Frequently Asked Questions

Q. Do you charge fixed fee for the services?

A. Yes! We will find out about your business and your requirements, based on this you will get a fixed fee quotation and we stick to our original quotation. Please contact us for FREE CONSULTATION.

Q. Is it easy to change my accountant?

A. We will discuss our services with you in depth, and let you know how switching to us can  be beneficial to your business. At Rosemoore + Co, we make this as easy as possible.

Changing over to Rosemoore + Co is very easy, after signing up, we will contact your current accountant on your behalf, requesting all your accounting and tax records. Your existing accountant is not usually allowed to charge you for providing the normal handover information. We will manage the entire transfer process for you making it as seamless and simple as possible.

Q. Can I join middle of the year ?

A. Yes, you can join any time.

Q. Will I be tied into a contract?

A.  No, you can leave anytime if you don’t like our services.

Q. What can I expect from working with you ?

A.  You will expect Quality Services and as a team we will make sure that the business runs smoothly and that the accounts and tax returns filed and taxes are paid on time.

We will provide you with up to date financials on a monthly, quarterly and yearly basis.

Q. What are your qualifications?

A. We are fully accredited by ACCA (The Association of Chartered Certified Accountants) – a professional organisation that examines and regulates accountants worldwide. The fact that we have been vetted and approved by the ACCA is testament to the quality and professionalism of our services.

Q. I am planning to start a business, how do I start?

A. Once you decide to sign up with us we will advise you on suitable structure and deal with all the necessary registration process.

Q. Should I trade via Limited Company or Sole trader? 

A.  Earnings, your business growth, cash-flow forecasts, tax savings, tax payer’s residence and business type can all impact on whether you should form a company, partnership, combine the both, or sole trader. We will look at your business and advise on the best structure to trade, we will explain advantages and disadvantages of both structure.

We will choose the option that is most suited to your preferences, limits any administrative burden and fits with any legal regulations – existing or expected.

Q. When do I have to register with HMRC?

A. To avoid a £100 penalty, you should notify HMRC within 3 months of starting trading. Please contact us so we can help you to complete you registration form on time.

Q. When do I register as an employer?
A. Generally you will need to register as an employer when someone starts working for you.

Q. What is the deadline for submitting my personal tax return?
A. When filing paper returns the deadline is the 31st October and when filing returns online the deadline is the 31 January.

Q. Do I need a registered office address?

A. Yes! It is a legal requirement for companies formed in the UK to have registered office address where physical documents can be mailed to. You will be asked to provide a registered office address as part of the limited company formation process.

Q. Where can I use as my registered office?

A. Any full UK address with a postcode can be used as your registered office address. This could be your office address (if you work away from home), your home address or your accountant. PO Box numbers cannot be used as an office address but the full postal PO Box address could be used.

Q. What are the benefits of using Rosemoore + Co as my registered office address?

A. Dealing with business correspondence is important particularly when dealing with HMRC and Companies House documents. When choosing to use our address as your registered office address, we will receive all company mail and process it for you on your behalf, making you aware of any urgent information either by telephone or email. Not only this, but your accountant can directly action HMRC and Companies House documents, saving you from the hassle of postal administration. 

Using our address means whenever there is anything important in the post, we will have dealt with it before you see it. We will speak to HMRC or Companies House if there is anything urgent and once it has been dealt with we will scan the post and then email it to you for your safekeeping.

This means that you will never miss anything urgent, especially if you are on a holiday or don’t open your post for a few days. Also you don’t have to scan the post and email it to your accountant which you would have had to do if we didn’t receive your post. This way you will receive the post the same day rather than us forwarding the letter to you via post again and charging you for the additional reimbursement, again saving you costs.

We charge just £10 + vat p/m with 30 day notice period, so if you get your own office in the future you can cancel this service at anytime.

Q. What is the difference between a Bookkeeper and a business accountants? Do I need both?

A. Bookkeepers are needed for the day to day operation of the business, keeping the business moving smoothly and helping to keep track of all government issues and to help the owners have peace of mind so they can run their business smoothly.

Accountants are used one a year to do the fiscal year end review and prepare financial statements for the corporation year end review to the government.

Whether or not you need both is a personal decision. It can be costly to have both a Bookkeeper and a Business Accountant, but the peace of mind when it comes to finances will likely make it worth it.

The last thing you want is to be hit by the government with unexpected fees, taxes or claims.

Q. What do bookkeepers generally charge?
A. Experienced bookkeepers tend to range between £10 - £25 per hour. However when outsourcing your accounts, there are firms who charge fixed fees for the work carried out and can give you a quote before you employ them.

Q. What is the difference between a limited company and self employment?
A. Being self employed means working for yourself. You invoice your clients and they pay you directly. You must account for your own national insurance and tax and submit a tax return every year.

A limited company is a separate legal entity which is run and controlled by the director(s). The director is given the responsibility of carrying out the day-to-day transactions of the company and accounting for what takes place.

Q. I need insurance, can you help ?

A.  We have a network of companies that we work with and having great ties with them has meant bigger discounts for our clients if they were to join them via Rosemoore + Co.

Q. If I need a reference for mortgage or Visa, can I simply ask my dedicated accountant ?

A. Yes absolutely. When you require a letter from your accountant, we are part of the RSB (Recognised Supervisory Body) and ACCA so our letters will add value and credibility to your case.

Q. How much home running costs can be claimed if I work from home?

A.  For the majority of limited company owners, we recommend claiming £4 per week.HM Revenue and Custom will allow this without complex calculations, evidence or paperwork. 

This can depend on if you’re the director of a company or a sole trader:

Director's use of home:

HMRC will allow a flat rate of £18 per month without the need to maintain receipts or bills.  Simply put an expenses claim into the company, much like you would if you were employed by another company. Alternatively HMRC will also allow a flat rate of £4 a week. The totals for the year are £216 or £208 respectively.

Sole trader's use of home:

You may claim a fixed rate for use of home. The rate applicable is based on your calculation of the number of hours that you work at any homes “wholly and exclusively” for the purposes of the trade.

• 25 to 50 hours worked per month –      £10/month
• 51 to 100 hours worked per month   – £18/month
• 101+ hours worked per month –      £26/month

The alternative calculation is the actual calculation: 

A proportion of household running costs (Mortgage interest or rent, council tax, water rates, insurance, broadband, electricity and gas, repairs (to workroom only) can be claimed based upon the number of rooms and hours spent working at home.

We could calculate this for you, but often the fixed rate allowance are comparable.