Question 1

What services does 1st Accountants provide?

Accepted Answer

We offer comprehensive accounting services including tax planning, bookkeeping, payroll, VAT returns, self-assessment, company formation, business consulting, Making Tax Digital compliance, HMRC support, company accounts, and corporation tax returns. All services are delivered by ACCA Fellowship certified professionals.

Question 2

Are you ACCA certified?

Accepted Answer

Yes, our team holds ACCA Fellowship certification, the highest level of ACCA membership. We're also HMRC Recognised Agents, QuickBooks ProAdvisors, and Xero Partners.

Question 3

Do you serve clients across the UK?

Accepted Answer

Absolutely! While we're based in London, we serve clients across the entire United Kingdom. Our digital-first approach means we can provide expert accounting services to businesses anywhere in the UK.

Question 4

How much do your services cost?

Accepted Answer

Our fees vary depending on the complexity and scope of services required. We offer competitive, transparent pricing with no hidden charges. Contact us for a free consultation and personalized quote tailored to your business needs.

Question 5

When are self-assessment tax return deadlines?

Accepted Answer

Paper tax returns must be filed by 31st October following the end of the tax year. Online submissions are due by 31st January. Payment of any tax owed is also due by 31st January. We recommend submitting early to avoid last-minute stress and potential penalties.

Question 6

What is Making Tax Digital (MTD)?

Accepted Answer

Making Tax Digital is HMRC's initiative to digitise the UK tax system. Since April 2026, businesses with income over £50,000 must keep digital records and submit returns using MTD-compatible software. We provide full MTD compliance support and software integration.

Question 7

Do I need to register for VAT?

Accepted Answer

You must register for VAT if your taxable turnover exceeds £90,000 in any 12-month period. You can also voluntarily register below this threshold if it benefits your business. We can assess whether VAT registration is right for you.

Question 8

What are the current corporation tax rates?

Accepted Answer

For the 2026/27 tax year, UK corporation tax is 19% for profits up to £50,000 (small profits rate), with marginal relief between £50,000 and £250,000, and 25% for profits over £250,000. We help optimise your tax position within these brackets.

Question 9

How can I reduce my tax bill legally?

Accepted Answer

There are many legitimate tax planning strategies including maximizing capital allowances, claiming all eligible business expenses, utilizing dividend strategies, pension contributions, and timing income/expenses. Our expert tax advisors create tailored tax-efficient strategies for your business.

Question 10

What bookkeeping software do you recommend?

Accepted Answer

We're certified partners with QuickBooks and Xero, both excellent cloud-based platforms. The best choice depends on your business size, industry, and specific needs. We help select, implement, and train you on the right software.

Question 11

How often should I update my books?

Accepted Answer

Ideally, bookkeeping should be updated weekly or at least monthly. Regular updates ensure accurate financial reporting, easier tax compliance, and better business insights. We offer various bookkeeping support packages to keep your records current.

Question 12

When are Companies House filing deadlines?

Accepted Answer

Annual accounts must be filed within 9 months of your company's financial year-end. The confirmation statement is due every 12 months from your incorporation date or last filing. Late filings incur automatic penalties.

Question 13

What's the difference between management and statutory accounts?

Accepted Answer

Statutory accounts are legally required annual financial statements filed with Companies House and HMRC. Management accounts are internal reports produced monthly or quarterly for business decision-making. We prepare both types to meet your compliance and operational needs.

Question 14

Should I be a sole trader or limited company?

Accepted Answer

It depends on your circumstances. Limited companies offer tax efficiency, liability protection, and professional credibility but require more administration. Sole traders have simpler setup and less paperwork but higher tax rates at higher incomes. We provide detailed comparisons during consultation.

Question 15

How long does company formation take?

Accepted Answer

Standard company formation with Companies House typically takes 24 hours. We handle the entire process including name availability checks, incorporation documents, and initial compliance setup. Same-day incorporation is also available.

Question 16

Do I need a business bank account?

Accepted Answer

Yes, limited companies must have a separate business bank account. Sole traders aren't legally required to but it's strongly recommended for clear financial separation and easier bookkeeping. We can advise on business banking options.

Question 17

What ongoing compliance do limited companies need?

Accepted Answer

Limited companies must file annual accounts with Companies House, submit corporation tax returns to HMRC, maintain statutory registers, file a confirmation statement annually, and keep proper accounting records. We manage all compliance requirements.

Question 18

How do I get started with 1st Accountants?

Accepted Answer

Simply book a free consultation through our website, call us at +44 7342 421100, or email info@1staccountants.co.uk. We'll discuss your needs, explain how we can help, and provide a transparent quote with no obligation.

Question 19

Do you offer fixed-price packages?

Accepted Answer

Yes, we offer fixed monthly packages for ongoing services like bookkeeping and payroll. One-off services such as tax returns and accounts have fixed prices based on complexity. No hidden fees or surprise charges.

Question 20

How quickly do you respond to queries?

Accepted Answer

We aim to respond to all client queries within 24 hours during business days. Urgent matters are prioritized. Each client has a dedicated account manager who knows your business and provides personalized support.

Question 21

Can you take over from my current accountant?

Accepted Answer

Absolutely! We make the transition smooth and hassle-free. We'll liaise with your previous accountant to obtain necessary records and ensure continuity. Many of our clients have switched to us for better service and value.

Question 22

What information do I need to provide?

Accepted Answer

This varies by service, but typically includes business details, financial records, bank statements, invoices, receipts, and previous tax returns. We'll provide a specific checklist during onboarding and guide you through the process.

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