Question 1

What does a chartered accountant do?

Accepted Answer

A chartered accountant provides expert financial advice, prepares accounts, files tax returns, manages payroll, and helps businesses comply with HMRC regulations. As ICAEW members, we adhere to the highest professional standards.

Question 2

Why should I choose an ICAEW-registered accountant?

Accepted Answer

ICAEW members are held to rigorous professional and ethical standards, carry professional indemnity insurance, and undergo regular quality reviews. This gives you confidence that your finances are in safe hands.

Question 3

Do you offer a free initial consultation?

Accepted Answer

Yes. We offer a free, no-obligation 30-minute consultation where we discuss your needs, explain how we can help, and provide a clear quote for our services.

Question 4

What areas do you cover?

Accepted Answer

While our office is in Whitechapel, London, we work with clients across the UK. Most of our communication is via phone, email, and video call, so location is rarely a barrier.

Question 5

How do I switch my accountant to Edward CA?

Accepted Answer

Switching is straightforward. We handle the transition for you, including contacting your previous accountant for a professional clearance and transferring all records. There is no disruption to your business.

Question 6

When is the self assessment tax return deadline?

Accepted Answer

The deadline for online self assessment tax returns is 31 January following the end of the tax year. For example, the 2024/25 tax year return is due by 31 January 2026. Paper returns are due by 31 October.

Question 7

What expenses can I claim as a sole trader?

Accepted Answer

Common allowable expenses include office costs, travel, clothing (uniforms), staff costs, stock, marketing, and professional fees. We help you identify all legitimate deductions to reduce your tax bill.

Question 8

Do I need to register for self assessment?

Accepted Answer

You must register if you are self-employed, a company director, have rental income, earn over £150,000, or have other untaxed income. We can advise whether you need to register and handle the process for you.

Question 9

Do you support cloud accounting software?

Accepted Answer

Yes. We work with all major platforms including Xero, QuickBooks, FreeAgent, and Sage. We can set up your cloud accounting, train your team, and provide ongoing support.

Question 10

What is Making Tax Digital (MTD)?

Accepted Answer

MTD is an HMRC initiative requiring businesses to keep digital records and submit tax returns using compatible software. We ensure your business is fully MTD-compliant for VAT and upcoming income tax requirements.

Question 11

When 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 register voluntarily below this threshold if it benefits your business. We advise on the best approach.

Question 12

Which VAT scheme is right for my business?

Accepted Answer

Options include the standard scheme, flat rate scheme, cash accounting scheme, and annual accounting scheme. The best choice depends on your turnover, expenses, and cash flow. We analyse your situation and recommend the optimal scheme.

Question 13

What payroll services do you provide?

Accepted Answer

We handle weekly, fortnightly, and monthly payroll runs, RTI submissions, P45/P60/P11D preparation, auto-enrolment pension management, and year-end reporting. Everything your business needs to pay staff correctly and compliantly.

Question 14

How much do your services cost?

Accepted Answer

Our fees depend on the complexity of your needs. We provide transparent, fixed-fee quotes after our initial consultation so there are no surprises. Contact us for a personalised quote.

Question 15

Do you offer monthly payment plans?

Accepted Answer

Yes. We offer flexible monthly payment plans that spread the cost of our services throughout the year, making budgeting easier for your business.

Question 16

Should I operate as a sole trader or limited company?

Accepted Answer

It depends on your income level, risk exposure, and growth plans. Limited companies offer tax advantages at higher income levels and limited liability, but involve more administration. We model both scenarios to show you the optimal structure.

Question 17

How do I close down a limited company?

Accepted Answer

You can either apply for a voluntary strike-off (if the company has been dormant or no longer trading) or go through a formal liquidation. We guide you through the process, ensure all final tax returns are filed, and handle Companies House notifications.

Question 18

What records do I need to keep for HMRC?

Accepted Answer

You must keep records of all income, expenses, invoices, receipts, bank statements, and payroll records. Limited companies must also keep board minutes and shareholder records. Records must be kept for at least 6 years. We help you set up proper record-keeping systems.

Question 19

What is the Corporation Tax rate for small companies?

Accepted Answer

Companies with profits under £50,000 pay the small profits rate of 19%. The main rate of 25% applies to profits over £250,000, with marginal relief available in between. We calculate the optimal position for your company.

Question 20

Can I claim for use of my home as an office?

Accepted Answer

Yes. If you work from home, you can claim a proportion of your household costs (heating, lighting, broadband, etc.) as business expenses. HMRC offers a simplified flat rate method or you can calculate actual costs. We advise on the most beneficial approach.

Question 21

What is the VAT flat rate scheme?

Accepted Answer

The flat rate scheme lets you pay a fixed percentage of your gross turnover as VAT, rather than calculating the difference between output and input VAT. It simplifies your VAT accounting and can reduce your bill if your costs are low. We calculate whether it benefits your business.

Question 22

Do you handle HMRC investigations?

Accepted Answer

Yes. If you receive an enquiry or investigation notice from HMRC, we represent you throughout the process, prepare all responses, and attend meetings on your behalf. Our professional indemnity insurance covers this work.

Question 23

Can you help with business plans and funding applications?

Accepted Answer

Yes. We prepare financial projections, business plans, and management accounts that support loan applications, investor presentations, and grant funding bids.

Question 24

What are payments on account?

Accepted Answer

Payments on account are advance payments towards your next tax bill, each equal to half of your previous year's tax liability. They are due on 31 January and 31 July. If your income has decreased, we can apply to reduce them.

Question 25

Do I need to file a tax return if I'm employed?

Accepted Answer

Most employees don't need to file a return as tax is collected through PAYE. However, you must file if you earn over £150,000, have rental income, are a company director, or have other untaxed income such as capital gains.

Question 26

What is auto-enrolment and do I need to comply?

Accepted Answer

Auto-enrolment requires all employers to automatically enrol eligible workers into a workplace pension scheme and make minimum contributions. If you have even one employee, you must comply. We manage the entire process for you.

Question 27

Can you help with R&D tax credits?

Accepted Answer

Yes. If your company undertakes qualifying research and development — including software development, process innovation, or scientific research — you may be eligible for significant tax relief. We assess eligibility, prepare the claim, and maximise your benefit.

Question 28

How long does it take to set up a limited company?

Accepted Answer

Company formation with Companies House typically takes 24-48 hours. We handle the entire process including registering for Corporation Tax, VAT (if needed), PAYE, and setting up your cloud accounting software.

Question 29

What happens if I file my accounts late?

Accepted Answer

Late filing with Companies House incurs automatic penalties starting at £150 (up to £1,500 for over 6 months late). HMRC also charges penalties for late corporation tax returns. We track all deadlines and ensure timely filing.

Frequently Asked Questions

General Questions

Tax & Self Assessment

Bookkeeping & Records

VAT

Payroll & Pensions

Fees & Pricing

Still Have Questions?