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FAQ

Accounting FAQs

What are Retained Earnings and how can I access them?
Am I a UK resident?
How does being a UK resident affect me as a contractor?
When do I become a non-resident?
Company Accounts and Tax Returns – what do they entail?
When are my Company Accounts and Tax Returns due?
What happens if my accounts are not submitted on time?
What is Corporation Tax and when do I have to pay it?
What happens if my taxes are not paid on time?
Do I need to submit a Personal Tax Return (SA 100)?
What are the tax rates for the current tax year?

Value Added Tax FAQs

What is VAT?
What is Flat Rate VAT?
Who has to register for VAT?
How is VAT calculated?
Where can I get more information?
Should I be charging VAT on my invoices?
Who would pay the VAT for my Limited Company?
When would my VAT returns get submitted and who submits them?
How often is VAT paid?
What if I am closing my company?

Company Closure FAQs

When should I request closure?
How long does the closure process take?
Who will issue me with a P45 and when do I receive this?
How much does it cost to close my limited company?
Once my company is closed will 1st Contact Accounting still assist me with my self-assessment form?

Expenses FAQs

What expenses can I claim?
What are the criteria for claiming expenses?
What about my receipts?
What is the difference between a Claimable and a Reimbursable Expense?
What is the effect of claiming expenses?