General Questions about us
HB Accountants are a friendly, proactive accountancy practice based in Hertfordshire. We provide a one-stop accountancy service including annual and management accounts, audit and assurance, outsourced payroll and VAT, tax planning and consulting for startups, growing businesses and private individuals. We are ICAEW registered auditors.
Our practice is in Hoddesdon on the Hertfordshire, Essex borders but our clients are from all over the UK including in London.
Whilst it is always great to meet face-to-face – and we encourage this personal interaction as we find that a conversation always reveals new opportunities for our clients – technology allows us to work with local businesses and with those based as far away as Wales and Bath
We’ve been in business for over 100 years so we’ve worked across many sectors and for clients ranging from sole traders to large businesses (one with an £80m turnover) and charities.
Our oldest clients suppy cinema equipment and church vestments, whilst other clients include a bomb disposal business and restauranters. We also work with charities, and in engineering, cars, property, professional services, recruitment and leisure. 75% of our new clients come from recommendations
As our reputation is built on strong client relationships and providing outstanding service, we always go the extra mile for our clients.
We are really good accountants, auditors and tax specialists and so much more! Our passion is to help businesses to succeed. So we deliver peace of mind on all compliance matters, as well as giving proactive and practical guidance to help your business to grow.
We are known as being a professional but friendly family firm. Our ethos is not solely focused on the bottom line: we genuinely work hard to deliver great value to our clients, to give our team the very best career and personal opportunities, and to support our local community.
But don’t just take our word for it, here’s just a taste of what our clients say about us
Our list of services can be found on our website here and include:
- Annual accounts including Year End Accounts
- Management accounts on a monthly or quarterly basis
- Audit and Assurance
- Payroll
- Value Added Tax (VAT)
- Tax Planning
- Consultation for startups, growing businesses and SMEs
- Corporation Tax Return
- Company Secretarial
- Registered Office Address
- Directors Tax Return
Anyone can call themselves an ‘accountant’ as the term isn’t regulated but rest assured, we are qualified.
Our directors, Karen and Keith are both Chartered Accountants. Keith is FCA qualified and Karen is ACA qualified.
Others in our Team
Colin is FCCA, Catherine and Karen Robins are Chartered Accountants
Barrie and Callum are AAT qualified and Callum is on his Chartered Accountancy journey right now.
Our tax manager, Amy, is CTA qualified and is studying AAT right now
Alongside all the professional qualifications, we have 4 apprentices working towards their AAT
Choosing the right accountant is critical.
We always offer prospective clients a no obligation meeting to discuss their needs. We have an integrated approach to work covering all accounting and taxation issues, from the preparation of financial accounts, management accounts, payroll and tax as well as regulatory filings. Once we’ve listened to your requirements, we can discuss the services – and all the added extras should you need them
As business owners ourselves, and with extensive industry experience, we are uniquely positioned to offer practical accountancy advice. This wide-ranging commercial experience is invaluable for all businesses as it’s based on experience and first-hand knowledge.
The other element that sets us apart is our passion to support others. Yes, we go out of our way to support our clients but we believe that it is our duty to also support our community. We are committed to our local town centre BID team, our director Karen is on the board of directors for the BID for example, as well as hosting networking events and fundraising for local charities. For a little flavour of who we are and what we care about, click here
We are also passionate about training the young accountants of the future. Our award-winning apprenticeship scheme is highly regarded and as well as currently supporting six young people, we work extensively with local schools and colleges to educate young people about finances
We are very easy to contact by phone and email. We love to meet you in person too – we’re very approachable and won’t bombard you with jargon!
Call us on 01992 444466 and book in for a free 30 min consulation or email Vicki at vickif@hbaccountants.co.uk
Our fees are tailored specifically to each individual’s needs. We offer a free consultation to every customer in order to assess the accountancy and tax work that is required, discuss the possible tax savings available and answer any questions you may have. Once we have held a consultation with you, we will provide a quotation. This quotation stands for 6 weeks
It’s easier to switch than you may think. Just give us the contact details of your existing accountant and we’ll do the rest
Yes! We have worked with many charities over the years and have lots of experience in the specialist services that you require. Call us for more information on 01992 444466
We are often asked about Limited Company responsibilities
This depends on the complexity of your submission. We communicate with you throughout the process so you are fully informed about the process
Yes, there is a fine of up to £1,000 for failure to keep good accounting records
You must pay Corporation Tax on profits from doing business as:
- a limited company
- any foreign company with a UK branch or office
- a club, co-operative or other unincorporated association, eg a community group or sports club
You don’t get a bill for Corporation Tax. There are specific things you must do to work out, pay and report your tax.
