Frequently Asked Questions
Let Us Find You The Answers You Need
At Blueski Financial Synergy, we’re committed to making your financial journey as smooth and informed as possible. We’ve compiled answers to some of the most frequently asked questions about our services, processes, and expertise. Whether you’re a business owner, an individual, or a nonprofit, you’ll find valuable insights here to help you navigate your accounting needs with confidence.
If you don’t find what you’re looking for, please feel free to reach out directly. We’re here to help!
How do I change accountants? Is it easy?
It’s very easy to change from one accountant to another. Accountants, as a professional courtesy, must transfer information related to a client upon request.
This transfer of information is often called a Professional Clearance. We write to your previous accountant and request everything we require to begin your service with us. We include a letter, signed by you, authorising your previous accountant to release information to us.
How much do you charge?
We offer fixed fees linked to the value of what we provide, and our services are tailored to your specific needs. If you’re interested in our services, get in touch, and arrange a free Discovery Call with us, so we can discuss the service that best suits you – for the best price!
Do I really need an accountant?
We plan for the future not just reporting on the past, providing proactive help to set and achieve your goals along with tax planning advice. We take the time to understand your business, personal circumstances and your objectives, then remain in regular communication to discuss issues fully, to help you achieve your goals.
We are a “one-stop shop” for your accounting, taxation and business strategy – acting for you to help you grow your business and personal wealth. We respond to your needs quickly and effectively.
Having an accountant like us can give you peace of mind that everything related to your accounting and tax needs is done properly, we look after you, so you don’t need to worry – especially about under or overpaying tax.
The benefits of having an accountant can often outweigh any costs involved and remember: our costs are tax deductible for your business!
Can an accountant save me money in tax?
Yes, having an accountant can often save you money in tax. As ACCA Accountants, we’re always looking for the most tax efficient solution, to help save you money. We are obliged to do Continual Professional Development (CPD) every year to stay up to date.
We include a Business Review Meeting included, at no extra cost, which takes place prior to the end of your business’s year, so we can help you be as tax savvy and efficient as possible.
We also take the time to talk with you, so we know what your goals are, so we can help tailor your tax efficiencies to your goals.
What service do I need?
What service you need will depend on what type of business you operate and, sometimes, how big your business is.
If you’re a sole trader you may just need support with your self-assessment, or you might want to have a set of accounts prepared as well, so you can best see what’s going on in your business.
Limited companies will always need support with the preparation of statutory accounts and corporation tax returns, but the shareholder and/or directors might need a self-assessment as well. If you want to draw dividends, we make sure you comply with the rules.
Whether you operate as a sole trader business or limited company, you may need help with bookkeeping support, so you can spend your time on revenue and profit driving activities, rather than doing your own bookkeeping.
To take a look at our packages just click on the link – Packages
Should I set my business up as a sole trader or limited company?
Which option is best for you depends on a whole range of factors. We suggest getting in touch so we can discuss this further with you, so you can be sure you chose the right option for your circumstances.
If your businesses operates as a sole trader you do not have any legal differentiation between the business and you, so if you are sued for something that happens as part of your business dealings – like an accident or customer not paying a big bill, you are personally liable for any debts the business may incur.
As a sole trader you are taxed on the profits the business makes, not how much you have drawn out of the business,
A limited company is a separate legal entity, so in effect it has a separate birth certificate, the company is taxed on the profits that it makes, and you as the business owner are taxed on only the income have taken out.
Many small businesses operate as a limited company, because you can limit your income to the 20% tax limits. This means you can protect yourself from being taxed at taxed at 40 or 45%, if the business has a good year and you didn’t want to take all the money out.
What can I claim back through my business and/or tax return?
There are slight differences of what you can claim, depending on whether you operate as a sole trader or limited company business, or you’re a landlord of a residential property or furnished holiday let property.
Which accounting and finance system is best?
We include QuickBooks or Xero free of charge to our clients, because they are modern, dynamic and have different versions that we best can use to best support you. They both connect to other software, to help you efficiently streamline ways of working.
Both can accommodate multiple users at any one time, with no issues. They both have a full suite of reports, and helpful features to cut down the time it takes for you to manage your business, like repeating invoices for monthly service invoicing.
You can create invoices on your phone or tablet while on the go, and automatically link to your business bank account using bank feeds, to pull your bank transactions directly into the system for you, without you having input, or download the transactions from the bank and upload them into the system.
Are you taking on new clients right now?
Yes, we are taking on new clients right now.
If you’d like a free, no obligation, Discovery Call, and initial Strategy Session, get in touch!
Can I do my own small business accounting?
The simple answer is yes as a small business you can do your own accounting. A sole trader can complete their own self-assessment with HMRC, and a limited company can file accounts with Companies House and HMRC.
However, we often find that our fees save you money by delivering lower tax bills, as being Chartered Certified Accountants we have a better understanding of the complexity of tax laws. Also, it can take you a long time to do these yourself, and you won’t know if they are right until HMRC ask you to prove they are – that can be a traumatic experience.
