Frequently Asked Questions

We bridge the gap between a "compliance-only" firm and a high-level consultancy. While traditional firms often look backward at what you’ve already spent, we look forward. With over 30 years of experience, we focus on proactive strategy and tax optimization, ensuring you aren't just filing returns, but building wealth.

Absolutely. We established CoreAcc in 2011 specifically to provide senior-led, Chartered Certified expertise to businesses of all sizes. You won’t be passed to a junior; you’ll have direct access to our most experienced professionals.

Yes, we are a firm of Chartered Certified Accountants, regulated by the ACCA. This means we adhere to the highest global ethical and professional standards, carry full professional indemnity insurance, and are required to keep our tax knowledge current through continuous professional development.

We operate on a transparent, fixed-fee basis. We want you to call us when you have a question without fearing a surprise bill. Our quotes are provided upfront, covering all agreed services for the year.

Yes. Strategic Business Advisory is one of our core strengths. We provide data-driven insights, cash-flow forecasting, and commercial guidance, effectively acting as your "Virtual FD" to help you scale and manage risks.

It is much easier than most people think. We handle the entire process: we contact your previous accountant, request professional clearance, and move all your historical data to our systems. You simply need to give us the "go-ahead."

Yes. We believe in building long-term partnerships. You will have a dedicated, senior accountant who knows your business inside out, ensuring consistency and personalized advice.

Yes, we have been at the forefront of the MTD rollout since its inception. All our systems and processes are designed to meet HMRC’s digital requirements for VAT, Corporation Tax, and Income Tax.

We are specialists in the UK’s leading cloud platforms, including Xero and QuickBooks. We help you choose the one that best fits your industry and provide full training to get you up to speed.

Yes. We offer a "Discovery Call" or meeting at no cost. It’s an opportunity for us to understand your business and for you to see if our proactive approach is the right fit for your goals.

Budget impacts vary by sector, but for 2026, the focus has been on productivity incentives and green investment. We provide a full post-budget analysis to our clients to ensure they are utilizing any new capital allowances or reliefs announced.

Making Tax Digital for Income Tax Self-Assessment (ITSA) now applies to most self-employed individuals and landlords with income over specific thresholds. We can review your income levels and get your digital record-keeping in place before the mandatory filing dates.

Corporation Tax is currently tiered based on profits. We monitor these thresholds closely and advise you on profit extraction strategies to ensure your company remains as tax-efficient as possible under current legislation.

With dividend allowances often subject to change, we recommend a "total remuneration" review. We look at your salary/dividend split to ensure you are utilizing your tax-free thresholds and lower-rate bands effectively.

HMRC has streamlined the R&D schemes recently. If you are innovating—whether in software, engineering, or science—you may be eligible for significant tax offsets or cash repayments. We can perform a quick audit to see if you qualify.

The "Full Expensing" and "Annual Investment Allowance" (AIA) rules allow many businesses to write off 100% of the cost of qualifying machinery and plant in the first year. We advise on the timing of these purchases to maximize tax relief.

HMRC has moved to a "tax year basis" for all unincorporated businesses. If your accounting year-end isn't March 31st or April 5th, this may result in a "transition year" with overlapping profits. We help you manage this transition to avoid a spike in your tax bill.

For a private limited company, the deadline is usually 9 months after your financial year-end. However, your Corporation Tax must be paid slightly earlier—9 months and 1 day after the year-end.

The current threshold is £90,000 in taxable turnover. Voluntary registration can be beneficial if you sell primarily to other VAT-registered businesses (allowing you to reclaim VAT on expenses) or if it adds "credibility" to your brand.

The Flat Rate Scheme simplifies VAT but isn't right for everyone—especially businesses with high expenses. We perform a "VAT Review" to calculate which scheme leaves the most money in your bank account.

As a director, you are legally responsible for ensuring the company files its accounts and tax returns on time, pays the correct tax, and maintains accurate records. We act as your "compliance shield" to ensure these duties are met.

Yes. Share structure is vital for profit extraction and future capital gains planning. We advise on different share classes (Alphabet shares) to allow for flexible dividend payments among family members or investors.

If you work in construction as a contractor or subcontractor, you must register for CIS. We handle the verification of subcontractors and file your monthly returns to ensure you are deducting and paying the correct tax to HMRC.

In a volatile economy, we recommend a monthly review. This allows you to spot "cash gaps" before they happen and gives you the data needed to make informed hiring or investment decisions.

The general rule is that expenses must be "wholly and exclusively" for the purpose of the business. This includes travel, office costs, professional fees, and certain insurances. We provide a comprehensive "Allowable Expenses Guide" to all our clients.

The online filing deadline is January 31st following the end of the tax year. However, we encourage our clients to file as early as May or June to ensure they know exactly what they owe well in advance.

IHT planning involves utilizing gift allowances, trusts, and Business Relief (BR). With 30 years of experience, we help you structure your estate so that more of your wealth passes to your heirs rather than to the Treasury.

Section 24 restricts landlords from deducting full mortgage interest from their rental income before paying tax. We help landlords evaluate whether moving properties into a Limited Company structure is a viable "tax-efficient" alternative.

The annual allowance is currently £60,000 for most people, though this can be "tapered" for very high earners. Pension contributions are one of the most effective ways to reduce your Corporation Tax and Personal Tax simultaneously.