The amount of tax you pay will depend on your individual circumstances, the types of income or gains you receive, and any other tax relief that you can claim. Please contact us if you need help in working out your tax position
The P11D form is used to report benefits in kind. These are items or services which you (or your employees) receive from your company in addition to your salary, such as private healthcare, interest-free loans (to pay for train season tickets, for example) and company cars. The annual P11D form allows you to report these items to HMRC on your annual Self Assessment return.
You must register for VAT if, by the end of any month, your total VAT taxable turnover for the last 12 months was over £85,000. For the 24025 tax year this threshold has been set to £90,000. Following your VAT registration you will be sent a VAT Number unique to your business which must be included on invoices.
When HMRC discovers undeclared income it not only claims this money, it is likely that you will also be charged a fine. We will help you make the correct declaration to avoid this possibility
When you employ people you have many legal and reporting obligations. Take a look at our payroll services page for an overview then contact us – we’d be happy to help guide you through the process
This is a common question asked by most clients. If you are a Director, you normally withdraw money either though taking a salary or by paying yourself dividends. Payroll is taken before corporation tax is paid whereas dividends are paid to shareholders after all taxes have been paid. The most tax efficient mix of the two is dependent on your personal and company circumstances. You may wish to read our blog about the optimum level of salary vs dividend and even consider borrowing money from your business. Feel free to talk to us – we’d be happy to give you bespoke advice.
Whether you’re just considering a new business idea or already act as a sole proprietorship or general partnership, you may wonder if incorporating your business is right for you. Discover why the benefits of incorporation can outweigh any downsides
What does it mean to incorporate your business?
When you incorporate your business, you are forming a legal entity that exists independently of its owner(s), also known as shareholders.
An incorporated company, individual, or organisation can engage in business, enter contracts, own property, and more. But incorporating your business also brings with it legal obligations such as annual tax filings and annual accounts filings.
There are many advantages to incorporating to both the business and the owners. Forming a corporation allows you to:
- Secure your assets. *LLCs also provide limited liability protection; sole proprietorships and partnerships do not provide any liability protection
- Gain tax breaks
- More credibility with suppliers & potential clients
- Easy transfer and faster funds
- Retirement funds and qualified plans can be easier to establish
- Anonymity
Corporations do have some potential disadvantages, including:
- Double taxation
- Ongoing fees
- More record keeping
- Companies House compliance (filing annual financial statement and confirmation statement for example – director responsbilities)
- Filing Annual Accounts
- Filing Confirmation Statement
- Filing and updating Shareholder information
- Keeping Records Accurate
When changes are made for example, to the directors of your company, it’s essential to update Companies House. The reasons are multifaceted:
- Legal Compliance: The Companies Act 2006 requires that any changes in directorship be reported to Companies House within 14 days. Failure to do so can result in penalties and legal issues.
- Transparency: Keeping accurate records ensures transparency. This is important for stakeholders, including creditors, investors, and clients, who rely on the information registered with Companies House to make informed decisions.
- Record Accuracy: Accurate records help in maintaining the integrity of your company’s data. This becomes crucial during audits, tax filings, and any due diligence processes.
Every year, your company must file a confirmation statement with Companies House. This document confirms that the information Companies House holds about your company is accurate and up-to-date.
- Director Information: The confirmation statement includes details about the company’s directors. Any changes made throughout the year should be reflected here to ensure accuracy.
- Penalties for Non-compliance: Not filing the confirmation statement on time can lead to penalties and even the striking off of your company from the register.
If you disincorporate (dissolve) your limited company and decide to operate as a sole trader you remove many of the legal and financial complexities and therefore, the burden on you and it could be cost effective too
Tax: these are our most FAQ
MTD is part of the government’s overall initiative to make tax digital, which is designed to make it easier for businesses to keep on top of their day to day accounting. The legislation was intended to make tax administration more effective, efficient and easier for taxpayers by integrating digital record-keeping and enabling businesses to generate and send updates directly from their chosen accounting software to HMRC.
Making Tax Digital (MTD) for VAT for some businesses came into force in the UK on April 1 2019: this has now been rolled out to all VAT-registered businesses. A new MTD for Income Tax has been proposed for some business owners – you can read more about this in our blog here.
