method or even timing can cost you tax. Come in for a cup of tea and a chat and we will be able to assess the most efficient way in which to draw cash from the business.

FAQ 5 – What costs can I include in my books?

Tax law says what you can claim against tax and what is disallowed – an expense must be wholly, exclusively and necessarily incurred in the course of your business. This means that an expense can be allowable in one business and disallowed in another, so it is important to get advice early on as you could be missing out on tax relief by not recording things that you did not realise were allowable. Certain legitimate expenses may be disallowed when calculating your tax. If you have a query about a particular item, please give us a ring, or email us.

FAQ 6 – Do I need a business plan?

Not every business needs a detailed plan, however businesses with a goal are more likely to achieve success – if you don’t know where you are going, how do you know that you are going in the right direction? You need to think about:

  • What your main goals are.
  • Why do people use your business instead of your competitor.
  • How much profit you want your business to make next year and what level of sales you need to make that profit.
  • What assets you need to run your business and what will they cost.
  • How much money you will need to buy those assets and to pay bills until the money comes in from sales. Where will you get this from and when will you need it.
  • What you will do if your profits fall below your expectations or you cannot raise the finance that you need.

Running out of money at the wrong time can be a very costly problem. Making a business plan will help to predict and avoid this.

If you feel that you need help developing a business plan, ring up for an appointment with Ron or David.

FAQ 7 – What do I do about getting a business bank account?

A business bank account is an important account to have because you want to keep your business money separate from your personal money. This helps to prepare your accounts efficiently, minimises your bank charges and helps you to meet the statutory requirements to keep proper books and records. Remember, if you need to register for VAT, you must have a business bank account open. Banks have various packages available, with different fee structures. If you want to speak to us about it, we will help you to think about what will be important to you.

FAQ 8 – My tax return is due, and has not been done. What should I do?

Don’t panic! We can complete your personal tax return. Just provide us with the information required and we will prepare it and file it online for you. Filing online ensures any refunds are repaid as quickly as possible, but does not affect the deadline for payments. If you are not sure what you need, please call for a free consultation.

FAQ 9 – When do I submit my information to you for completion?

It depends on the service:

Annual accounts should be submitted once all paperwork is ready, as soon as possible after the year end and in good time to meet the deadline. We ask clients to send their paperwork in to us three months after their year end.

Payroll information should be submitted at least 48 hours before you need to pay your staff. However if this creates a problem, we can consider alternatives.

The deadline for a VAT returns is one month after the period end. You need to wait until you have all of your purchase invoices, so we expect to receive your information about two weeks after the VAT return period.

Personal tax return information should be sent in once all information required has been received since P60s are often not sent out until May.

For any other services or any issues with the above, please contact us for more details.

FAQ 10 – Is my car a company car?

It depends on what the business structure is, what you use the car for and the type of vehicle it is e.g. van, car etc. We will give you advice on the most effective way to treat this. Please call for more information.

FAQ 11 – What is RTI payroll and do you provide this service?

RTI payroll is essentially a new way of transferring payroll information to HMRC.  It supplies HMRC with information on the payment of salaries to employees on or before the date on which it is paid.  This takes place of the P35 year-end return that you may be more familiar with.

As you can imagine, the RTI system adds another complication to the day-to-day running of your business, and the jargon attached to the system doesn’t help either.

Sadler Joyce can help you with this.  Our payroll service is professional, flexible and RTI ready.  Please read our payroll page for more details.

FAQ 12 – How do I pay my tax bill?

As you can imagine, a lot of people call us to ask how to pay their tax bill.  It’s not much fun, but it’s one of those things that has to be done!  We have a little section on this on the useful links part of our web site.