Frequently Asked Questions

Of course the unhelpful answer is it depends. 

The four things that drive cost are:

  1.  The range of services that you need 
  2. The complexity of your particular business
  3. The volume of transactions that go through each month
  4. How much love do you want
 
For example some of our clients have very simple consultancy practises where they only send out one or two invoices per month and just need payroll and the accounts doing at the end of the year. For this type of business the bookkeeping is pretty simple and we can keep the total costs for the year below £500 +VAT.
 

However, if you’re a technology company who needs help with planning, raising finance and making R&D tax credit claims, as well as bookkeeping, payroll VAT and management reports, then the annul cost can be thousands, although that may be offset by the tax we can save you.

Some of our clients have no interest in talking to us, where there are also those who have frequent questions and need more support – the truth is that we do charge more for the amount of time we spend supporting clients.

We are sorry if this is a bit vague, but in order to give you a detailed quote we need to understand a little bit more about what you need. 

This can be done through just a short conversation, completely free of charge.

Please call 0121 234 0315

New clients often get in touch when they realise there is a tax deadline just around the corner. 

We can’t always guarantee that we can meet your deadlines if you are coming to us for the first time, but unless your business is particularly complex we can normally turn accounts and tax returns around in less than a week…sometimes in just a couple of days.

It does depend on what information you have. If you are a director of a company then we’ll need your bank statements and your authentication code. This insures that we can submit to Companies House on your behalf.  We will also need the companies UTR (Unique Tax Reference), so that we can submit your tax return. 

With these three pieces of information we can often turn things around within a couple of days. We may require some other bits of information, but this is a good start!

If it’s a personal tax return then again we will need your bank statements or details of your income and expenditure as well as your personal UTR. 

The tricky thing with personal tax returns is that everyone has the same deadline. This means we can get inundated with requests at the last minute. Therefore clients who get in touch earlier with time to spare give us a better chance of making sure we hit their deadline. 

Other returns like VAT and payroll can also be done fairly quickly. However, if we are starting from scratch we will need to wait for the codes to come through from HMRC. This can take a few weeks. 

If you want to know if we can meet your deadline give us a call and we will give you honest feedback. 

Please call 0121 234 0315

Do you really need to bother spending money on an accountant or could you do it all yourself? 

The truth is that there is no legal restriction that says you have to have an accountant to do your accounts or your tax returns. 

The question then becomes, why not just do it yourself?

Our job is to produce accounts and tax returns in the right format so that when they get submitted to  government agencies such as Companies House or HMRC and so that they don’t get rejected and you don’t get penalties.

Our next job is to make sure you pay as little tax as you legally can. We know the rules and what you are allowed to claim for.

And then there are other things like planning, control, meeting deadlines and dealing with the HMRC. We can help with all of those things. 

Even amongst those who know exactly how to produce a set of accounts in the correct format the feedback we get most often is that it simply isn’t the best use of their time. Because of our experience we normally produce accounts and tax returns much faster than clients can do it themselves. 

So like every entrepreneur the question becomes how to make the best use of your time. If you have the knowledge and want to spend your time doing tax returns then please feel free, there’s nothing wrong with that, but if you believe you can grow your business more quickly by delegating it to someone else, then why not give us a call. 

Please call 0121 234 0315

Honestly, this depends. We cannot guarantee that we can save you money on your taxes. 

Yes, we know what you can legally claim for. 

Yes, we’ll make sure you claim all that you can. 

Yes, we know how to use government approved tax schemes such as R&D tax credits and will make the most of them if they’re appropriate for you. 

And yes, we will make sure you meet your deadlines so that you don’t get annoying fines and penalties…

But all this does not guarantee that we can save you tax, although have succeeding in doing so for over half of our clients. 

Let us know a bit more about your business and we will see if we can help. 

Accountants must get a formal education, which is often a bachelor’s degree in accounting/finance, whilst bookkeepers do not require such qualifications.

Therefore, a career in accounting is often seen as being more difficult than one in bookkeeping.

Bookkeepers are involved with day to day operations in a business and they document each transaction, so that the business’ finances are well documented.

Accountants use the data provided by bookkeepers to provide financial analysis for businesses. Essentially, bookkeepers manage the day to day transactions of a business, whist accountants act as consultants when it comes to financial analysis, financial forecasting, strategies etc.

 

If you want to discover how else we can help your business, Quest offers the following services: Tax Services, Self-Assessment, VAT, Payroll, New Business, R&D Tax Credits, Annual and Management Accounts, Tax Returns, Self-Employed Accounts, Business Planning, Business Tax, Accounts Services, Bookkeeping, Pensions, and UK Tax Deadlines.

Contact us for a free tax review of your business or call 0121 2350315 for a chat to find out how we can help you pay less tax, keep more money in your pocket and grow your business.

Quest has worked with hundreds of clients from all over the UK and abroad for over 20 years.

Our wide range of experience with many types of clients ensures that everything is done on time and to the highest possible of standards, saving you time, money, stress and hassle. 

If you want to discover how else we can help your business, Quest offers the following services: Tax Services, Self-Assessment, VAT, Payroll, New Business, R&D Tax Credits, Annual and Management Accounts, Tax Returns, Self-Employed Accounts, Business Planning, Business Tax, Accounts Services, Bookkeeping, Pensions, and UK Tax Deadlines.

Contact us for a free tax review of your business or call 0121 2350315 for a chat to find out how we can help you pay less tax, keep more money in your pocket and grow your business.

Contact Us

Give us a call on 0121 235 0315 or send us a message below to book a free tax review.

Quest Chartered Management Accountants. Branston Court, Branston St, Birmingham B18 6BA