In the Classroom

Frequently Asked Questions

All You Need To Know About Accounting

 

How do I know if HMS Accounting is right for me?

  • HMS Accounting works at a time that suits you – weekly, monthly, quarterly

  • We will help to increase your profits

  • You will get back more time

  • We can give you the data to easily streamline your business

  • You have instant access to customisable reporting Item

  • Everything is secured and safely backed up

  • Your business will be ready for Making Tax Digital

  • Always friendly, never stuffy, but serious about what we do

  • All your financial admin in one central platform

How much will it cost me?

We offer tailor made packages for your business.  You will only pay for the services and support that you need.  Our fees are fixed and collected monthly by direct debit via GoCardless so that you know exactly what you are going to pay.

What qualifications do you have?

Helen is a Fellow member of the Institute of Certified Bookkeepers.  She is also certified in Xero, Quickbooks and Receiptbank.

How long should I keep my tax records?

Ltd Company records must be kept for 6 years from the end of the last company financial year they relate to, or longer if:

  • they show a transaction that covers more than one of the company’s accounting periods

  • the company has bought something that it expects to last more than 6 years, like equipment or machinery

  • you sent your Company Tax Return late

  • HMRC has started a compliance check into your Company Tax Return


If you are Self Employed you must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year.

What is the Construction Industry Scheme?

The Construction Industry Scheme (CIS), allows for contractors to deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC). The deductions count as advance payments towards the subcontractor’s tax and National Insurance.

Who Needs To Register For CIS Submission?

Contractors must register for the scheme. Subcontractors don’t have to register, but deductions are taken from their payments at a higher rate if they’re not registered.

Work covered by CIS includes:

  • permanent or temporary building or structure

  • civil engineering work like roads and bridges

This Includes:

  • preparing the site - laying foundations and providing access works

  • demolition and dismantling

  • alterations, repairs and decorating

  • installing systems for heating, lighting, power, water and ventilation

  • cleaning the inside of buildings after construction work

Exceptions

You don’t have to register if you only do certain jobs including:

  • architecture and surveying

  • scaffolding hire (with no labour)

  • carpet fitting

  • making materials used in construction including plant and machinery

  • delivering materials

  • work on construction sites that’s clearly not construction, eg running a canteen or site facilities