Frequently Asked Questions

How long it takes to set up a limited company?
The shareholders have to provide a chosen name for the company, the personal details of the director to be and the value of the shares. The company can be set up in 1 day.

I live in abroad. I am interested in starting a business in the UK. Is it necessary for me to come to the UK for company registration? Will it be possible to maintain the business from abroad?

Right Accounts mediates in limited companies’ formation, even if the shareholders live abroad. We provide consultations and services related to company’s financial and accountancy affairs. With the help of technology, communication with our clients is possible worldwide. By trusting and leaving all accountancy work to Right Accounts, our clients are able to devote to the development of their business only.

What is VAT?

Value Added Tax is a tax levied on goods and services. You must register for VAT if: your VAT taxable turnover is more than £81,000 (the 'threshold') in a 12 month period. You receive goods in the UK from the EU worth more than £81,000. you expect to go over the threshold in a single 30 day period. The company registered for VAT is able to claim back VAT for business related expenses and, in this way, save some money. VAT law is strict and complicated. Those who fail to follow it are penalised with high penalties. Right Accounts provides consultations on VAT affairs, prepares and submits the VAT returns to the HMRC within the time limits.

Does every business have to pay VAT?

Businesses that are not registered for VAT cannot charge it as they are not expected to pay VAT.

How do I employ employees and how do I payroll them?

As a business owner, you can employ employees. PAYE (pay as you earn) and NI (National Insurance) are taxes levied on the salary you pay to your employees. Right Accounts provides consultations related to Payroll affairs: prepares payslips, calculates PAYE and NI taxes, prepares annual declarations and submits them to the HMRC.

What kind of declarations should a limited company submit?

Companies are obliged to submit:

• Company Annual Return (Corporation Tax);
• VAT return every three months (if registered for VAT);
• PAYE and NI return.
• CIS return and subcontractor payments return if company is a CIS contractor.
• Annual Accounts for Companies House

What is Corporation Tax?

Corporation Tax is the tax charged on the profits of the company. Currently the CT in the UK is 20%.

How do I manage the company’s accounting?

Accountancy education and experience is needed in order to manage a company’s accounting correctly. Right Accounts provides valuable consultations and advice on bookkeeping and accounting affairs as well as represents clients in the dispute of tax enquiry with the HMRC.

Can I do my own bookkeeping and Payroll?

Yes. Right Accounts offer advice and training on bookkeeping and payroll software. We help to set up the chosen software and provide training. Our training and consultation is charged hourly at £20 per hour.

Currently we can offer you training on VT Transactions, Sage, Moneysoft and HMRC Basic PAYE Tools.

What is the price for your accounting services?

The service price of Right Accounts varies depending on every individual company’s activities, business area, business development, volume and etc. The annual accountancy service contract is signed after the discussion and evaluation of each company’s specific needs and desires. The agreed amount is divided into equal monthly payments and is paid by direct debit.