Frequently Asked Questions
What is Self Assessment?
You must submit a self assessment tax return if, in the last tax year (6 April to 5 April), you were self-employed as a sole trader or a partner in a business partnership. You may have to submit one if you have any other untaxed income e.g. money from rental income, tips/commission, income from savings, investments or dividends and foreign income.
What happens if I sign up part way through my financial year?
If you sign up to our services part way through your financial year, it is likely that you will need catch-up work completing for the previous months. In this case, we would request to increase your direct debit in the first few months as catch-up payments. We would then reduce this back to the standard monthly amounts thereafter.
Who will be taking care of my book-keeping and accounts work?
A qualified expert will be assigned to manage your book-keeping and accounts. The person we assign to do this will always have extensive experience with book-keeping, payroll, financail statements, and bank reconciliations. At Isle Book-keep we take due care and competences in the area we are dealing with very seriously.
What is the VAT deadline for submitting my return online?
The submission deadline of the return (online) and the payment to HMRC are usually the same. This is one calendar month + 7 days after the end of your VAT period.
How long should I keep my tax records for?
All records should be kept for 7 years (6+ your current tax year). It is really important that you have all your paperwork available in the event that a random HMRC inspection occurs. This needs to be in a paper format or filed away safely and organised on an online software. We deal with these softwares, so if this is something you would be interested in, please do let us know and we will be happy to assist.
What are your service fees?
We pride ourselves in being clear and transparent with our prices. You will find all our prices visible on our website and you can also pay through our website and various other methods.
Is there a minimum contract period?
There is no minimum contract period or 'tie-in' to our services. We set-up a monthly DD for annual services to spread the cost over 12 months. Please note that if you leave our services part way through the year, and you have not come to your company year end, we will not be able to refund you for the payments you have made each month as we will have advised you and acted on your behalf during that time. For bigger businesses, we complete work monthly to ease the load at the year end, meaniing that monthly work would have been completed.
Can you set me up to pay by direct debit for my year end accounts and tax returns?
We would require you to be a client for 12 months paying by DD (or have paid the equivalent of the 12 months payments) prior to your accounts being complete on your behalf. If you have paid in full this year, the next year you will be able to split your payments over the 12 months. This helps a lot of businesses with cash flow in their business instead of a larger bill at the end of the year so we recommend this for most businesses we work with.