You must register for VAT if, by the end of any month, your total VAT taxable turnover for the last 12 months was over £85,000
You must pay Corporation Tax on profits from doing business as:
- a limited company
- any foreign company with a UK branch or office
- a club, co-operative or other unincorporated association, eg a community group or sports club
You don’t get a bill for Corporation Tax. There are specific things you must do to work out, pay and report your tax.
The amount of tax you pay will depend on your individual circumstances, the types of income or gains you receive, and any other tax relief that you can claim. Please contact us if you need help in working out your tax position
The P11D form is used to report benefits in kind. These are items or services which you (or your employees) receive from your company in addition to your salary, such as private healthcare, interest-free loans (to pay for train season tickets, for example) and company cars. The annual P11D form allows you to report these items to HMRC on your annual Self Assessment return.
Yes! In fact, our Directors have electric company cars and we are reaping the tax benefits as a business and personally. We’d love to share our experience with you. Feel free to read our blog for a more general overview of the tax benefits to driving an electric car.
How to pay my tax bill is a very common question! Did you know that there is an easy way to pay your personal tax liability on your phone? You will need to download the HMRC app and have a banking app installed on your mobile phone. You will need to have a personal tax account, so you can login to your HMRC account – you can check out how the app works here
If you do not have a smart phone there are other ways to pay your personal tax liability – click here for more details and what to do if you are in financial difficulty and unable to meet the payment deadlines
When you employ people you have many legal and reporting obligations.
Take a look at our payroll services page for an overview then contact us – we’d be happy to help guide you through the process
Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value. It’s the gain you make that’s taxed, not the amount of money you receive
Short answer, Yes. Failure to do so can result in penalties being charged
Capital Gains Tax property disposal return needs to be filed within 60 days of completion of sale of your second property (CGT). If you have sold a second property that is not your main residence (this includes an inherited or gifted property) you must file a CGT UK property return within 60 days of comptetion (unless the property has made a loss).
This information must be submitted on a CGT Property disposal as opposed to your self assessment (SA) return – the exception to this rule is where the SA return is filed within 60 days of completion of the property transaction (ie, before the deadline for the CGT return). In that situation, it is not necessary to file a CGT return.
Get in touch and let us help you
MTD is part of the government’s overall initiative to make tax digital, which is designed to make it easier for businesses to keep on top of their day to day accounting. The legislation was intended to make tax administration more effective, efficient and easier for taxpayers by integrating digital record-keeping and enabling businesses to generate and send updates directly from their chosen accounting software to HMRC.
Making Tax Digital (MTD) for VAT for some businesses came into force in the UK on April 1 2019: this has now been rolled out to all VAT-registered businesses. A new MTD for Income Tax has been proposed for some business owners – you can read more about this in our blog here.
You must register for VAT if, by the end of any month, your total VAT taxable turnover for the last 12 months was over £85,000
You must pay Corporation Tax on profits from doing business as:
- a limited company
- any foreign company with a UK branch or office
- a club, co-operative or other unincorporated association, eg a community group or sports club
You don’t get a bill for Corporation Tax. There are specific things you must do to work out, pay and report your tax.
The amount of tax you pay will depend on your individual circumstances, the types of income or gains you receive, and any other tax relief that you can claim. Please contact us if you need help in working out your tax position
The P11D form is used to report benefits in kind. These are items or services which you (or your employees) receive from your company in addition to your salary, such as private healthcare, interest-free loans (to pay for train season tickets, for example) and company cars. The annual P11D form allows you to report these items to HMRC on your annual Self Assessment return.
Yes! In fact, our Directors have electric company cars and we are reaping the tax benefits as a business and personally. We’d love to share our experience with you. Feel free to read our blog for a more general overview of the tax benefits to driving an electric car.
How to pay my tax bill is a very common question! Did you know that there is an easy way to pay your personal tax liability on your phone? You will need to download the HMRC app and have a banking app installed on your mobile phone. You will need to have a personal tax account, so you can login to your HMRC account – you can check out how the app works here
If you do not have a smart phone there are other ways to pay your personal tax liability – click here for more details, you can also see details what to do if you are in financial difficulty and unable to meet the payment deadlines
When you employ people you have many legal and reporting obligations.
Take a look at our payroll services page for an overview then contact us – we’d be happy to help guide you through the process
Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value. It’s the gain you make that’s taxed, not the amount of money you receive
Short answer, Yes. Failure to do so can result in penalties being charged
Capital Gains Tax property disposal return needs to be filed within 60 days of completion of sale of your second property (CGT). If you have sold a second property that is not your main residence (this includes an inherited or gifted property) you must file a CGT UK property return within 60 days of comptetion (unless the property has made a loss).
