Frequently Asked Questions

ApC Accountants provides a wide range of accountancy, tax and business advisory services for businesses and individuals.

Our services include year-end accounts, Corporation Tax returns, Self Assessment tax returns, tax planning, VAT returns, payroll, bookkeeping, CIS returns, CT61 returns, management accounts, business advisory support and Making Tax Digital compliance.

We work with sole traders, partnerships, landlords, limited companies, company directors, owner-managed businesses and individuals with more complex tax or accounting requirements.

Our aim is to provide clear, practical advice and reliable compliance support, tailored to each client’s circumstances.

The first step is to arrange an initial conversation with us.

This can be by telephone, video meeting or at our office. During the meeting, we will discuss your circumstances, understand what support you need and explain how ApC may be able to help.

We will also consider which services are likely to be relevant, what records or information we would need, and who within our team would be best placed to look after you.

After that, we can provide a tailored quotation and explain the next steps before you make any commitment.

Switching accountants is usually straightforward.

Once you have decided to appoint ApC, we will write to your existing accountant to request professional clearance and the information needed to take over your affairs. You will normally need to authorise your previous accountant to release your records to us.

We will then review the information provided, set up our internal records, deal with agent authorisations where required and agree the next steps with you.

Our aim is to make the transition as smooth as possible and to ensure deadlines and compliance matters are properly managed during the handover.

ApC provides more than basic accounts and tax return preparation.

We aim to give clients clear, practical and commercially focused advice throughout the year. Our work includes compliance support, tax planning, business structure reviews, management information, payroll, VAT, bookkeeping and wider business advisory services.

We are based in Mansfield and work with clients across Nottinghamshire, the wider East Midlands and throughout the UK. Many of our clients work with us digitally, allowing us to support businesses and individuals effectively wherever they are based.

Our clients include owner-managed businesses, company directors, sole traders, partnerships, landlords and individuals with more complex accounting or tax requirements.

Our approach is to build long-term relationships, understand our clients properly and provide advice that is technically sound, practical and easy to understand.

Starting a business is exciting, but the decisions made at the beginning can have long-term tax and commercial consequences.

We can help you consider:

• Whether to trade as a sole trader, partnership or limited company
• HMRC registrations
• Companies House registration where relevant
• VAT registration
• Payroll setup
• Bookkeeping systems
• Making Tax Digital requirements
• Tax planning
• Business bank accounts
• Practical financial planning

We can also explain what records you need to keep, what deadlines will apply and what ongoing accountancy support may be useful.

Taking advice early can help avoid costly mistakes and make sure the business starts with the right structure and systems.

You are not legally required to have an accountant when starting a business, but taking advice early is usually worthwhile.

An accountant can help you choose the right structure, understand tax registrations, set up bookkeeping properly, plan for VAT and payroll, and avoid common mistakes.

For example, choosing between sole trader and limited company status can affect tax, National Insurance, legal responsibilities, administration, public perception and future planning.

Good advice at the start can save time, reduce risk and help you understand your responsibilities before problems arise.

There is no single answer that suits everyone.

The right structure depends on your expected profits, tax position, commercial risks, personal circumstances, administration requirements and future plans.

A sole trader structure can be simpler and easier to administer, but the individual is personally responsible for the business. A limited company can offer a different tax and legal structure, but it also involves more administration, company law requirements and public filing obligations.

We can review your circumstances and explain the advantages and disadvantages of each option so that you can make an informed decision.

A company should normally be registered before it starts trading as a limited company.

Before incorporating, it is worth considering whether a company is the right structure. This will depend on tax, commercial risk, administration, expected profits, future plans and personal circumstances.

If a limited company is appropriate, we can help with incorporation, Companies House registration, HMRC registrations, share structure, accounting records and practical next steps.

We can also explain the responsibilities of directors and the ongoing filing requirements that apply to companies.

Tax deadlines depend on your circumstances, business structure and the taxes that apply to you.

Common deadlines include:

• Limited company accounts: normally due at Companies House 9 months after the company year end.
• Corporation Tax return: normally due 12 months after the end of the accounting period.
• Corporation Tax payment: normally due 9 months and 1 day after the end of the accounting period, unless quarterly instalment payments apply.
• VAT returns and payments: usually due 1 month and 7 days after the end of the VAT period.
• PAYE submissions: usually due on or before employees are paid.
• Self Assessment tax return: online filing and balancing payment normally due by 31 January following the end of the tax year.
• Self Assessment payments on account: due on 31 January and 31 July where applicable.
• Making Tax Digital quarterly updates: due after each quarterly period where MTD for Income Tax applies.

We will advise you of the specific deadlines relevant to you and help you plan ahead.

The information required depends on your business, the quality of your bookkeeping records and the type of accounts being prepared.

