Frequently Asked
Accounting Questions

You are not legally required to use an accountant, but most self-employed people and landlords find the savings and peace of mind well worth the fee. A local Nottingham accountant ensures your return is filed correctly, all allowable expenses are claimed, and any tax planning opportunities are identified — often saving far more than the accountancy fee itself.

For a straightforward self-assessment return, Nottingham accountants typically charge between £150 and £350. More complex returns (multiple income sources, property income, investments) can be higher. At Accountants Nottingham Ltd we quote a single fixed fee upfront — no surprises. Contact us for a free, no-obligation quote.

Year end accounts (also called annual accounts or statutory accounts) summarise your business finances for a 12-month period. Limited companies must file accounts with Companies House within 9 months of their financial year end, and file a Corporation Tax return (CT600) with HMRC within 12 months. Sole traders do not file statutory accounts but must complete a self-assessment return by 31 January.

Yes. We specialise in CIS accounting for Nottingham contractors and subcontractors. We handle CIS deductions, monthly CIS returns to HMRC, reclaiming overpaid CIS tax, and ensuring you stay compliant with the scheme. Whether you are a contractor deducting tax from subcontractors or a subcontractor wanting to reclaim CIS, we can help.

Making Tax Digital (MTD) is HMRC's programme to move tax records online. MTD for VAT is already mandatory for all VAT-registered businesses. MTD for Income Tax (MTD ITSA) will apply from April 2026 to the self-employed and landlords with income over £50,000. We help all our clients set up MTD-compatible software and stay compliant well ahead of the deadlines.

Switching is completely free and seamless. You appoint us, we write to your previous accountant requesting your records (they are legally required to provide them), and we take it from there. The process usually takes 1–2 weeks and causes zero disruption to your business. There is never a penalty for switching accountant.

We are certified advisors for Xero, QuickBooks, Sage, FreeAgent and Dext. We will help you choose the best package for your business and provide setup, training and ongoing support. All are MTD-compatible and give you real-time visibility of your finances.

Yes. We manage full payroll for Nottingham businesses of all sizes — processing PAYE, auto-enrolment pension contributions, P60s and P11Ds, and Real Time Information (RTI) submissions to HMRC. Our payroll service runs on a fixed monthly fee so you always know exactly what you are paying.

As a sole trader you and your business are legally one entity — simpler to run but you are personally liable for any business debts. A limited company is a separate legal entity that limits your personal liability. Limited companies can be more tax-efficient once profits exceed roughly £30,000–£40,000 per year. We offer a free consultation to help you decide which structure suits your circumstances.

Absolutely. We help landlords in Nottingham and across the East Midlands with self-assessment returns for rental income, allowable expense claims, Section 24 mortgage interest restrictions, Capital Gains Tax on property disposals and inheritance tax planning. Property tax can be complex — specialist advice pays for itself.

Capital Gains Tax (CGT) is payable on profits from selling assets such as property (not your main home), shares, and business assets. The rates vary by asset type and your income tax band. Residential property gains must now be reported to HMRC within 60 days of completion. We advise on CGT reliefs (including Business Asset Disposal Relief / Entrepreneur's Relief) to minimise your liability legally.

Yes. We offer a free, no-obligation consultation — either in person at our Nottingham office or by video call. We will review your current situation, identify any tax savings, and provide a fixed-fee quote. There is absolutely no pressure to proceed.