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Welcome to Teichman and Sharkey Accountants & Tax Consultants

For professional friendly advice call us on 01207 282373

We have listed below a sample of frequently asked questions together with the answers. Should you have any further questions or need further advice on any aspects of accountancy please contact us for friendly professional advice.

Q Should I be in the Self-Assessment system?

A The answer is yes if any of the following apply.

If any of the above applies you will need to complete a self-assessment tax return for our help with this please contact us for a free no obligation quotation.

Q I received a letter from HMRC opening an enquiry into my tax affairs. Can you help?

A We can assist with any compliance work necessary to resolve a HMRC enquiry (additional fees may apply). We also offer an annual Fee Protection Insurance which will cover accountancy costs during an investigation.

Q I have heard a lot about RTI. What does that mean for me?

A RTI is compulsory. If Teichman and Sharkey prepare your payroll you need do no more, as we are compliant with the new RTI scheme. However should you prepare your own payroll you are faced with additional filing requirements. Should you require assistance preparing your payroll using RTI please contact us and we can tutor you step by step through the process.  

Q Can I deregister from paying VAT?

A The deregistration threshold is £83,000. If your VAT taxable turnover for the year is less than or equal to £83,000, or if you expect it to fall to £83,000 or less in the next 12 months, you can deregister for VAT. We can assist you with the relevant forms.

Q If I decide to employ staff can you help me?

A From setting up your payroll scheme to preparing your weekly, fortnightly, four weekly or monthly wages and year end returns we can offer our services in this area. However if you prefer the more hands on approach and would like to prepare your own wages we will continue to help you by training you and subsequently ensuring you do not overlook any elements of a complex topic.

Q I have received an Confirmation Statement return form. What do I do with it?

A As we offer company secretarial service, to clients, we will undertake this on your behalf. All you need to do is forward the form to the office.

Q I think I have paid too much tax. Can I claim a refund?

A Yes of course, if too much tax has been paid we can make a claim for a refund on your behalf. If this has happened in previous years we can also backdate claims. Please call the office to make an appointment to see our tax specialists.

Q Why do I have to use my mobile phone to login to HMRC online tax account?

A HMRC have made it a requirement for all businesses using their online tax accounts to register for 2 Step Verification (2SV). The result of this minor change means greater security for customers and a safer experience when using our online services.

Q I want to set up a Limited Company. Ho do I go about this?

A Ring us with your preferred company name and we will undertake your company formation. We can assist you with company formations by offering you a full company formation package which includes advice on your company structure along with same day formations if required. There's more to consider than just buying a cheap readymade company on the internet!

Q How do I reduce my family’s inheritance tax (IHT) bill when I die?

A For the tax year 2017/18 no IHT is charged on the value of your estate up to £325,000, this is known as the nil rate band, everything above this is taxed at 40%. There are a number of options to reduce your family’s IHT bill based on your individual circumstances. You should seek our professional advice in this highly complex area.

Q I am unsure how to keep my books and records. Can you help me?

A We can provide you with tailor made accountancy package to assist you with your book keeping requirements, whether this be manual or computerised. This area need not be difficult or daunting with our help. We will provide you with essential step by step training working at your pace. Alternatively we can undertake your book keeping, prepare management accounts and VAT returns, if required, at your premises or in house.  In addition we can work with you to offer a hand in hand combination of the two providing you with the unique service your business requires.

Q How do I become one of your clients?

A It’s easy changing to our firm it involves just one initial meeting with us and we take care of everything else for you. We look forward to meeting with you!

Q Am I better off using the flat rate scheme to prepare my VAT returns?

A This depends on your personal business circumstances. Please contact us and we will work with you to ensure you are using the VAT scheme which is most beneficial for your business.

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Please note tax rates and laws are subject to change, possibly retrospectively. The rules for individuals who are not UK residents or UK domiciles are different and therefore tax and local laws should be considered.