Typically, we may need:

• Bookkeeping records
• Access to Sage, Xero, QuickBooks, FreeAgent or other accounting software
• Bank statements
• Credit card statements
• Sales invoices
• Purchase invoices
• Loan agreements
• HP or finance agreements
• Legal agreements
• Payroll records
• VAT returns
• Stock or work in progress details
• Details of significant transactions during the year

We can provide a tailored information request so that you know exactly what is needed.

We work closely with owner-managed businesses and company directors to review their tax position and business structure.

This can include reviewing Corporation Tax, Income Tax, VAT, PAYE, director remuneration, dividends, business structure, shareholder matters and future planning opportunities.

Our aim is to help clients structure their affairs efficiently, commercially and compliantly. We also consider the practical and commercial implications of any planning, not just the tax result.

Tax planning should be reviewed regularly because tax rules, business profits and personal circumstances can change over time.

Our fees depend on the work required.

The cost will vary depending on your business structure, the complexity of your affairs, the quality of your records, the number of services required and the level of support you would like from us.

For example, a straightforward tax return will usually cost less than a limited company requiring accounts, Corporation Tax, payroll, VAT, bookkeeping and management accounts.

After an initial conversation, we can provide a tailored quotation so that you understand the likely cost before deciding whether to proceed.

The records you need to keep depend on your business and tax position.

These may include:

• Sales invoices
• Purchase invoices
• Bank statements
• Credit card statements
• Receipts
• Payroll records
• VAT records
• Loan agreements
• HP and finance agreements
• Rental property records
• Mileage records
• Business contracts
• Digital bookkeeping records

Good records are important because they support your accounts and tax returns, help you understand your business, and reduce the risk of problems if HMRC asks questions.

We can advise on suitable bookkeeping systems, including Sage, Xero, QuickBooks and FreeAgent.

The expenses you can claim depend on the type of business, the nature of the cost and whether it has been incurred for business purposes.

Some expenses are fully allowable for tax, some are partly allowable and others are not allowable.

Common areas include travel, motor costs, home working, telephone, software, professional fees, insurance, staff costs, training and equipment.

We can advise on the expenses relevant to your business and help ensure claims are reasonable, properly supported and compliant with tax rules.

For most limited companies, Corporation Tax is payable 9 months and 1 day after the end of the accounting period.

The Corporation Tax return is normally due 12 months after the end of the accounting period.

Larger companies may need to pay Corporation Tax by quarterly instalments, with some payments due before the end of the accounting period.

We can calculate the Corporation Tax due, advise on payment deadlines and help plan for the tax liability in advance.

If you miss a tax deadline, HMRC may charge penalties and interest.

The consequences depend on the type of tax, how late the return or payment is, whether there have been previous failures and whether there is a reasonable excuse.

If a deadline has been missed, it is usually best to deal with the issue as soon as possible. We can help you understand what has happened, bring your tax affairs up to date and, where appropriate, assist with penalty appeals or mitigation.

We can also help put systems in place to reduce the risk of future missed deadlines.

Making Tax Digital, often referred to as MTD, is an important change for many sole traders, landlords and individuals with property or self-employment income.

We can help you understand whether MTD applies to you, when you need to comply, what records you need to keep and which software or digital system may be suitable.

Our support can include:

• Digital bookkeeping advice
• MTD-compatible software support
• Quarterly update preparation and submission
• Reviewing bookkeeping records before submission
• Helping you understand your tax position during the year
• Ongoing compliance support

Some clients prefer us to deal with the bookkeeping and submissions for them. Others prefer to keep their own records and ask us to review them. We can provide as much or as little support as you need.

Payroll is an important compliance area and errors can create problems for both employers and employees.

ApC can help with payroll processing, payslips, Real Time Information submissions, Auto Enrolment, statutory payments, student loans, pension contributions, payroll year-end procedures and reporting to HMRC.

Combining payroll with your wider accountancy and tax support also allows us to consider director remuneration, staff costs, benefits and compliance matters together.

Our aim is to provide a reliable payroll service that helps employers meet their obligations and gives employees clear and accurate pay information.

VAT can be complex, particularly where a business has different income streams, exempt income, property transactions, international transactions or changing turnover levels.

ApC can help with VAT registration, VAT returns, Making Tax Digital for VAT, VAT reviews, bookkeeping checks and advice on VAT treatment.

We also review VAT matters alongside accounts and tax work where relevant, helping identify issues early and reducing the risk of errors.

Our aim is to help clients meet their VAT obligations while making sure the VAT treatment applied is appropriate for their circumstances.

VAT registration is normally required when your taxable turnover exceeds the VAT registration threshold over a rolling 12-month period, or where you expect taxable turnover to exceed the threshold in the next 30 days alone.

