FAQs
How long will it take to prepare my accounts / tax return?
This is difficult to answer because it depends how complex your company or situation is. However, we do aim to turn around any set accounts / tax return within a month of receiving all the necessary information.
How long will it take me to receive my rebate?
This often depends on how efficient HMRC are at processing your claim. We do all that we can to speed up this process through prompt submission of your tax return, making sure there are no errors and chase HMRC after an acceptable amount of processing time.
Will I get any fines through no fault of my own?
No, certainly not - we have an excellent record of submitting all accounts and tax returns on time. However in the unlikely event that you receive a late submission penalty after giving us enough time to prepare the information we will pay the fine for you.
I live miles away from your office, is this a problem?
No, we have many clients that live many miles away from our office. As long as you can put your paperwork in a small box / envelope, we will happily arrange for collection. Or better still, if you have the files electronically, these can be sent and received via email or cloud based servers.
How can I take out money out of my company and how much?
This is a common question asked by most clients. In terms of taking money out of your company it is normally done so in one of two ways; payroll or dividends. Payroll is taken before corporation tax is paid whereas dividends are paid to shareholders after all taxes have been paid. The most tax efficient mix of the two is dependent on your personal and company circumstances. If you take too much, you risk making the company look in too much debt, too little and you risk under utilising tax allowances. To get this balance right, you should talk to your accountant on a regular basis so that he can make calculations based on changes in your earnings / circumstances. This is all part of the service at Mayday Accountants.
