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What are some of the most commonly asked accountancy questions?

There are some key fundamental accountancy related questions that need to be asked and understood when running a business.

WRLO accountants have helped answer a few below. Please click on each section to read more.

Can I ask an accountancy question relating to my accounts or tax without being billed for it?

Yes.  You won’t be billed for asking an accounts, tax or any question for that matter.  WRLO accountants understand that you may want to check something relating to your business accounts and need an answer quickly.  WRLO accountants aim to respond with answers to your accounts queries promptly.

Does WRLO accountants bill by the hour for its accountancy services?

No we don’t.  WRLO accountants use fixed fees which will be determined before the work is undertaken. We are open with our prices for company accounts, tax returns and we like to agree these fees upfront before the work is started.

Is it important to use a qualified accountant?

Yes it is.  As we are regulated by a professional body (ICAEW or ACCA) we comply with certain standards and have undertaken a rigorous training program to achieve our accountancy qualifications.  WRLO accountants know what we are doing and have the best experience and training to provide the best accountancy and business advice.  When you use someone who isn’t qualified, you take a risk and it can prove to be expensive in the long term.

Are you up to date with recent accountancy regulations and accountancy industry changes?

Yes.  We regularly maintain our CPD (Continuing Professional Development) and it is a requirement of our regulatory body the ICAEW for us to do this.

Are you able to take on the whole accounting function of my business?

Yes.  WRLO accountants are able to do the whole lot, including bookkeeping, payroll, VAT returns and year end compliance.  We are also able to provide management accounts and business consultancy if this is needed.

Is it worthwhile having regular management accounts prepared?

It can be worthwhile preparing management accounts as you can then have regular planning sessions to see how the business is doing and whether you are reaching your objectives.  It can otherwise prove costly further down the line if the wrong decisions have been made.

How long do I need to keep my business accounting records for?

You need to keep your accounting records for 6 years.

Should I be using the ‘10% Wear and Tear’ or ‘Renewals’ accounting method with my rented property accounts?

This accounting method will need to be determined depending on whether you have ‘furnished’, ‘partly furnished’ or ‘unfurnished’ let property, and there are specific accounting rules on when each accounting method should be used.

How much accounting expense should I include for 'Use of Home as Office' in my business accounts?

This is quite often an area that businesses fall short on and also a fairly sensitive area in regard to HMRC. Please get in touch to discuss this further.

Should I include my car in the company accounts?

There are benefits and non benefits to including a car in the company accounts, however it generally follows that it will be more expensive for you to have a car in a Ltd company set of accounts, due to the ‘Benefit in Kind’ taxes arising from it. It depends upon the circumstances so please get in touch for further clarification.

What accounting software is best for my business?

There are a lot of accountancy softwares available and most of them have similar functions.  We can advise on what is most suited to your business and discuss the pros and cons of each.  It is best to have these discussions early, as it can be difficult to change over once you have started using one.  It can also be costly to the business if the accountancy software isn’t right.

Should my business be using 'Cloud' accounting software?

A lot of businesses are now considering cloud accounting software as an option. We can advise and support you in making the right decision. We work with most online cloud accounting software providers so know what is available and the pros and cons of each.

Should I be prepared in case HMRC want to investigate my accounting records?

They may want to inspect your accounting records at any time. The number of investigations has increased dramatically since there has been the need to claw back more income tax receipts, and they have the power to interrogate your accounts going back over a number of years. You should be keeping your business accounts and tax records for at least 6 years, and the more organised they are the better.

Have you got an accountancy or business related question that we haven’t answered here?

Please contact us now.

You can also see regular accountancy news updates on the WRLO accountants news page.