FAQ’s

> FAQ’s

Frequently
Asked Questions

Oasis Accountants has three offices: our headquarters are in Chiswick, and we have recently opened offices in Bromley, Bishopsgate, and Wellingborough

Will I be Charged for my Initial Consultation?

NO, We offer free initial consultations without any obligation. This allows you to discuss your specific needs, ask questions, and get a clear understanding of how we can assist you. During the consultation, we will provide valuable insights and advice tailored to your situation. There is no cost associated with this initial meeting, and you are under no obligation to proceed with our services. We believe in providing a transparent and no-pressure environment to ensure that you make informed decisions that are right for you and your business.

What type of customers do you do accountancy for?

We provide accountancy services to small/medium sized businesses, personal customers and umbrella service customers. Our customers range from an individual needing help with a tax return to corporations requiring us to look after their complete financial management.

Do I form a Trading as Sole Trader, Partnership, LLP or Limited Company?

The structure of your new business depends on many factors, including the size of your business and its profitability. These factors determine whether there are tax advantages to setting up the business in a particular way. Additionally, there are other pros and cons associated with different structures. We will guide you through the pros, cons, ongoing filing requirements, and tax implications to help you decide on the ideal format for your business. Our advice will be based on your specific business needs, future growth prospects, and desired time frame

How qualified is the Oasis Accountants team?

Our team consists of highly competitive and qualified professionals who are members of prestigious regulatory bodies such as ACCA (Association of Chartered Certified Accountants) and CIMA (Chartered Institute of Management Accountants). These professional bodies have stringent regulations in place to ensure that we fulfill our fiduciary responsibilities towards our clients. ACCA and CIMA both set high standards of professionalism and ethics, which they expect their members to adhere to in their work. They actively regulate and monitor compliance with these standards and the relevant laws. Being a member of these professional bodies confirms that we have attained and maintained a standard of excellence in our field. By engaging our services, you can trust that our team operates with integrity, follows best practices, and stays updated with the latest industry developments. Our affiliation with ACCA and CIMA serves as a testament to our commitment to providing high-quality services and upholding the highest professional and ethical standards in our work.

How Long do I have before I register with HMRC once I Start Trading?

It is crucial to notify HMRC within 3 months to avoid incurring a £100 penalty. If you are approaching this deadline and need assistance, please don’t hesitate to contact us. We will be more than happy to help you submit the necessary form to HMRC and ensure it is done in a timely manner, avoiding any penalties. Your compliance and timely submission are important to us, and we are here to support you throughout the process.

What Information is needed to receive a quote and advice?

In order to assess the scope of work involved, we would appreciate a brief review of your books and records. Additionally, it would be helpful to have a copy of your most recent financial accounts prepared by your current accountant. This will allow us to provide you with relevant and accurate advice tailored to your specific situation. If there are any specific areas or concerns you would like assistance with, please let us know. Any additional information you can provide will help us better understand your needs and provide you with the appropriate support and guidance.

Do I need an Accountant?

Using an accountant will ensure that you do not make accounting and financial errors. It will also help you avoid the risk of incurring various HMRC penalties and having to pay interest for late submission of tax returns and late payments of tax

How do I make sure I put enough aside to pay my Tax Bill?

As a general guideline for self-employed individuals, setting aside around 30% of your earnings is a common recommendation to cover tax and national insurance contributions. However, it’s important to note that this percentage is just an estimate and should be adjusted based on your actual tax liabilities and individual circumstances. As you become more experienced and gain a better understanding of your likely tax bills, you can refine and tailor the percentage to better align with your specific situation. Consulting with an accountant or tax professional like us is highly recommended as they can provide accurate guidance and help you determine the appropriate percentage based on your unique circumstances. They can also assist you in planning your finances effectively and ensure compliance with tax regulations.

Does it matter where my business is located?

Certainly No! We fully embrace advanced technology and employ a range of communication tools, including Teams, Skype, Zoom, phone, and email, to work with our clients. Regardless of your geographical location, our remote working capabilities enable us to seamlessly collaborate and provide our services. Whether you are located nearby or in a different country, our virtual infrastructure ensures that distance does not hinder our dedicated assistance. Through convenient online communication, we ensure that our clients receive the committed support they need, regardless of their location.

Will I be able to speak to my Accountant whenever I want to?

Each of our clients is assigned a dedicated accounts manager to provide personalized service and support. With our fixed fees, you can have peace of mind knowing that there won’t be any unexpected additional bills as long as the service is utilized fairly. We kindly request your understanding that when you call, there may be instances where your accountant is engaged with complex tax calculations or other important tasks. In such cases, they may ask for a suitable time to call you back, ensuring they can provide your accounts with their full attention. Rest assured, your accountant will reach out to you as soon as they have completed their ongoing tasks.

Do I have to come and meet you face to face to sign up?

Absolutely No! To make things easier for you, our procedures have been streamlined and are completed online. Once you approve your price via email, we will get in touch with you right away to get the essential data and answer any questions you may have. We will do this via phone or email. A welcome email introducing the personal Account Manager will also be sent. We provide a pleasant onboarding process for our clients, we strive to deliver clear communication.

What happens if I sign up with you part& way through my financial year?

