Frequently asked questions
About the company
Absolutely not! We’re indeed experts in many areas of accounting and taxation, but that doesn’t mean we charge the earth. We operate a fair priced service.
We never undertake work without agreeing about the fee arrangements in advance so that our clients know what they will get for their investment. We seek to build a long-lasting working relationship with our clients.
3E’S Accountants is led by Tushar Shah, a qualified financial accountant and tax advisor by profession.
Since 2009, he has built a professionally trained army of accountants who provide accounting and taxation and solutions to businesses across a range of sectors. We have years of knowledge and experience under our belts. We understand how important it is to run a business, and how just the right amount of support makes all the difference. Our clients love this level of service.
We don’t beat around the bush and we deliver just what we promise; sometimes a little bit more. If you want, you are more than welcome to speak with some of our existing clients who have the experience of our service.
We currently offer services to businesses in hospitality (entertainment venues, hotels, pubs and restaurants), healthcare, manufacturing, recruitment, education, travel, property management, real estate, construction, eCommerce, high street retail and pharmaceutical.
We also cater to freelancers and consultants like artists, CIS contractors, IT professionals, solicitors, and general physicians.
However, that doesn’t mean we can’t serve any business that doesn’t belong to any of these domains. We are very flexible and can customise our solutions as per your business needs.
Due to the pandemic, we take every step necessary to ensure that the work doesn’t stop even in lockdown and/or when everyone’s working from home.
We have deployed secure cloud systems to ensure that accounting and taxation jobs are carried out smoothly by our team — irrespective of where they’re working from.
Meetings can be carried out remotely if you prefer, or in our office where we adhere to social distancing requirements.
To cater to staff absence, we make it a point to plan leave way in advance and keep backups to cover for key personnel if they are away unexpectedly. So you don’t need to worry about anything.
Working with us
The answer is simple. As an ACCA-qualified accounting firm, we leave no stone unturned to provide high-quality accounting and tax planning and advisory services to our clients. Our relationship with our clients is built on trust, integrity and open communication.
Our accounting knowledge is strong, with all our staff members being ACCA-qualified and/or Xero and QuickBooks-certified. In addition, we stay up-to-date on tax laws and legislation to ensure our clients receive all of the tax benefits possible.
- Choose us because we can help you:
- Select the most appropriate structure for your business
- Identify goals and develop strategies to achieve them
- Plan for change and make your business adaptable for survival and growth
- Maintain an independent view of your business situation
- Improve business through optimum financial management
Switching accountants is simple and involves a straightforward process. First, you need to contact your current accountant, telling them about the name of your new accountants and that they will be getting in touch with them shortly to collect your records.
When you decide to switch to 3E’S Accountants, be assured we’ll manage the transition and ensure that the handover is seamless.
We will take care of everything, including contacting your current accountant with a brief note confirming the move. We will also arrange the transfer of records, obtain copies of your accounts and tax computations, and notify HMRC that we’re looking after your business affairs.
Firstly, we’d need a very brief review of your books and records. In addition, we would need a copy of your last financial accounts prepared by your current accountant so that we can give you relevant advice based on that.
If there’s anything you need help with and think it’s relevant for us to know, please mention it in the contact us form or when you have a consultation with us.
Not at all. We are accountants in Harrow and cover the surrounding areas and London, but that does not mean we don’t cater to business across the UK. Even if you live far away, we are reachable on phone, email, for virtual meetings and through our website. However, you’re always welcome to pop into our Harrow office to have face-to-face meetings with us.
We can’t emphasise enough the importance of tax planning at an early stage. Ideally, you do tax planning before the financial year even begins. So the earlier, the better. The same applies to other areas such as bookkeeping and payroll.
We aim to make your business future-proof, and the best way to do this is by getting a hold of the financials asap. However, it is never too early to seek advice.
While many accounting firms have a similar approach and can be called the same, we assure you we’re not. Although, as accountants, numbers will always be necessary, we also give importance to maintaining a healthy relationship with our clients.
We are genuinely passionate about working together to achieve your businesses goals and delivering fantastic customer service. Client satisfaction drives us to do our best!