The VAT registration threshold is currently £90,000.

Some businesses may also choose to register voluntarily, even if they are below the threshold. This can be beneficial in some circumstances, but it is not right for everyone.

We can help you monitor turnover, understand whether registration is required, consider voluntary registration and deal with HMRC registration where needed.

Yes. We support clients with the accounting, tax and financial aspects of business growth, acquisitions, disposals and restructuring.

This may include reviewing management information, considering tax implications, preparing financial information, reviewing business structures and helping clients understand the commercial impact of a proposed transaction.

Where specialist corporate finance, legal or financial planning advice is required, we can work alongside other professional advisers.

Our role is to help clients understand the figures, the tax implications and the practical issues before making important business decisions.

Yes. A good accountant can help you understand your figures, improve financial control and make better business decisions.

This can include management accounts, cash flow forecasts, budgeting, profitability analysis, tax planning, business structure reviews and regular review meetings.

Accurate financial information is particularly important when a business is growing, taking on staff, investing, borrowing money or expanding into new areas.

At ApC, we aim to give clients practical advice based on reliable financial information and a proper understanding of their business.

Yes. We can help with the tax, accounting and financial aspects of buying or selling a business.

This may include reviewing financial information, considering tax implications, advising on business structure, preparing accounts or forecasts, and working with solicitors or other advisers during the transaction.

We are not corporate finance advisers, but we have practical experience supporting clients through business purchases, sales and reorganisations.

Early advice is important because the structure of a transaction can significantly affect the tax and commercial outcome.

Yes. We can prepare management accounts monthly, quarterly, half-yearly or at other intervals depending on what is useful for your business.

Management accounts can help you monitor profitability, cash flow, margins, overheads, debtors, stock, work in progress and other key performance indicators.

We can also arrange review meetings to explain the figures, discuss performance and identify practical actions.

Management accounts are particularly useful for growing businesses, businesses with tight cash flow, businesses with external finance, and owners who want better information during the year rather than waiting until the year-end accounts are prepared.

Inheritance Tax planning usually starts with understanding your estate, your family circumstances, your objectives and the assets involved.

We can help review your position and explain potential planning options, including lifetime gifts, use of allowances and reliefs, business assets, property ownership and wider succession planning considerations.

Inheritance Tax planning often needs to be considered alongside legal advice, wills, trusts and financial planning. Where specialist advice is required, we can work with your solicitor or financial adviser.

The aim is to help you understand your options and plan ahead in a tax-efficient and practical way.

If you receive an HMRC enquiry or compliance check letter, you should contact us as soon as possible.

It is important to understand exactly what HMRC is asking for, the tax years or returns involved, and the deadline for replying. We can review the letter, advise on the appropriate response and deal with HMRC on your behalf where authorised.

Clients who are covered by our Fee Protection service may have our professional fees covered, subject to the policy terms and exclusions, where the relevant return or matter is covered.

Early advice is important because HMRC enquiries can become more difficult if deadlines are missed or incomplete information is provided.

If you receive rental income, you may need to report it to HMRC through Self Assessment.

Whether a tax return is required depends on the amount of rental income, the level of expenses, whether there is a profit, and your wider circumstances.

We can advise whether you need to register for Self Assessment, what income and expenses should be reported, and what records you need to keep.

We can also help landlords with property accounts, rental profit calculations, allowable expenses, mortgage interest restrictions, jointly owned property and Making Tax Digital requirements where relevant.

For company directors, profit extraction can involve a combination of salary, dividends, pension contributions, benefits, interest, expenses and other methods depending on the circumstances.

The most tax-efficient approach depends on company profits, cash flow, personal income, other shareholders, pension planning, tax rates and wider commercial factors.

We review director remuneration as part of our tax planning work and can recommend an approach that is suitable for your circumstances.

It is important that any planning is properly documented, commercially appropriate and compliant with company law and tax rules.

For company directors, salary and dividends are often considered together as part of remuneration planning.

The right approach depends on company profits, personal income, other shareholders, available reserves, National Insurance, pension planning, tax rates and wider personal circumstances.

A combination of salary and dividends is often used, but it should be reviewed regularly because tax rates and personal circumstances change.

We can review your position and recommend a suitable approach as part of your company and personal tax planning.

AI and automation are changing parts of the accountancy profession, particularly in areas such as bookkeeping, invoice processing, bank feed analysis, data review, document handling and management reporting.

At ApC, we use technology where it can improve efficiency, accuracy, analysis and client service.

However, technology does not replace professional judgement. Clients still need experienced advisers who can interpret the figures, understand the tax rules, identify risks and provide practical advice.

Our approach is to combine modern technology with human expertise, so clients benefit from efficient systems as well as clear, informed and commercially sensible advice.