In the event that you choose to sign up with us during your financial year, it is highly probable that there will be a need to catch up on bookkeeping and accounts work in order to bring your records up to date. For instance, if your financial year begins in April and you decide to join us in July, your initial payment to us will cover the months of April, May, June, and July, which would be calculated as 4 times the monthly price. However, there is no need to worry. We understand that this catch-up payment may be a significant amount, so we offer the flexibility to split it over the first three months of your contract if you prefer. This allows you to manage the payment more comfortably within your budget.

How easy is it to change Accountant?

It is easy and uncomplicated to use our bookkeeping services or switch to Oasis Accountants as your new accountant. After deciding to work with us, all you have to do is give us the information from your prior accountant, and we will take care of the rest of the transition for you. To ensure a seamless transition of your accounting services to Oasis Accountants, our staff will handle all necessary correspondence and paperwork.

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

Your accounting records must be kept for a minimum of six years.

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

As required by regulatory body, continuing professional development (CPD) for professionals like us is unquestionably crucial. We recognise the value of continuing professional development and make care to adhere to the standards established by our governing body. By taking part in CPD events, we keep up with the most recent knowledge, best practises, and advances in our sector, allowing us to offer our clients high-quality services.

Can Oasis Accountants replace my finance department?

Absolutely, we can handle a comprehensive range of services for you. This includes bookkeeping, payroll management, VAT returns, year-end compliance, and self-assessment. Additionally, if you require them, we can provide management accounts and offer business consultancy services. Our aim is to provide you with a complete suite of accounting solutions to meet your business needs.

Why should I use an accountancy firm?

By availing the services of professional accountants like us, you can concentrate on serving your primary clientele as a small business owner without the added concern of managing intricate financial matters. Collaborating with an accounting company such as ours allows you to streamline and enhance the efficiency and convenience of the process. Beyond saving money, an accountancy company like ours can also save you valuable time that can be dedicated to business expansion, ultimately resulting in increased financial gains. Managing financial regulations and tax laws can be significantly simplified with the support of an accounting company like ours, rather than attempting to handle them independently. Our expertise and assistance can make the process much simpler and more effective for you, enabling you to navigate complex rules and regulations with ease.

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

To ensure compliance with HMRC (His Majesty’s Revenue and Customs) requirements, it is crucial to keep your accounting records in a state of readiness. HMRC retains the authority to examine your accounts for past years, and there has been a notable increase in investigations aimed at recovering additional income tax revenues. It is advisable to maintain your business accounts and tax records for a minimum of 6 years. Having well-organized and systematic records can be highly beneficial in such situations.

What is the distinction between a bookkeeper and an accountant in the London?

In the London, there are distinct roles and responsibilities for both bookkeepers and accountants. Here is a general distinction between the two: Bookkeeper: A bookkeeper is primarily responsible for recording and maintaining financial transactions and records of a business. Their tasks typically include recording income and expenses, managing invoices and receipts, reconciling bank statements, and organizing financial data. Bookkeepers ensure accurate and up-to-date financial records, which serve as the foundation for the accounting process. They may also generate basic financial reports and assist in preparing documents for tax purposes. Accountant: An accountant, on the other hand, possesses a broader skill set and is qualified to perform more advanced financial tasks. Accountants analyze and interpret financial data, prepare financial statements, provide financial advice, and offer strategic insights to help businesses make informed decisions. They have a deeper understanding of financial regulations, tax laws, and reporting requirements. Accountants may also handle complex financial transactions, and assist with financial planning, budgeting, and forecasting. They play a crucial role in providing a comprehensive view of a company’s financial health and performance.`

What is RTI?

RTI, which stands for Real Time Information, is the approach for reporting wages, salaries, PAYE (Pay As You Earn), and National Insurance to HMRC (His Majesty’s Revenue and Customs). Previously, PAYE data would be submitted at the end of the Tax Year. However, with recent changes, it is now required to submit data to HMRC online in real-time whenever employees receive payment.

How long should I retain payroll records?

The standard retention period for HMRC records is typically 6 years plus the current year, also referred to as 6 years + 1. This means that records should be kept for 6 years after the most recent entry, followed by a review or destruction in the additional current accounting year.

Why has HMRC reduced my personal allowances?

If your net income is more than £100,000, the allowance has been decreased by £1 for each additional £2. This indicates that if your income is £125,140 or more, your personal allowance is zero.

What do London property accountants do?

Our services are designed to assist clients who have invested in or are thinking about investing in London real estate as a way to increase their wealth. Accountancy, taxation (including tax returns, planning, and consulting), compliance, and finance function are the four basic categories into which these services can be classified. Visit our services page to get a full knowledge of what we have to offer.

How long does it take to register a company?

In accordance with the package you choose, Oasis Accountants Private Limited can help you incorporate a limited company on the day you give us the required information. In most cases, limited corporations are incorporated in a single day. The workload at Companies House will have an impact on this timeline, though.

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Accreditations

Pioneering Financial Excellence in London with Global Accreditation

At Oasis Accountants, we take pride in being a leading accounting firm that stands at the pinnacle of financial expertise and integrity. With a commitment to excellence, we have earned prestigious accreditations from three renowned professional bodies: