Client Reviews

 

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We pride ourselves on our professional knowledge and expertise.

Limited Companies
 
  • How much can I pay myself?
  • HMRC
    How much can I pay myself?
     

    Tax Elite will advise you on what you can pay yourself for a monthly salary, we’ll provide you with a salary payslip each month. This provides guidance on your net salary that you can pay yourself on a monthly basis. You also have the option of taking some dividends, which are paid from remaining company profits.

  • How do I pay myself
  • HMRC
    How do I pay myself
     

    Simply transfer funds from the limited company bank account to your personal account. Payments are normally net salary (after deducting Income and National Insurance), dividends or a combination of the two, depending on the IR35 status of each contractual engagement, which we can provide advice on. But remember, salary and dividend payments should be made as separate transactions, we will do all the calculations for you and tell you what to pay yourself, you need to make the payments from your company bank account.

  • Do I need a company bank a/c?
  • HMRC
    Do I need a company bank a/c?
     

    Yes you will need to open a business (company) bank account, as the Limited company is a legal entity and therefore requires an account specifically in its own name. Tax Elite are able to refer clients to banking providers who have knowledge of freelancers and contractors.

  • How much dividend can I pay myself?
  • HMRC
    How much dividend can I pay myself?
     

    Tax Elite will work out a dividend you can pay yourself monthly, then typically we will give you an amount to pay at the year end of the company. Dividends are paid to shareholders, so we will make sure the payment reflects the number and class of shares held. We will also make sure that dividends are only paid out of distributable proftis, as there are penalties on you as a Director if this is incorrect.

  • Can I make a claim for use of home as office?
  • HMRC
    Can I make a claim for use of home as office?
     

    You may be able to claim for us of home as office if you pay rent or have a mortgage, but you will need to ask your personal account manager and provide him or her with details so that the amount to claim can be ascertained.

  • Can the company pay for a computer?
  • HMRC
    Can the company pay for a computer?
     

    Yes. If it is primarily for business purposes, but there may be a personal tax charge for personal use.

  • What can I claim for hotels?
  • HMRC
    What can I claim for hotels?
     

    For hotels or accommodation, if you are away on business overnight, you can claim the cost of the room. You can also claim expenses for rented accommodation if you need it for business purposes as long as it is not your personal private residence.

  • What about entertaining or personal expenditure?
  • HMRC
    What about entertaining or personal expenditure?
     

    Any business entertaining is not tax deductible, so there is no advantage in paying using the company, personal expenditure is not deductible AND will be penalised as a loan, which is not advisable as you will end up paying more personal tax.

  • Can I have a company car?
  • HMRC
    Can I have a company car?
     

    The company may provide you with a company car and fuel for personal use. However, this will create a taxable benefit in kind (based on the actual list price of the vehicle and not the purchase price). We can help you decide if it is better for the company to provide a car, or for you to use a private car and reclaim mileage. Normally it will not be beneficial for you, so please be aware before purchasing a car using the limited company.

  • Will you do my sales invoicing?
  • HMRC
    Will you do my sales invoicing?
     

    Yes we can do your sales invoicing for you, but there will be additional charges, please contact your personal account manager with details and we will charge a fixed amount per invoice. T

  • Does my company need to be VAT registered?
  • HMRC
    Does my company need to be VAT registered?
     

    A business is not required to be VAT registered until its turnover exceeds £77,000. A business can register voluntarily if its turnover is below this limit. In many instances it can be beneficial to be VAT registered. Your Personal Account Manager is able to advise you on this, should you require further guidance.

  • What Insurance does the company need?
  • HMRC
    What Insurance does the company need?
     

    Employers’ liability isn’t a requirement if you are the sole director and shareholder, however if you intend to have a second shareholder or employ anyone in your company it is advisable to consider employers’ liability insurance. Public liability is recommended you may also wish to consider professional indemnity insurance (this may also be required by your customer).

  • What are the deadlines?
  • HMRC
    What are the deadlines?
     

    You should us copies of your bank statements and receipts and sales invoices records of your business transactions each month within 10 days of the previous month end. It is important that we receive everything in good time, to meet your return deadlines. Always remember that your records should be comprehensive and accurate for us to provide high quality services and advice to you. We will advise you of all the deadlines for payment of your personal and corporate taxes.

  • How quickly can I get up an running?
  • HMRC
    How quickly can I get up an running?
     

    To activate your Tax Elite account you need an active limited company, a business bank account, and your historical accounting data from your previous accountant (if applicable). If you have these, your account can be set up in approximately 1 hour.

    If not, your team will help you get set up. Your account managers can form your limited company, send you information on opening a business bank account, and transfer your accounting data over from your old accountant. The longest element of this, is the opening of a business bank account which normally takes 1-3 weeks.

  • Do I need to learn how to use your bookeeping software?
  • HMRC
    Do I need to learn how to use your bookeeping software?
     

    No, we do all the bookeeping for you, unlike virtually all accountancy “cloud-based” services there is no need to learn complex software or do bank reconciliations, all you need to do is learn how to scan your documents using your smartphone or tablet and send us your bank statements by email. Or if you prefer you can post them to us each month in a FREEPOST envelope.

  • Can I sign up online?
  • HMRC
    Can I sign up online?
     

    To become a Tax Elite client we must legally perform various background security checks, which cannot be done online unfortunately. An advisor will contact you to start this process, and once we have brought you on board, an advisor will help you get acquainted with your account and the Tax Elite service.

  • Is there a minimum contract term?
  • HMRC
    Is there a minimum contract term?
     

    No there is no minimum term, we have never had the need to operate any kind of tie-in and we do not charge penalties. You are free to leave our services at any time, and we will not charge any exit fees or administrative costs.

Tax Elite
 
  • How easy is it to switch to Tax Elite?
  • HMRC
    How easy is it to switch to Tax Elite?
     

    There are a number of ways we can transfer new users over from another accountant.
    Once you join Tax Elite your team will help with the switching process, including contacting your old accountant and arranging for the transfer of records, and notifying HMRC and Companies House of the change.

    If you need to transfer within 3 months before year end then we would charge you 3 months upfront. Please contact us for individual details.

  • How much support do I get?
  • HMRC
    How much support do I get?
     

    Your team are there to help you run your business. We know there are many aspects of bookkeeping and finance which are confusing, so our accountants and account managers are trained to help with just about anything you care to throw at them.

    Your personal account manager will send you reminders to help you stay on top of your books in preparation for key dates in your financial year, making sure you avoid any fines and stay on the right side of HMRC.

    If you have a specific accounting or tax query, you can email us and we will get back to you within 24 hours, you can also request a callback from us, in which case we will call you within 24 hours on weekdays and we will provide you with upto 90 minutes of phone advice per annum.

  • How much expertise does Tax Elite have?
  • HMRC
    How much expertise does Tax Elite have?
     

    All our accountants possess professional qualifications, there are no trainees or unqualified staff at Tax Elite, we also undertake a programme of continuing professional development to keep them bang up-to-date with accounting and tax legislation.

    Our accountants have a range of qualifications from the Association of Accounting Technicians (AAT), Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in England and Wales (ICAEW). Our team of expert accountants and tax specialists is overseen by our Senior Partner Gerry Thomas. Gerry has worked as Director at Ernst & Young, a “Big 4″ firm, and one of the largest accountancy practices in the world.