Here are some of the commonly asked questions our clients ask us

Keeping our client’s personal data secure is one of the most important tasks. Roffe Swayne holds the Cyber Essentials certification which requires periodic checks of its technological controls, including those that secure the personal data stored. Roffe Swayne also adheres to the requirements under the General Data Protection Regulations, please click here if you wish to read our privacy policy.

The first question to ask yourself is: “Do I want to sell now?

If the answer is yes – then this represents a fantastic opportunity but it needs to be handled with care. You need to be sure the information provided as part of discussions positively reflects the company and you want to make the most of the strong negotiation position that comes with an unsolicited approach.

We have outlined a number of steps that should be considered while progressing with any conversations over a potential sale.

If the answer is no – whether due to personal requirements, the current status of the business or any other reason – then it may be a good time to start thinking about how you can position the business going forward to maximise value and ensure that, when the time is right, an exit is still a possibility.

We have outlined a number of internal factors that business owners can look to strengthen to increase the attractiveness of their business for the purpose of a sale.

Making tax digital means that HMRC require all VAT registered businesses and organisations with a turnover above the VAT threshold of £85,000 to maintain their accounting records digitally in a software product or spreadsheet. Maintaining paper records is no longer allowed.  It also means that organisations must submit their VAT returns electronically to HMRC using a functional compatible software product (otherwise known as a bridging software) that can access HMRC’s API platform.

We can assist your business in either one of the following ways:

  • provide you with an annual license so that you have access to our bridging software so that you can file your return yourself through the software. This cost of this will be £250 per annum with additional training provided by us at a cost of c.£90; or
  • We can file the VAT return on your behalf via the bridging software… The cost of this will be £350 per quarter.

According to Companies House, searches of company officers at Companies House account for 47% of all public searches, but only 53% of companies let them know within the legal timescale when their officer details have changed. The reliability of the UK register is part of the reason why it is held in such high regard. You must notify Companies House about changes to your officers within 14 days of the change.

Filing accounts documentation late can affect your credit standing as this is one of the indicators to your company’s reliability.

You may incur a fine if you do not notify Companies House within the given timeframe.

Yes – in order for us to be able to do this, you need to apply for a service user number (SUN). This enables our payroll department to send the salary and PAYE BACS payments on your behalf each month to your employees.  This would also mean that only one amount, for the total salaries, would show as a transaction on your bank statement. There would also be a single transaction on or before 22 of the following month for the PAYE liability due to HMRC.

To apply for a Service User Number (SUN) you would need to obtain an indirect submitter application form from your sponsoring bank then add our Bureau number to your application.  This application process can take a few weeks to set up directly with your bank unless you already have a SUN. Once you have received confirmation that the SUN has been created, you would then then need to do some online training for BACS (this is very quick and simple).  Once the training is completed and the SUN is linked to our Bureau account we could then be able to send the salary and PAYE payments each month.

Accounting FAQs
For more information

If your question is not answered here, please contact us and we will do our best to help you:

01483 416232