1. How long has Abu & Abu been operating?

Abu & Abu was established in 2011 and since then has been helping all kinds of businesses from the sole trader to the entrepreneur and the limited company with their accounts and tax affairs. We offer friendly, no obligation advice and support at a cost that is extremely budget friendly and highly competitive.

2. What are your qualifications?

We are fully accredited by ACCA (The Association of Chartered Certified Accountants) – a professional organisation that examines and regulates accountants worldwide. The fact that we have been vetted and approved by the ACCA is testament to the quality and professionalism of our services.

3. Does Abu & Abu provide any guarantees?

To alleviate any concerns you may have about our services, we always like to put our clients first, which is why we offer you the following guarantees:

• • We stick to our original quotation
• • Pre-agreed delivery date
• • We try to respond to your enquiry within 24 hours
• • We allocate you a named consultant to look after your affairs
• • Convenient appointments at our office, your office, or home

4. Why should I choose Abu & Abu for my accounting and tax needs?

Clients are at the heart of our business and we have worked hard to provide a strong, customer centric approach. Our values are based on trust, reliability and transparency, and we strive to exceed our clients’ expectations year on year. As an ACCA accredited accountancy firm, we stay abreast of changes in tax law and associated financial regulations. We can help you:

• • Select the best structure for your business ( start-ups)
• • Create achievable goals and develop strategies
• • Plan for change and implement growth into your business
• • Provide an independent perspective of your business
• • Keep up-to-date with government legislation
• • Optimise financial management to improve your business

5.What taxes do I have to pay this year?

This will depend on how much you earn and whether you are self- employed or just employed. The amount of corporation tax your company will owe depends on your company’s taxable profit. This can be calculated by filing a corporation tax return either online or by post. Calculating your taxes can be complex and time consuming, so why not discuss your tax payment with one of our tax accountants. We provide in-depth, impartial advice, and we can explain to you how your income and expenditure can affect the total tax you pay and how this amount can be minimised the following year.

6. Is it possible to convert a company limited by guarantee to limited by shares?

It is not possible to do this. What you would have to do is incorporate a new company limited by shares under the same name and then transfer the business and assets from the company limited by guarantee to the new one. From an accounting perspective, the most convenient date for the transfer will be at the end of the existing company’s financial year so the accounts can be drawn up for the whole year.

7. What is the VAT registration threshold?

The VAT threshold is set each year in the budget. It is compulsory to register for VAT if your VAT taxable turnover is more than the threshold amount for the last 12 months, or if you expect it to reach or exceed that amount in the next 30 days. If your turnover is below the VAT threshold, we still recommend you register for VAT as you will be entitled to reclaim some or all of the VAT you pay on purchases.

8. What do I do if I am late on my annual return?

Companies House can either prosecute you or strike your company off after a month should you fail to file your annual return on time. What we can do is liaise with Companies House on your behalf and compile an appeal process to postpone any action while we update your annual return. It’s possible that you may have to pay the financial penalty, however, an early submission should result in the legal charges being dropped.

9. What are the deadlines for corporation tax return filing?

The deadline is within 12 months of the end of your company’s corporation tax accounting period. If you do not file your return on time your company will be charged an automatic penalty even if it does not owe any corporation tax. We advise you to contact us well in advance so we can plan and submit your return before the deadline.

10. Once I start trading, how long do I have to register with HMRC?

To avoid a £100 penalty, you should notify HMRC within 3 months of starting trading. Please contact us so we can help you to complete you registration form on time.

11. How can I receive a quote?

We would need to obtain an overview of your books and records as well as details of your last financial accounts, prepared by your previous/current accountant.

12. How can I change accountants?

You should write to your current accountant informing them that your new accountants will be in touch shortly to collect your records. When you decide to switch to us we will manage the transition process, ensuring it is as straightforward and painless as possible. As well as contacting your current accountant, we will also contact HMRC and other government offices, informing them that we are now looking after your financial affairs.

13. What are the deadlines for self-assessment tax return filing?

A paper self-assessment return must reach HMRC by 31 October while an online return should be submitted by 31 January. If you fail to file the return by the deadline, you will immediately receive a £100 penalty fine. This is even if you don’t owe any tax or have paid the tax you owe. Just remember that the longer you delay in filing your return, the more you will pay in the long run. We therefore recommend you plan ahead to avoid incurring any fines.