M Watson Accountancy Services Ltd
Professional and Affordable Accountancy and Taxation Services for the Smaller Business
office@mwatsonaccountancy.co.uk
Telephone 07491 044688
Yes, your first consultation is free and we will give a no obligation quote. We simply need to establish your type of business, details of records kept, volume of transactions etc. Should you choose to sign up with us as a client we will need to see a form of photographic ID and in some cases additional details for example a recent utility bill showing your current address.
I need to appoint an Accountant/I'm thinking of changing Accountants. Do you offer a free consultation?
Why do you need a copy of my ID?
All clients are subject to the same Customer Due Diligence checks and identity verification. This is a requirement of the Money Laundering Regulations 2017 and as a member firm, M Watson Accountancy Services Ltd is supervised for this by the Institute of Financial Accountants.
You may (or may not!) feel a loyalty to your existing Accountant for whatever reason. You don't have to contact them to tell them you are leaving - it's not compulsory.
We will contact them under the process of Professional Clearance, which is a standard procedure amongst accountants, however it is normal practice that they may contact you as a matter of courtesy.
I've decided to switch to you. What do I tell my existing Accountant?
Yes, if you've not already done so we can register you with HMRC for Self Employment and HMRC will then send you your Unique Tax Reference number (UTR).
We can also register you as a Partnership if you are setting up in business with someone else,
and can also assist you in setting up a Limited Company.
I'm setting up in business. Can you help?
A limited company is a separate legal entity, owned by shareholders and operated by the directors.
The directors are not personally liable for the company debts unless they have signed to agree to this, for example, in a personal guarantee.
Typically, a small owner-managed limited company will have the same shareholders and directors, so effectively you are employed by the company and receive salary and dividends.
There can be advantages to operating via a limited company, for example;
- a minimum salary provision will save Corporation Tax as it is claimable against profits, and
protect your own NI contributions.
- if a partner is leaving it is easier to continue the business
- the company name can be protected
- you can easily give a business share to others (e.g. family)
Should I set up a Limited Company?
My Company needs an Audit. Can you do this?
We do not undertake audit work as we are not regulated for this.
Do you charge by the hour if I contact you with a query?
Absolutely not. We fully understand that our clients continually have accountancy and tax queries relating to their business and need advice straight away. We will not charge for any routine telephone calls or contact during the course of our engagement.
You operate from a home office - How do you get my records?
Many ways. If you are based in the area we will happily come and collect them from you, or if you prefer you can drop them off. Many clients also keep their records electronically in software, spreadsheets or PDF files. We are happy for you to email these to us, or forward a memory stick, and if your software allows (and you give us authority) we can access these remotely and download what we need.
Do I need to be VAT registered?
If your business income is at the VAT threshold (or will be in the next 30 days), currently £ 85,000, your business is required to register for VAT and submit returns via the MTD gateway. The threshold is calculated using a rolling year basis. We can advise and assist on this.
Should I be worried about HMRC inspections?
HMRC has the power to investigate any business or taxpayer at any time, and can also go back as far as six years, even further in serious cases. It is therefore important that you maintain adequate accountancy and tax records and retain these for at least six years after the last period that they relate to.
MTD for ITSA (Making Tax Digital for Income Tax Self Assessment) is now scheduled to go live in April 2026 after many delays.
All accounting and tax records will need to be processed digitally, using accounting software or at the very minimum kept on spreadsheet, and four quarterly returns will need to be submitted electronically to HMRC, the fourth being the end of year final figures that will decide your final tax liabilities for the year.
You can find a lot of information about MTD ITSA and your responsibilities on the internet.
In due course we will be making the necessary preparations with advice from our software providers and organising clients into categories as necessary to fully prepare them for the major changes to come.
What's this Making Tax Digital I'm hearing so much about, and can you help?
If your question is not covered here please feel free to contact us - we will be more than happy to help