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Who Should Deal with my VAT returns, National Insurance and PAYE

Myself or my Certified or Chartered Accountant?

The answer is very much dependent on your temperament, skill sets and time. Preparing your own VAT returns, Insurance and PAYE has several advantages. You are in full control, can work at your own pace, and can oversee all aspects of your business. To help you there are a number of cheap software packages on the market which can assist you in preparing your returns, and HMRC now have help lines staffed by knowledgeable officers who are always ready to offer useful advice. And, of course, it is cheaper than employing an accountant.

However, this is not for all. Preparing these returns can be complicated, as they sometimes use terminology and language which is not always easy for the layman to understand. Relying too much on software packages can be risky as they are geared to provide standard solutions, when your own circumstances may be different. And the interpretation of results can be difficult for the untrained.

In addition, there are regular changes in legislation, and the rules, particularly for VAT, are complex in certain circumstances. Furthermore, penalties can be incurred if returns are completed incorrectly, potentially serious if HMRC believe there was fraudulent intent involved.

Using an accountant, on the other hand, means that you have a trained professional handling your situation, who is likely to be more familiar with the latest revisions in tax laws, and is used to the terminology and the forms involved. Although their services will cost money, paradoxically they could save you more than they cost, because their knowledge of the legislation means they may be able to reduce your outlay. In addition, you will be less likely to face penalties and fines if a trained professional is handling matters for you, especially if there is any direct contact required with HMRC which, for some, can be a daunting experience!

VAT, PAYE & NI - Do I need an Accountant?


However, if using an accountant make sure you employ somebody with the right skills and experience. As there are no rules as to who can call themselves an “accountant”, make sure that whoever you use is properly qualified and belongs to an appropriate professional body. It is strongly recommended that you only employ a certified or chartered accountant, as only they are likely to have had the professional training and on the job experience to handle your business appropriately.


Accountancy Services

Starting My Business Accountancy has been set up specifically to cater for the needs of both the newly established and growing business sectors. From our research, we offer online UK accountancy services and direct South West London accountancy services at very competitive prices. In other words, 'Starting My Business' offers you the Best of All Worlds for whatever your accountancy, payroll or PAYE needs. In fact, our clients will immediately benefit from speaking to one of our chartered or certified accountants based at our London SW6 Accountancy Centre. For more accountancy information and accountancy services please go to our accountancy section.

Business Banking and 'CASH BACK' Services

Starting My Business is an official agent of both Barclays Bank and HSBC - In most cases, we have negotiated not only free business banking at these 'key' and prestigious UK banks but a 'cash back' payment of£35.00 in the case of Barclays Bank. The cash back service is available to all clients whether they have an existing company or are forming a new company formation and can be accessed simply by clicking on the link in the banking section or by clicking Barclays 'CASH BACK'. It is the incentives given to Starting My Business that has enabled us to offer company formation at below cost and cheaper than the new Companies House incorporation service - In our case, we actually receive only£50.00 and provide£35.00 back to our starting my business company formation clients.

Pay roll

Starting My Business can help your limited company with processing payroll. We will calculate very quickly for you Tax deductions, National Insurance Contributions, Sick Pay, Holiday Entitlements etc., and prepare PAYE Year End forms. These accountancy services will be provided by our accountancy team based at our South West London Accountancy Centre manned by UK qualified certified and chartered accountants from our Fulham address in SW6 2TW.

VAT Registration

Value Added Tax (VAT) is charged on services and goods that are provided in the UK by businesses, which are VAT registered. VAT is also charged on some services and goods imported from non-EU countries, and brought into the UK from other EU member countries. If you are turning over more than£67,000 in a year (VAT registration threshold), then you must register for Value Added Tax. Our accountancy team can manage this process for you and make an electronic VAT application on your behalf to obtain a VAT registration number for your limited company for a small sum of £50.00 + VAT. Obviously, we will take care of the whole VAT registration process.

VAT Returns

Starting My Business also offer a VAT management service for limited companies, which includes obtaining the VAT number electronically and filing quarterly VAT returns. Simply speaking our London based certified and chartered accountants will control and manage very efficiently your VAT returns completion process and make sure that all the VAT Return submissions are sent on time.