FAQs

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Personal

Can you advise me on a personal insolvency problem?

We can provide initial advice on the different solutions available to resolve a personal insolvency problem including:

Bankruptcy
Individual voluntary arrangements
Debt consolidation
Debt relief orders
Debt management plans


We work with licensed insolvency practitioners and other professionals to make sure the advice you get is appropriate for your needs. Please contact us today for a free initial consultation.

Can you help me to work out the tax position on some assets I have just inherited?

Inheritance Tax is usually paid on an estate when somebody dies. It's also sometimes payable on trusts or gifts made during someone’s lifetime. Most estates don’t have to pay Inheritance Tax because they are valued at less than the threshold (£325,000 in 2009-10). With Inheritance Tax it is always advisable to get specific professional help as the rules can be complex. Contact us to day to discuss your position and we will be pleased to help you.

How much will it cost to prepare my personal tax return?

No two tax returns are the same but as a guide our basic price for a tax return for an employee with some savings or investment income starts at £250 +VAT. If your tax affairs are more complex - for example you have property letting income, overseas income, an investment portfolio or capital gains - it will naturally cost more.

Remember our first consultation is always free and in most cases we can quote you a fixed price for dealing with your tax return so you know exactly where you stand. We provide a personal and professional service from a qualified accountant.

I'm being investigated by HM Revenue & Customs, can you help me?

We specialise in resolving HM Revenue & Customs (HMRC) investigations or disclosures in the most efficient, cost effective and timely manner possible. Investigations and conflicts with HMRC can create difficult and stressful times and so its important to have the right professional advice.

For a private discussion about how we can resolve your tax investigation and potentially save you money contact us without delay. Our initial discussion will be undertaken without charge. Although based in the south of England we can assist tax clients all over the country.

I'm thinking of becoming self-employed - can you help me with my books and accounting?

We offer a full range of services for businesses starting up-and small businesses including; bookkeeping, accounting, tax, payroll, compliance, business advice and planning. We can offer you an affordable solution to meet your needs.

Business

Can you act as my Accountant, even though I am not based nearby?

Yes. As long as we are able to physically meet with you at least once initially, to comply with the proof of indentification requirements of the current Money Laundering Regulations, we can act for you remotely. With telephone and e-mail we can offer the same high standard of service to remote clients as we do to our local clients.

Does my business need an audit?

Although all companies and limited liability partnerships (LLPs) have to submit some form of accounts to Companies House, these accounts don't have to be audited for financial years starting before 6 April 2008 if you:

- Qualify as a small company or LLP for the purposes of filing abbreviated accounts
- Have a turnover of not more than £5.6 million
- Have a balance sheet total of not more than £2.8 million

For financial years starting on or after 6 April 2008, to qualify for total audit exemption, a company must:

- Qualify as 'small'
- Have a turnover of not more than £6.5 million
- Have a balance sheet total of not more than £3.26 million

Small and medium-sized LLPs can take advantage of the higher thresholds for accounting periods starting on or after 1 October 2008.

How do I switch from my current accountant to Harrington Kelly?

We are required by the ethical guidelines of our professional body ACCA to follow a prescribed procedure but this is straightforward and we can guide you through it. We aim to make the transition to becoming a Harrington Kelly client smooth and problem-free.

How much will it cost me each year for you to look after my accounts and tax?

We charge our fees based on the time we spend on your affairs and the levels of skill and responsibility involved. As the requirements of no two clients are identical, neither are the fees. We would be pleased to quote in advance for our services, during a free initial consultation with you.

I just have a carrier bag of invoices and receipts and I need to work out where I stand - can you help?

The short answers is yes, most definately. We would rather all your records were organised and neatly filed ready for us but in the real world often it's not like that. Talk to us as quickly as possible before anything gets too out of hand and we can help you prepare accounts, manage your finances and pay the right amount of tax. 'Carrier bag' scenarios will inevitably take more time and incur some more cost but the risk from not doing anything is too great.

We are thinking of upgrading our accounting system - can you help us?

Definately - we are familiar with many of the accounting software packages on the market and we can give you independent advice on the right choice for your business. We also provide consultancy and project managment serrvices for clients looking to install a new system or upgrade.

Why do I need an accountant before I start my new business?

Before you set up your new business, you will need to decide what format it should be - will you operate as a sole trader, a partnership or a limited company? Each choice will have implications in respect of legal contracts, registering for VAT and the amount of credit your suppliers will allow your business.

Having decided on your format, you will also need to know what records you are legally bound to keep. This is important for the Tax Return you will be required to file with HM Revenue & Customs. If you don't get this right, you may face hefty penalties. Additionally, if you decide to employ staff you will need to know how to administer a pay roll including applying PAYE, national insurance rules and basic information such as maternity and paternity pay.

Checkout our fact sheet on business start-ups and contact us today for advice on your specific circumstances.