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Frequently Asked Questions

Find quick, clear answers to common queries about our tax and accounting services, pricing, processes, and reliable ongoing support.

FAQs

Find quick, clear answers to common queries about our accounting services, pricing, processes, and reliable ongoing support.

SERVICE & PRICING

We manage your accounting tasks accurately and offer dependable guidance,

Do you offer fixed-fee packages or pay-as-you-go services?

Yes! We offer flexible pricing options to suit the needs of different businesses:

  • Fixed-Fee Packages: Ideal for businesses that want predictable monthly or annual costs. These packages cover a defined set of services such as bookkeeping, payroll, VAT returns, year-end accounts, and Corporation Tax. You’ll know exactly what you’re paying for and can budget confidently.
  • Pay-As-You-Go Services: Perfect for the self employed or landlords, who need occasional support. You can pay for specific services as and when you need them, such as filing a tax return.

This flexibility ensures you only pay for the services you need while giving you access to expert tax and accounting support whenever required.

We complete compliance tasks and prepare submissions within a consistent fourteen-day turnaround (subject to complete information being provided). We aim to deliver your accounting and tax work accurately, on time, and stress-free, so you can focus on growing your business rather than chasing deadlines.

Yes – we can act as your authorised agent with HMRC. This means we can handle your communications, submissions, and filings directly with HMRC on your behalf, giving you peace of mind that everything is accurate and submitted on time.

By acting as your registered agent, we take the administrative burden off your shoulders and ensure your business stays fully compliant, while keeping you informed every step of the way.

Yes – we can act as your authorised agent for Companies House filings, managing all statutory obligations on your behalf. This includes submitting annual Confirmation Statements, annual accounts, changes to company directors or registered office addresses, and other required filings.

By acting as your registered agent, we ensure your company stays fully compliant with Companies House deadlines and requirements, reducing the risk of fines or administrative issues. You’ll have peace of mind knowing all filings are accurate, submitted on time, and handled professionally, while you focus on running your business.

Yes – all our accountants are fully qualified and registered with recognised UK professional bodies such as ICAEW (Institute of Chartered Accountants in England and Wales), ACCA (Association of Chartered Certified Accountants), AAT (Association of Accounting Technicians) or ATT (Association of Taxation Technicians).

Being registered with these bodies ensures that our team adheres to strict professional standards, follows the latest tax and accounting regulations, and maintains high levels of ethical and technical expertise.

This means you can trust us to provide accurate, compliant, and professional accounting and tax services for your business, giving you confidence and peace of mind.

At TaxHive, we take the stress out of tax deadlines so you never have to worry about fines or late submissions. Here’s how we manage everything for our clients:

  1. Comprehensive Deadline Calendar – We maintain a detailed schedule of all key HMRC deadlines, including Self Assessment, Corporation Tax, VAT, and payroll obligations.
  2. Proactive Reminders – Our clients receive timely notifications ahead of deadlines, giving plenty of time to review accounts and submit any required information.
  3. Early Preparation & Review – Returns and filings are prepared in advance, thoroughly reviewed, and checked for accuracy to prevent errors.
  4. Digital Submissions – We handle all digital filings with HMRC, including VAT returns under Making Tax Digital (MTD), ensuring everything is submitted on time and in the correct format.
  5. Ongoing Compliance Monitoring – We monitor changes in tax law and HMRC guidance so your business remains fully compliant throughout the year.

By managing deadlines professionally and proactively, we give you peace of mind, reduce the risk of penalties, and free you to focus on growing your business.

Yes – when you work with us, you’ll have a dedicated accountant assigned to your business. This ensures continuity, personalised service, and a deep understanding of your finances.

Your dedicated accountant will:

  • Handle all your bookkeeping, tax filings, and compliance matters
  • Be your main point of contact for questions
  • Monitor deadlines and submissions to HMRC and Companies House

Having a dedicated accountant means you receive consistent, tailored support rather than being passed between different team members. It’s like having a trusted financial partner who knows your business inside out and is there whenever you need them.

Switching to TaxHive is straightforward and hassle-free. We’ll guide you through the process to ensure a smooth transition with no disruption to your business.

We make switching accountants simple, professional, and stress-free so you can start benefiting from our expertise without any delays or disruption to your business.

