Frequently asked questions
Find quick answers to your questions.
Can Assist help me with VAT registration and de-registration?
Absolutely. We can advise and track when you should register (or if you want to de-register) and will handle the process for you.
You are legally required to register for VAT when you exceed the VAT threshold. Sometimes it may be useful to register for VAT before your turnover reaches the threshold. Contact us if you would like to find out more.
What does Assist need from me?
For us to best help your business out, and to meet any immediate deadlines, we need to ensure all the relevant information is provided on time. We will set this up and discuss the different options with you in your free consultation.
What is an Authorised Agent?
We act on your behalf in terms of any HMRC and companies house dealings. For us to be set up as your agent, we need to request an agent authorisation code (or numerous depending on which service you require. An authorisation code may need to be requested for VAT, Self-assessment, Corporation tax and PAYE). The code(s) will be sent to the same address HMRC holds for that specific tax. It is therefore important that your records with HMRC are always up to date. We will then ask you to send us your allocated code within a specified timeframe in order to complete the authorisation.
How easy is it to switch to Assist?
Switching to Assist is pain free! We will contact your previous accountant and arrange for the transfer of records. We will also notify HMRC and Companies House.
Should I start off as a Sole-Trader or go Limited?
Deciding to go limited or start up as a sole trader is a big one. If you are torn between going sole trader or setting up a limited company and need advice and guidance on whether it is the right thing for you, contact us and arrange a free consultation with a member of our team. We can advise on which business set up will be the most suitable for you. We also offer free limited formation when you sign up to account with Assist.
Can I continue using my current accounting software or do I have to use Xero?
We are multi-certified advisors, with Xero, QuickBooks and Clearbooks being some, we are happy for you to continue to use the software you feel most comfortable with. But if you are open to change, we would highly recommend Xero. Xero is now the leading online accounting software in the UK for small businesses.
Does Assist have an office?
Assist is primarily a virtual solution to your accounting needs. But we do have a physical office and arrange meetings with our clients when required.
Will my business be affected by Making Tax Digital (MTD)?
Currently, MTD only affects VAT registered businesses with a turnover above £85k.
Over the coming years, however, MTD will roll out for income tax as well, and maybe subject to further changes down the line.
The government continues to roll out MTD:
If you are either self-employed or are a landlord who has business or property income above £10k per annum, you will also need to follow the MTD rules for Income Tax from your next accounting period starting on or after 6 April 2023. You will then also need to use a cloud-based, compliant software to report your taxes.
Does MTD mean I have to use a cloud-based software?
If you are a VAT-registered business with a taxable turnover above £85K, Making Tax Digital (MTD) regulations require you to keep digital records and use a compliant software to submit your VAT returns.
You can choose to voluntarily join the Making Tax Digital service if you are a VAT-registered business below the threshold, but will be required to comply with the MTD rules starting on or after April 2022.
We are Xero Advisory Certified, and we provide software training for people who look to maintain their records themselves. If this is something you are interested in, get in touch to book a training session or to see how else we can assist you.
I am only a start-up, and am looking for support from an accountant. Can I afford it?
Assist tailor your package to your business’ precise needs. This means that you will never pay for services you do not use. Our fees are fixed, agreed in advance with no hidden charges. Call us to learn how we can help you.