Frequently Asked Questions

At Parkview Accounting Solutions Ltd, we make accounting and tax simple. Here are answers to our most common client questions.

❓ GENERAL QUESTIONS

❓ Are you qualified?

Yes, We are led by an ACCA-qualified accountant with professional training and experience in accounting and finance. We are also progressing towards obtaining a practising licence through AAT.

❓ Do I need an accountant for my small business?

While it’s not legally required, having an accountant can save you time, reduce stress, and ensure your finances are handled correctly. It can also help you avoid costly mistakes and penalties.

❓ Can you help if I’m just starting a business?

Yes, we provide full support for start-ups including business setup, HMRC registration, and ongoing accounting advice.

❓ How much do accounting services cost?

Costs vary depending on the services you need and the size of your business. We offer affordable and transparent pricing tailored to your requirements.

❓ How do we get started?

Getting started is simple:

1. Contact us to discuss your needs

2. We review your situation

3. We agree on the scope of work and fees

4. We begin onboarding and take care of the rest

We aim to make the process as straightforward and stress-free as possible.

❓ MAKING TAX DIGITAL

❓ What is Making Tax Digital (MTD)?

Making Tax Digital is a UK government initiative requiring businesses to keep digital records and submit tax returns using HMRC-approved software.

❓ Do I need to comply with MTD?

If you are VAT-registered, MTD is mandatory. From April 2026, it will also apply to Income Tax for those earning over £50,000 (£30,000 from April 2027).

❓ Can you help me with Making Tax Digital?

Yes, we handle everything from setup to ongoing compliance, ensuring your business meets all HMRC requirements.

❓ BOOKKEEPING QUESTIONS

❓ What is bookkeeping?

Bookkeeping involves recording and organising all your business financial transactions, including income and expenses.

❓ Do I need bookkeeping if I’m a sole trader?

Yes, keeping accurate records is essential for managing your business and completing your tax return correctly.

❓ TAX & SELF ASSESSMENT

❓ Who needs to file a self assessment tax return?

You may need to file if you are self-employed, a landlord, a company director, or earning additional income not taxed at source.

❓ When is the self assessment deadline?

The deadline for online submissions is usually 31 January each year.

❓ What happens if I miss the deadline?

You may face penalties and interest charges from HMRC. It’s important to file on time or seek help as soon as possible.

❓ PAYROLL QUESTIONS

❓ Do I need payroll services for my business?

If you have employees, you are required to run payroll and report to HMRC. We can manage this for you.

❓ What does payroll include?

Payroll includes paying employees, calculating tax and National Insurance, and submitting reports to HMRC.

❓ VAT QUESTIONS

❓ When do I need to register for VAT?

You must register for VAT if your turnover exceeds the VAT threshold set by HMRC.

❓ Can you help with VAT returns?

Yes, we prepare and submit VAT returns and ensure you stay compliant with Making Tax Digital requirements.

❓ COMPANY ACCOUNTS

❓ Do I need to file company accounts every year?

Yes, all limited companies must file annual accounts with Companies House and HMRC.

❓ What happens if I don’t file my accounts?

Late filing can result in penalties and legal consequences.

Still have questions? Contact us today