Here’s how it works:

  1. Online Sign-Up – You can start the process instantly through our secure online sign-up form. We collect all the basic information we need to set up your account digitally, so there’s no need for piles of paperwork.
  2. Digital Engagement Letter – Once you confirm your service package, we send you an electronic engagement letter. This formalises our relationship and outlines exactly what services we provide, all digitally.
  3. Authorisation Requests – With your approval, we handle the digital authorisations to HMRC and Companies House so we can act as your official agent. This allows us to access necessary tax and company records securely online.
  4. Seamless Records Transfer – We coordinate with your current accountant (if needed) to transfer historical accounting records, VAT returns, and tax filings. Digital submission and storage mean your data moves safely and efficiently without delays.

By combining online sign-up, secure digital systems, and expert guidance, we make switching accountants faster, safer, and stress-free — so you can focus on growing your business instead of worrying about paperwork.

To get started efficiently, we’ll need you to sign up online and provide some key information about you and your business and financial situation. This allows us to set up your account right away. Typically, we require:

  1. Business Details – Company name, registration number (if limited company), trading address, and contact information.
  2. Financial Records – Recent or prior tax returns or accounts.
  3. HMRC & Companies House Authorisations – Permission to act as your agent for tax filings, VAT submissions, and statutory filings.
  4. Payroll Information (if applicable) – Employee details, payroll records, and PAYE references.
  5. VAT Details (if registered) – VAT registration number, previous returns, and relevant invoices.
  6. Accounting Software Access – Login details for any cloud accounting platforms you currently use, or we can set you up with one.

Once we have this information, we can set up your accounting system, ensure compliance with HMRC and Companies House, and start managing your account efficiently.

With our streamlined digital processes, providing this information is quick and secure, so you can get up and running without stress.

Our onboarding process is designed to be fast, efficient, and stress-free, especially with our digital-first approach. Typically, the timeframe depends on the size and complexity of your business, but most clients are fully set up within days.

Here’s what influences the onboarding timeline:

  1. Information Gathering – The speed at which we receive your financial records, HMRC authorisations, and any prior accounts or tax filings.
  2. Records Transfer – If you’re switching from another accountant, transferring historical records and previous filings may take a few additional days.
  3. Initial Review & Compliance Checks – We review your financial records, ensure VAT or payroll obligations are up to date, and confirm all HMRC and Companies House requirements are met.

With our online sign-up and digital processes, we streamline each step to minimise delays. Most small businesses, contractors, and freelancers can start benefiting from our services within a couple of days.

Our goal is to make onboarding quick, simple, and completely hassle-free, so you can focus on running your business while we take care of the tax and accounting compliance.

We take client confidentiality and data security very seriously. Protecting your sensitive financial and personal information is a top priority. Here’s how we safeguard your data:

  1. Secure Systems – We use encrypted, cloud-based accounting and communication platforms to store and manage your financial records safely.
  2. Strict Access Controls – Only authorised team members have access to your data, ensuring information is only seen by those who need it.
  3. Compliance with Regulations – We comply fully with UK data protection laws, including the UK GDPR, ensuring your data is handled legally and responsibly.
  4. Confidentiality Policies – All our staff are bound by professional confidentiality agreements and follow strict internal policies to protect client information.
  5. Regular Security Audits – Our systems and processes are regularly reviewed and updated to guard against emerging threats and vulnerabilities.

By combining secure technology, strict protocols, and professional standards, we ensure your business information remains private, safe, and compliant at all times.

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COMPLIANCE

We manage your accounting tasks accurately and offer dependable guidance.

Can you help my business stay compliant with HMRC?

Yes – keeping you and your business compliant with HMRC and Companies House is one of our core services. We ensure that all your financial records, tax filings, and statutory obligations are accurate, up to date, and submitted on time.

With our support, you can focus on running your business while we make sure HMRC and Companies House requirements are met, deadlines are never missed, and you remain fully compliant.

Keeping accurate records is essential for staying compliant with HMRC, whether you’re a sole trader, contractor, freelancer, or limited company. The exact records you need depend on your business type, but generally include:

  1. Income Records – All sales, invoices, receipts, and other payments received.
  2. Expense Records – Receipts, invoices, and bank statements for business-related costs.
  3. Bank Records – Business bank account statements showing all income and expenditure.
  4. VAT Records (if registered) – Sales and purchase invoices, VAT account records, and copies of VAT returns.
  5. Payroll Records – PAYE records, employee payments, and National Insurance contributions.
  6. Assets and Investments – Records of business assets, capital purchases, and depreciation schedules.
  7. Company Records (for limited companies) – Annual accounts, Corporation Tax returns, and statutory filings with Companies House.