Limited Company Accounts are different as your accounts need to be attached to a corporation tax return in a format called ‘iXbrl’, which requires specialist software. Company Annual accounts also have to be in accordance with UK accounting standards, so while it may appear that accountants just use a ‘template’, we do have to check that all the required disclosures are included and up to date.
How do you keep and prepare a small business accounts?
Small business accounting can seem quite onerous and take up a lot of time, which is why we recommend using a small business accounting package. These can save you time as they automate a most of the data entry required to keep accounting records.
Most cloud accounting software packages automatically import transactions from the bank account, send invoices directly and automatically via e-mail, can send regular automated reminders and can instantly tell you how much money the business is owed and owes.
Small business accounts do not have to be maintained digitally.
Is bookkeeping and accounting the same?
No, bookkeeping and accounting are not the same.
Bookkeeping is the recording and maintenance of accounting records for your business. Accounting is the interpretation and presentation of the records.
The main difference is that accounting will produce reports on how much profit your business is making, prepare forecasts and calculate taxes due.
What’s the difference between a sole trader and small business?
Small businesses generally trade as a Sole Trader or Limited Company.
If your businesses operates as a sole trader you do not have any legal differentiation between the business and you, so if you are sued for something that happens as part of your business dealings – like an accident or customer not paying a big bill, you are personally liable for any debts the business may incur.
As a sole trader you are taxed on the profits the business makes, not how much you have drawn out of the business,
A limited company is a separate legal entity, so in effect it has a separate birth certificate, the company is taxed on the profits that it makes, and you as the business owner are taxed on only the income have taken out.
Many small businesses operate as a limited company, because you can limit your income to the 20% tax limits. This means you can protect yourself from being taxed at taxed at 40 or 45%, if the business has a good year and you didn’t want to take all the money out.
What records does a small business need to keep?
You need to keep all sales invoices, and cost invoices and receipts for things you purchase, for 7 years.
HMRC can enquire up to 7 years in the past, which is why you must keep these records – in case you’re ever asked to prove something from during this time.
We provide Dext free of charge to all our clients, which helps with record keeping. Dext is HMRC compliant, meaning it will keep a picture of all transactions for the required period. This means you don’t need to keep the physical copy, if you don’t want to – which is efficient and saves on storage and filing space.
You need to maintain records detailing all business transactions including goods and services brought and sold, money spent and received in the bank account, assets that the business owns such as computer equipment and vehicles, money that the company is owed such as outstanding sales invoices, money that the company owes such as business expenses not paid for, VAT and corporation tax. Businesses also need to keep a record of the stock the company owns at the end of the financial year.
If the business is VAT registered then under making tax digital, HMRC requires businesses accounting records to be submitted digitally. Normally this is through using online accounting software.
Limited companies have to keep more detailed records than sole traders, as they have to be compliant with both HMRC and Companies House. Company directors are required by law to maintain the company records. These records include records about the company and accounting records.
Records about the company are also known as the statutory books (this includes details of directors, shareholders, share transactions, share certificates and charges) and accounting records.
Which one of our services is best for you?
We work with small business owners across multiple industries, providing a reliable service supporting them to grow their business.
Whatever you small business dilemma: Maybe you are looking to start a new business and need assistance with your company formation and accounting software? Or perhaps you simply want some advice on tax efficiency or tax relief? You will want a package of services that are tailored to your needs.
Our services range from preparation of annual accounts and tax returns, right through to a fully outsourced finance function giving complete peace of mind.
You get free cloud-based accounting software as part of the service and Dext, (the best image capturing software to easily capture cost invoices and receipts), which enables us to deliver an excellent service, timely and relevant expert advice.
You get a dedicated account manager so there is only one point of contact to deal with.
Your accounting package is provided on one of three levels.
- Choose our Accounts & Bookkeeping package if want to ensure that all deadlines are met including annual accounts, corporation tax returns, payroll, VAT returns, self-assessment and CIS.
- Choose our Company Accountant package if you want to understand where your company’s finances are and if they are on track. Services include all the core services above plus quarterly or management accounts., cashflow planning, forecasting and business review meetings.
- Choose our Financial Controller package if you want more than just to understand where your company’s finances are and if they are on track. Services include all the core services above in the above two plus: an annual budget (so that you can see your actual performance vs. target), business review meetings (to discuss progress), advice on cashflow and funding.
You can also opt for our Virtual Financial Director service if you want a financial expert to help you set a clear direction and plan in order to achieve your vision (including monthly meetings accompanied with a fully integrated monthly departmental management pack). We can help you to create fully resourced finance department service, add to or replace what you already have, to make sure you have a modern and efficient finance department.
What is a small business?
Small businesses tend to be run by their owners, from a self-employed individual running their own business through to a group of business owners running a ‘SME.’
Small and medium sized businesses make up 99% of the UK’s economy, so we see you as a hero.
To help you, our definition of a small business buiness, is a business with annual sales of less £200k and less than 5 employees. If your business is bigger than that, or you are very ambitious, one of our more comprehensive packages might be a better fit.
The companies act definition of a small business is one that has less than £6.5 million turnover, a balance sheet of less that £3.26 million and does not have more than 50 employees.