This information must be submitted on a CGT Property disposal as opposed to your self assessment (SA) return – the exception to this rule is where the SA return is filed within 60 days of completion of the property transaction (ie, before the deadline for the CGT return). In that situation, it is not necessary to file a CGT return.
Get in touch and let us help you
Landlord & Property Investor Questions questions
Short answer, Yes. Failure to do so can result in penalties being charged – get in touch and let us help you
Yes. Failure to do so can result in penalties being charged
Capital Gains Tax property disposal return needs to be filed within 60 days of completion of sale of your second property (CGT). If you have sold a second property that is not your main residence (this includes an inherited or gifted property) you must file a CGT UK property return within 60 days of comptetion (unless the property has made a loss).
This information must be submitted on a CGT Property disposal as opposed to your self assessment (SA) return – the exception to this rule is where the SA return is filed within 60 days of completion of the property transaction (ie, before the deadline for the CGT return). In that situation, it is not necessary to file a CGT return.
Self-Assessment Tax Return Questions
Anyone who receives untaxed income needs to register with HMRC for self-assessment and file a tax return online
Self-assessment is the term given to the system by which anyone who receives untaxed income needs to declare it to HMRC. Untaxed income can take many forms, not just self-employment such as:
- Dividends
- Interest
- Rental income
- Sale of properties
- Self-employment income
No. Self-assessment is not the same as self-employed, BUT they are connected
Yes of course, you can work submit your own tax returns.
HMRC can help you here
Engaging with a specialist takes the worry out of working out your tax computation, preparing and submitting your self-assesment tax returns
You will receive reminders to provide your tax return information ahead of the deadline, and you won’t have to navigate your digital tax account online
Costs you can claim as allowable expenses
These include:
- office costs, for instance phone bill or stationery
- travel costs, train or bus fare, parking or fuel
- clothing expenses, uniform for example
- staff costs, for example salaries or subcontractor costs
- things you buy to sell on, for example stock or raw materials
- financial costs, eg bank charges or insurance
- costs of your business premises, for example business rates, lighting, heating costs etc
- advertising or marketing, for example website costs
- training courses related to your business, for example refresher courses
You cannot claim expenses if you use your £1,000 tax-free ‘trading allowance’.
If you do not have a tax agent looking after your self-assessment tax return, you can contact the Self Assessment helpline if you’re not sure whether a business cost is an allowable expense
Costs you can claim as capital allowances
If you use traditional accounting, you may be able to claim capital allowances when you buy something you keep to use in your business, for example:
- equipment
- machinery
- business vehicles, for example cars, vans, lorries
You cannot claim capital allowances if you use your £1,000 tax-free ‘trading allowance’.
If you use cash basis
Speak with your tax adviser or HMRC If you use cash basis accounting.
If you use something for both business and personal reasons
You can only claim allowable expenses for the business costs.
If you work from home
You may be able to claim a proportion of your costs for things like:
- heating
- electricity
- Council Tax
- mortgage interest or rent
- internet and telephone use
You’ll need to find a reasonable method of dividing your costs, speak with your tax adviser or HMRC
Give us a call on 01992 444466 if you would like us to look after your self assessment and check out our blog on allowable expenses here
Charity Accounts & Trustee Questions
You can choose to register your charity’s details with HMRC but you have to register if you want to claim tax relief, for example, on Gift Aid donations. You may need to register with the Charity Commission before you register with HMRC
There are various Acts and regulations that charities must comply with. These include but are not limited to The Charities Act 2022, The Trustees Act 2000 and Charity Commission regulations. You also have to comply with your governing document, constitution or Memorandum and Articles of Association depending on your legal structure. You can read more here
Charity trustees, also known as board or committee members, are the people who lead the charity and decide how it is run. As a trustee of a charity, you have six main duties including making sure your charity is accountable (link to charities blog – August 3) and managing your charities assets responsibility – more information here
As a charity, you do not pay tax on most of your income if it is used for charitable purposes. This includes tax on donations, trading profits, rental or investment income or when you buy property
Charities have to pay tax on profits from developing land or property and purchases, reduced business rates on non-domestic buildings but to get tax relief, a charity must be recognised by HM Revenue and Customs (HMRC)
Engaging with a specialist takes the worry out of working out your tax computation, preparing and submitting your self-assesment tax returns
You will receive reminders to provide your tax return information ahead of the deadline, and you won’t have to navigate your way with HMRC
As experienced charity accountants, we are happy to guide you with your tax obligations to HMRC.
