Frequently Asked Questions
At A B C S UK, we know managing your finances isn't always a priority as a busy business owner.
With all the responsibilities involved, it’s easy to get overwhelmed with all that needs to be done.
We are experts who take away the stress and give you time back to do what you do best.
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Read some commonly asked questions below.
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WHAT'S THE DIFFERENCE BETWEEN AN ACCOUNTANT AND A BOOKKEEPER?
A bookkeeper handles all aspects of the day to day running of your finance department including (but not limited to): bank reconciliations, invoicing clients, processing supplier invoices for payment, payroll, VAT returns, credit control and end of year accounts to trial balance whereas an Accountant can provide a more detailed analysis of your end of year accounts. At A B C S UK we are both Certified Bookkeepers and Certified Practising Accountants which enables to fulfil all of your business finance needs.
HOW DO I KNOW IF A B C S UK IS RIGHT FOR MY NEEDS?
A B C S UK specialises in working with female-led limited companies in England and Wales and are the experts in their field. Our main focus is to provide clear, consistent communication (not constant) and put the human touch back into business relationships.
The staff have over a decade of experience in both corporate and small business settings.
They are certified and licenced by the ICB (Institute of Certified Bookkeepers) who ensure the highest standards of bookkeeping are upheld.
A B C S UK also holds professional membership to the ICPA (Independent Certified Practising Accountants). They are registered with the ICO to ensure GDPR compliance is maintained and are fully insured.
HOW LONG SHOULD I KEEP MY TAX RECORDS FOR?
Legally, all records should be kept for 7 years, but with Making Tax Digital being extended to ITSA (Income Tax and Self Assessments), A B C S UK provide digital software-based solutions so there is no longer a need for archive boxes in storage or taking up office space for 7 years.
WHAT IS MAKING TAX DIGITAL?
Making Tax Digital is a scheme that was brought in by HM Revenue & Customs in order to reduce the amount of VAT and Tax evaded by businesses. It was launched for VAT returns made by VAT registered business with a turnover over the VAT threshold in April 2019 and after successfully launching the scheme, it is being extended to all VAT registered businesses and organisations from April 2022.
The Making Tax Digital Scheme has now been delayed until 2026, where it will be extended to Self-Employed individuals and partnerships and for some individuals who receive income from property. At present, this will only apply to those with business income (turnover plus gross rental income) over £50,000 from April 2026 and to those with a business income over £30,000 from April 2027 however, the criteria has not yet been confirmed.