HMRC requires these records to be kept digitally or physically for a certain period (usually 5–6 years, depending on the type of record).

We can help you set up an organised, HMRC-compliant record-keeping system and ensure that your accounts and tax submissions are accurate and stress-free.

Missing a tax deadline in the UK can have consequences, but the severity depends on the type of tax and how late the submission or payment is:

  1. Penalties and Interest – HMRC may charge automatic fines for late filing of VAT returns, Self Assessment, or Corporation Tax. Interest may also accrue on any unpaid tax.
  2. Escalating Fines – If deadlines continue to be missed, penalties can increase over time, sometimes significantly.
  3. Compliance Issues – Repeated late submissions may trigger closer HMRC scrutiny or audits.

 Our tax and accounting team can:

  • Monitor deadlines and remind you of upcoming submissions
  • Prepare and submit tax returns on time
  • Liaise with HMRC on your behalf if you’ve already missed a deadline

With professional support, you can avoid fines, reduce stress, and keep your business fully compliant.

Avoiding fines and penalties for late tax filings in the UK is largely about staying organised, planning ahead, and using professional support when needed. Here’s how you can stay on track:

  1. Know Your Deadlines – Keep a clear calendar of all HMRC and Companies House deadlines for VAT returns, Self Assessment, Corporation Tax, payroll, and statutory filings.
  2. Maintain Accurate Records – Keep detailed and up-to-date accounts, invoices, receipts, and payroll records so you can submit filings quickly and accurately.
  3. Use Professional Support – An accountant can monitor deadlines, prepare submissions, and liaise with HMRC on your behalf.
  4. Set Up Reminders – Automated reminders through accounting software or HMRC notifications can help you never miss a date.
  5. File Early When Possible – Submitting returns well in advance reduces stress and gives you time to correct any errors before deadlines.
  6. Act Quickly if You Miss a Deadline – Contact HMRC immediately; prompt action can sometimes reduce penalties or interest charges.

With our tax and accounting services, we ensure all your filings are completed accurately and on time, helping you stay compliant and avoid costly fines so you can focus on running your business.

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TECHNICAL

We manage your accounting tasks accurately and offer dependable guidance.

What is the difference between a sole trader and a limited company for tax purposes?

Sole Trader: You pay Income Tax and National Insurance contributions (NICs) on your profits. Profits are taxed at personal income tax rates ranging between 20% to 45%.

Limited Company: The company pays Corporation Tax on profits, tax rates ranging between 19% and 25%. Any money you take as salary or dividends is taxed separately. This can sometimes be more tax-efficient, especially as profits grow.

Limited company can offer better tax planning opportunities, and can make it easier to bring in shareholders or investors.

Choosing between a sole trader and a limited company depends on your business goals, expected profits, and risk tolerance. Our team can advise on the best structure for your circumstances and help manage your tax and accounting obligations efficiently.

Making Tax Digital (MTD) is a UK government initiative designed to modernise the tax system by requiring businesses to keep digital records and submit tax information to HMRC using MTD-compatible software.

How it affects your business:

  1. VAT-registered businesses with a taxable turnover above £90,000 must submit VAT returns digitally using MTD-compatible software.
  2. Digital record-keeping is required, meaning you need to maintain accurate electronic records of your income, expenses, and VAT.
  3. MTD aims to reduce errors, simplify reporting, and give you real-time visibility of your business finances.
  4. Businesses below the VAT threshold can register voluntarily to benefit from simplified digital processes.

We can help your business transition to MTD smoothly by:

  • Setting up and managing MTD-compatible accounting software
  • Preparing and submitting digital VAT returns directly to HMRC
  • Ensuring your records are accurate, organised, and compliant

With our support, MTD doesn’t have to be complicated — we make sure your business stays compliant while saving you time and reducing stress.

Whether you need to register for VAT depends on your business turnover and the nature of your sales. In the UK:

  • You must register for VAT if your taxable turnover exceeds £90,000 in a 12-month period.
  • You can choose to register voluntarily if your turnover is below the threshold. This can be beneficial if you incur VAT on business expenses, as it allows you to reclaim VAT.

Once registered, you will need to:

  • Charge VAT on your sales at the correct rate
  • Keep accurate VAT records
  • Submit VAT returns to HMRC, usually quarterly

Our VAT services team can help you determine whether registration is necessary, guide you through the process, and manage ongoing VAT compliance to ensure you meet all HMRC requirements without stress.

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