HMRC applies immediate late-payment interest and potential penalties. If you are struggling to pay, we can help you negotiate a "Time to Pay" (TTP) arrangement to spread the cost and avoid aggressive debt collection.

Not at all. One of our roles is to simplify the tech for you. We select the most user-friendly software for your specific needs and provide 1-to-1 training to ensure you feel confident managing your daily finances.

Yes. Modern platforms like Xero and QuickBooks have excellent mobile apps. You can snap photos of receipts, send invoices on the go, and check your bank balance in real-time, all of which syncs directly with our office.

Cloud accounting providers use bank-level encryption and multi-factor authentication. In many ways, it is more secure than keeping paper records or Excel files on a single laptop that could be lost or damaged.

Yes. We specialize in digital migrations. We clean up your historical data and import it into your new software so you have a seamless transition without losing your financial history.

Bank fetching automatically securely feeds your bank transactions into your accounting software. This eliminates manual data entry and ensures your records are always up-to-date and accurate.

A BIK is a non-cash benefit provided to an employee (like a company car or private medical insurance). For 2026/27, these are reported via P11D forms, and employers pay Class 1A National Insurance at 15% on the value of these benefits.

Yes. From April 2026, HMRC allows employers to reimburse staff for specific costs like home-working equipment, flu vaccines, and eye tests without triggering a tax or National Insurance liability for the employee.

It allows employees to give up a portion of their gross salary in exchange for a non-cash benefit (pension contribution). It saves both the employer and employee National Insurance. Note that from 2029, a new cap will apply to these savings, so planning now is vital.

The rates are updated annually every April. We ensure your payroll is configured to automatically flag any staff members whose pay might fall below the statutory minimum to keep you compliant with employment law.

If you employ at least one person, you likely have "Auto-Enrolment" duties. We manage the assessment of your staff, the pension deductions, and the ongoing communications required by The Pensions Regulator.

From 6 April 2026, dividend tax rates have increased by 2%. Basic rate taxpayers now pay 10.75% and higher rate taxpayers pay 35.75%. The additional rate remains at 39.35%. This makes proactive "Profit Extraction" planning more important than ever.

If your income is between £100,000 and £125,140, your personal allowance is tapered away, creating an effective tax rate of 60%. We often use pension contributions or charitable donations to bring your "Adjusted Net Income" back below the £100k threshold.

Formerly Entrepreneurs' Relief, BADR allows you to pay a lower rate of Capital Gains Tax (now 18% from April 2026) when you sell all or part of your business. We help you ensure you meet the qualifying criteria well in advance of a sale.

Yes. While the tax benefits are gradually changing, EVs still offer significantly lower "Benefit in Kind" rates than petrol or diesel cars, and companies can often claim 100% First Year Allowances on the purchase price.

You can give employees (and directors) "trivial" gifts—like a meal out or flowers—tax-free, provided they cost £50 or less, aren't cash, and aren't a reward for performance. Directors of "close companies" are capped at £300 per year.

HMRC has recently moved to align FHL tax rules with standard residential lets. This impacts how you claim capital allowances and mortgage interest. We can review your property to see if a "Limited Company" structure is now more beneficial.

You can earn up to £7,500 per year tax-free from letting out a furnished room in your main home. If your income is below this, it's automatic; if it’s above, we help you choose the best way to report it.

You can claim for "repairs" (like-for-like replacements), but not "improvements" (adding an extension). The distinction is a common area of HMRC disputes, so we review your receipts to categorize them correctly.

Generally, no, thanks to Private Residence Relief (PRR). However, if you have used part of your home exclusively for business or have let it out, a portion of the gain might be taxable.

If a company owns a UK residential property worth more than £500,000, it may have to file an ATED return and pay an annual fee. There are reliefs available (e.g., for property developers), which we can claim on your behalf.

A Unique Taxpayer Reference is a 10-digit number issued by HMRC when you register for Self-Assessment or form a company. It is essential for all tax filings. We keep this on file for you once you become a client.

Losses can often be carried back to get a refund of tax paid in previous years or carried forward to offset against future profits. We manage these "Loss Relief" claims to maximize your cash flow.

For a Limited Company, you must generally keep records for 6 years. For Self-Assessment, it is usually 5 years after the filing deadline. Digital storage (in Xero/QuickBooks) satisfies these requirements.

You can claim travel to a "temporary" workplace. However, if you spend more than 40% of your time at one location for more than 24 months, HMRC considers it a "permanent" workplace, and the travel becomes non-deductible.

Yes, provided the salary is "reasonable" for the work they actually perform. It’s a common way to utilize a family member’s personal allowance, but it must be handled through a formal payroll.

We help you clean up your balance sheet, maximize BADR eligibility, and perform a valuation so that when you are ready to retire or sell, your business is in the best possible shape to attract a high price.

While statutory accounts are for HMRC, management accounts are for you. They are monthly or quarterly reports that show your profit-per-job, department performance, and budget variances.

This is usually a balance between tax savings (NICs vs. Corp Tax) and the "legal protection" of limited liability. We perform a "Incorporation Review" to show you exactly where the "tipping point" is for your specific income level.

Yes. Lenders will require up-to-date accounts and cash flow forecasts. We prepare the professional "finance pack" that banks need to see to approve your funding.

Don't panic, but don't ignore it. Forward it to us immediately. As your authorized agents, we handle all correspondence with HMRC, protecting your interests and ensuring the inquiry is resolved as quickly as possible.