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Client Area

Here you can access exclusive features and information about your account with us. From here, you can update your account information, leave your feedback, check out FAQ's, and much more. We value your business and are committed to providing you with the best possible service. If you have any questions or concerns, please don't hesitate to contact us. Thank you for choosing our services!

MSB Rayleigh Links

Frequently Asked Questions

Question

You offer a lot of services, are your fees expensive?

Answer

Not at all, we are competitively priced and we offer excellent value.

We offer fixed fees linked to the value of the services you need and most importantly we never undertake work without agreeing the fee arrangements in advance.

This means you always know where you stand and what you’re paying, so there’s never any hidden or unexpected charges.

Question

What accounting software do you use?

Answer

We are specialists in a variety of different accounting software solutions including Sage 50 Accounts, Sage Business Cloud, Xero, QuickBooks, FreeAgent, BrightPay and more...

Question

How easy is it to change accountants?

Answer

We take care of everything, including contacting your current accountant and HMRC on your behalf.

Question

Do you have experience of dealing with businesses in a range of industries?

Answer

We work with businesses in a wide variety of industries including construction, estate agents, retailers, hairdressers, landlords, hospitality, recruitment agencies and many more.

Question

What is the difference between a sole trader and a limited company?

Answer

The main difference between a sole trader and a limited company is that a sole trader is a self-employed individual who is personally responsible for all aspects of their business and is taxed on the profits they make as part of their personal income tax return. In contrast, a limited company is a separate legal entity that is owned by its shareholders and is taxed on its profits at a lower corporation tax rate. Shareholders can take money out of the company in the form of salary, dividends, or a combination of both.​

Question

If my rental expenses exceed my rents do I have to declare anything to HMRC?

Answer

Yes. It is a common misconception that if the expenses cover the rents you receive, you do not have to tell HMRC about them. This is not the case, and failure to do so can result in penalties being charged.

You will be able to carry forward the loss into a future period to reduce your taxable profit in the following tax year.

Question

Am I likely to get a tax enquiry?

Answer

No-one can predict when an enquiry will occur. For peace of mind we offer Tax Investigation insurance so that any additional fees incurred in a tax investigation are covered, we offer this from as little as £62.50 + VAT!.

Question

How can I manage my accounting records in a more efficient way?

Answer

To manage your accounting records more efficiently, you can use accounting software, keep your records up to date, organise your documents, separate business and personal expenses, and consider hiring an accountant. By following these tips, you can save time and make informed decisions for the financial success of your business.

Useful HMRC links

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