Frequently Asked Questions
If you can't find an answer to your question, please feel free to give us a call on 0113 873 0107 or e-mail across to our accountants at customer service on firstname.lastname@example.org
How long has the practice been operating?
Debits Credits is an established firm of registered Accountants, with a history that spans over the past years.
Why should I choose Debits Credits?
UK’s most affordable accountants who provide a fast and efficient service tailored to meet your requirements.
A professional bespoke service. All our accountants are qualified and certified who hold vast amount of experience from Public Sector Finance to Corporate Accounting.
Debits Credits offer a variety of services ranging from Accounts Preparation, Payroll Services, Corporation Tax, VAT services and Bookkeeping to name a few
Yes- that’s absolutely correct. We will register you for self-employment, complete your Tax Returns/ Self- Assessments and take care of all your Bookkeeping for just £99
Delivering our promises make to our clients love us. We aim to make the user experience of our services as smooth as possible therefore we offer you the following guarantees.
- One off fixed fee which are agreed in advance
- Prompt respond to all queries (telephone/email) within 1 working day
- An Agreed delivery date in advance
- Always ready offering support and advice at our office, your office or home.
How easy it is to change accountants?
Switching accountants is a very easy and simple procedure. All you need to do is inform your current accountants that they will no longer manage your accounts. We will then take it from there. We will arrange transfer of records, obtain copies of your accounts and tax computations, and notify HMRC and other government offices that we are looking after your business affairs.
Should I wait until after my year end before changing accountants?
No. There are often tax planning opportunities that can only be done before the year end. Waiting until after the year end may mean these opportunities are lost.
You seem to be offering so much that I’m just not used to from my present accountant. How do I know you will deliver?
As we are UK’s cheapest accountants, it may be hard for you to believe in the promises we make. However, if you look in the ‘about us page’, you will see that our mission and vision is to put a stop to the everlasting culture of clients being charged unbelievably high prices by Accountants who simply aim for profit maximisation. Our ethos is to create a friendly, affordable and efficient accountancy platform for everyone. For peace of mind, you can speak to some of our existing clients to see what exceptional services we have been providing them.
How do you charge me?
All fees are agreed upfront as part of our standard packages. You can pay using the secure online system, BACS transfer or cash. Whichever suits you!
I’m happy to go ahead. What do I do next?
Select one of the packages on our “Pricing” page and fill in your details. We will review and get in touch to book an introduction meeting, or give us a call and we’ll arrange a meeting to run through everything with you. At the meeting we’ll work out what package is best for you, agree any business objective or structural changes and get you signed up!
Will I be charged for my initial consultation?
Not a single penny for initial consultations -no obligations attached!
Can I work with you no matter where my business is based?
We're an online practice (with offices) so we will work with you using Skype, phone and email. Location isn’t an issue for us. If we feel you will benefit from our services more with a 1:1 appointment we will come to see you at your convenience so you can work with us wherever you are!
I’m too busy to think about this right now
Understanding your needs is our priority and how you feel about our service is our main objective. A lot of people are under pressure and when you’re trying to run a business it can often seem like there aren’t enough hours in the day. All you need to do is drop us an email or give us a call and we’ll take the stress away from you and work with you so you can manage your business activities more effectively and efficiently.
I am very busy during working hours- when can I contact you?
Our customer service helpline open 365 days a year from 8am-very late. We respond to emails within 1 hour. We can arrange to meet/speak to you outside of working hours, in the evenings or weekends at your convenience
What are the deadlines for Corporation Tax return filing?
The deadline for filing your corporation tax return is within 12 months of the end of your company’s corporation tax accounting period. Failing to submit your returns before the submission deadline will result in an automatic penalty charged by HMRC regardless of whether or not you owe any tax for that period. Once you sign up with us, it is our responsibility to submit your returns on time subjective to receiving all the information from you which we will collect in a timely manner.
What are the deadlines for Personal Tax/Self-Assessment filing?
Under self-assessment, a paper return must reach HMRC by 31st October and an online return by 31st January. If you fail to file the return within the deadline you automatically receive a £100 fine by HMRC regardless of whether or not you owe any tax for that period. The fine will keep increasing with the delay in submitting the returns.
Working closely with all our clients to ensure the returns are filed on time and any fines are avoided.
What is the current national minimum wage?
The current national minimum wage rate per hour depends upon your age and whether you are an apprentice. The current rates (April 2021) are as follows:
- for workers aged 25 years or more: £8.91 per hour
- from workers aged 21 to 24 inclusive: £8.36 per hour
- at the aged 18 to 20 inclusive: £6.56 per hour
- young workers aged under 18 (but above compulsory school age): £4.62 per hour
- apprentices aged under 18: £4.30 per hour
Do I need to purchase bookkeeping software?
You do not need to purchase bookkeeping software if your business is small. If your business is large or you have a lot of transactions- we can manage all your bookkeeping for you with our in house software which is the best offer in terms of value for money and service. However, you are more than welcome to purchase your own bookkeeping software.
Do I need to be VAT registered?
Yes- by law you are required to register for VAT is your turnover exceeds the VAT threshold of £85,000. You can however voluntarily register for VAT if this benefits your business. We are able to advise you on this.
Should I form as a Sole trader, Partnership, LLP or Limited Company?
The answer to this question depends on factors such as size and profitability of your business. There are different tax advantages for different structures of the business. We can offer advise on which structure is best suited for your business.