Self-Assessments
You are required to file a Self-Assessment tax return if any of the following condition applies:
- If you are a sole trader or self-employed receiving monies in cash or bank
- If you are in a partnership business
- If you are a director of a company
- If you have multiple incomes along with a salary on which tax and NI are not deducted (such as rental income, interest income)
- If you had capital gains during the year
- If you are a salaried person receiving child benefits and the total gross income is more than £50,000
- If you are a salaried person and the gross salary income is more than £100,000
- If you have an income in the form of foreign investment either in business or capital
For the last tax year that started on 6 April 2020 and ended on 5 April 2021, the important dates are as under:
- Registration for Self-Assessment if you are self-employed or a sole trader, not self-employed, or registering a partner or partnership — 5 October 2021
- Paper tax returns — 31 October 2021
- Online tax returns — 31 January 2022
- Pay the tax (Tax liability for YE 2020-21 + 1st advance tax for 2021-22) — 31 January 2022
- Pay the tax – 2nd advance tax for 2021-22 — 31st July 2022
You are liable to pay a fine which increases day by day. If you delay paying it off, then the fine will be more, and HMRC will not waive this penalty off.
- 1 February to 30 April (90 days): £100 penalties
- 1 May to 31 July (90 days): £10/day maximum of £900 (90 days)
- 1 August to 31 January (180days): £ 300 fine or 5% of the tax owing, whichever is more
- 2nd year – 1 February to 12 months: Another £300 fine or 5% of the tax due, whichever is more
HMRC will charge a 3% interest from the due date of the payment of tax. If the delay is more than 60 days, then HMRC may charge a penalty. Interest will change daily, so the amount of interest will increase daily.
Once registered for SA, you will receive your ten-digit ‘Unique Taxpayer Reference’ or UTR via post. You will need this to file your tax return.
During the year, if you received any state benefit taxable in the taxpayer’s hand, you are liable to submit the SA tax return and disclose those tax benefits received during the year.
The list of taxable state benefits is as follows:
- The State Pension
- Widowed Parent’s Allowance
- Jobseeker’s Allowance (JSA)
- Contribution-based Employment and Support Allowance (ESA)
- Widow’s Pension
- Pensions paid by the Industrial Death Benefit scheme
- Carer’s Allowance
- Bereavement Allowance
- Incapacity Benefit (from the 29th week you get it)
The list of tax-free state benefits is as follows:
- Housing Benefit
- Income-related Employment and Support Allowance (ESA)
- Income Support — Though you may have to pay tax on income support if you are involved in a strike.
- Working Tax Credit
- Child Tax Credit
- Disability Living Allowance (DLA)
- Personal Independence Payment (PIP)
- Child Benefit (tax-free up to income £ 50K) — However, this is income-based, and one should use the Child Benefit tax calculator to see if tax is payable.
- Guardian’s Allowance
- Attendance Allowance
- Pension Credit
- Winter Fuel Payments and Christmas Bonus
- Free TV licence for over-75s
- Lump-sum bereavement payments
- Maternity Allowance
- Industrial Injuries Benefit
- Severe Disablement Allowance
- Universal Credit
- War Widow’s Pension
If you are no longer self-employed or retired from directorship from the company, you may deregister from Self-Assessment. This is an intimation to charge the circumstances, and now there is a need to issue SA tax from next year onwards.
Your UTR number can’t be cancelled and will continue to exist even after you deregister from SA.
If your SA tax liabilities are more than £1,000, then HMRC will compulsorily collect an advance tax for next year. This is because HMRC will assume that you will earn the same income in the next financial year. Hence, it will deduct the same amount of tax.
HMRC collects the advance tax in two instalments — first at the time of payment of actual liabilities on 31 January and another on or before 31 July.
Service-specific
Our team of experts will help you to review and assess your contract thoroughly and determine if you are in or outside the scope of IR35 and how the off-payroll rules apply to you. This service is included as a standard practice once you choose to work with 3E’S. Click here to read more about our IR35 contract review service.
The VAT registration threshold is revised each year in the budget; for 2021 it is £85,000 taxable turnover in the financial year – it is best to get in touch with us to find out about the latest updates. If your VAT taxable turnover exceeds the threshold value for the previous 12 months, you must register for VAT. If you happen to take over a VAT-registered business, you will also have to register for VAT. Read more on our VAT tax return preparation service.
By the law, there is no such regulation for you to employ a Company Secretary.
Although you own and control your company, it is a separate legal entity from you. Hence, it will require its own business bank account as the funds belong to the company until it is distributed to you.
Your year-end accounts are due at Companies House nine months after your company’s year-end.
The expense should be wholly, exclusively, and necessarily for business purposes to qualify as travel expenses.
Based on the requirements shared by you, 3E’S Accountants can help you incorporate a limited company in the shortest time possible based on your provided information. For instance, it seldom takes more than a day to incorporate a Limited company.
Getting connected
It’s our mission to keep our website up-to-date with information regarding our services. However, if you find any discrepancies with the site’s content, please email us at info@3esaccountants.co.uk.
No problem! Give us a ring on 020 3772 2555.
