FAQs

Through our many client engagements, Fitzmaurice McConville & Co Ltd has been able to provide a list of frequently asked questions, which you may find beneficial.  If you have a general query not covered below, please contact our offices.

 

I've just become self-employed. What do I do next?

When do I have to pay my tax by?

What books/records do I need to keep?

Do I need to register for VAT?

What is the deadline for filing P35's?

How does the pay and file system for Corporation Tax work?

Is it worth getting a computer to keep my accounting records on?

Is my company entitled to audit exemption?

The Tax Inspector is making enquiries in to my Tax Return. What should I do?

If I go abroad to work will I still have to pay UK tax?

 

 


 

I've just become self-employed. What do I do next?
You should let the Inland Revenue know as soon as possible that you are self-employed using form CWF1. CWF1 is available from our offices.  You should begin keeping records of your business income and expenditure straight away.  We would also strongly recommend that you speak to us as early as possible.

 

 




When do I have to pay my tax by?
Under the Self Assessment system the latest date by which tax for any tax year can be paid is 31 January following the end of that tax year on 5 April.  In some cases you will also have to make payments on account towards your liability on 31 January and 31 July.

 

 




What books/records do I need to keep?

Records of all business income and expenditure, together with supporting invoices/receipts.  Our staff can advise you on the proper records that need to be kept from the start of any business.

 

 




Do I need to register for VAT?
That depends upon whether the product or service that you are supplying is vatable or is exempt from VAT.  If your product or service is vatable you must register if your turnover exceeds, or is expected to exceed the current threshold, which is approx £64,000.

 

 

 



What is the deadline for filing P35's?
P35's must be filed by 19 May following the 5 April end of the tax year.  Payments however must be made by 19 April.

 

 




How does the pay and file system for Corporation Tax work?
For smaller companies, the corporation tax liability must be paid by 9 months after the end of the accounting period and the corporation tax return must be filed by 12 months after the end of the accounting period.  Larger companies must pay in quarterly installments.

 

 




Is it worth getting a computer to keep my accounting records on?
There is no simple right or wrong answer to this question. Ultimately it depends upon the size of your business, the volume of transactions and the suitability of an accounting package to the nature of your business.  Fitzmaurice McConville & Co Ltd can provide advice on either computerised or manual account records.

 

 

 



Is my company entitled to audit exemption?
That depends upon your company's turnover. The exemption figure has changed rapidly in recent years for both UK and ROI companies and charities. Contact one of our audit managers for details of the current threshold.  Even if turnover is below the threshold, shareholders in the company have the right to require an audit.

 

 




The Tax Inspector is making enquiries in to my Tax Return. What should I do?
Unfortunately you cannot ignore an enquiry, because it will not go away!  We would recommend consult our offices straight away.

 

 




If I go abroad to work will I still have to pay UK tax?
That depends upon whether or not you cease to be UK resident for tax purposes, which will in turn depend upon a number of factors, such as the duration of your stay abroad etc.

 

 

If you have another question that isn't answered on this page, then please contact us.