Frequently Asked Questions

Yes, we can act as your tax agent, dealing with HMRC queries, submitting returns, and ensuring compliance while you focus on your business.

Yes, we assist with business valuations, due diligence, financial structuring, and negotiations to ensure smooth transactions.

Yes, we explore allowances and reliefs such as capital allowances, R&D tax credits, and loss reliefs to ensure you minimize tax liability while remaining fully compliant.

Yes, we create tailored budgets and financial forecasts to improve cash flow management and ensure informed decision-making.

Yes, under auto-enrolment laws, employers must enroll eligible employees into a workplace pension scheme and contribute at least 3% of their salary.

Our advisory services provide guidance on financial strategy, business structuring, funding, and operational improvements to enhance growth and profitability.

We help businesses prepare financial projections, assess funding options, and approach lenders or investors to secure financing.

MTD requires VAT-registered businesses to keep digital records and submit VAT returns using HMRC-approved software. We assist with full compliance.

Payroll can be processed weekly, fortnightly, or monthly depending on your business needs. We handle all processing, ensuring accuracy and compliance.

Most businesses benefit from monthly or quarterly reports to track performance and adjust strategies proactively.

Businesses must track sales, expenses, bank transactions, VAT invoices, and payroll to ensure accurate financial reporting and tax compliance.

Common deductible expenses include business travel, home office costs, professional fees, and equipment purchases. We ensure you claim everything you’re entitled to.

Businesses must maintain accurate records of income, expenses, bank transactions, payroll, VAT, and assets for at least six years for HMRC compliance.

Payroll mistakes can result in HMRC penalties and employee disputes. KL Accountants ensures your payroll is processed correctly and on time, preventing costly errors.

Late submissions result in penalties—starting at £100 for corporation tax and increasing over time. Companies House may also issue fines for late accounts, and persistent non-compliance can lead to serious consequences.

Management accounting provides real-time financial insights, including profit and loss reports, cash flow forecasts, and KPI tracking, to support strategic decision-making.

Employers must register for PAYE, calculate wages, deduct taxes and National Insurance, provide payslips, and submit Real Time Information (RTI) reports to HMRC.

Options include the Standard VAT scheme, Flat Rate VAT scheme, and Cash Accounting scheme. We help you choose the most tax-efficient option.

Whether you’re a sole trader, partnership, or limited company, we advise on the most tax-efficient and scalable business structure for your goals.

Year-end accounts focus on compliance, while management accounts provide actionable financial insights to drive business growth.

Limited companies must file annual accounts with Companies House and a corporation tax return (CT600) with HMRC, typically within nine months of the company’s financial year-end.

You must register if your business’s annual turnover exceeds £90,000. Voluntary registration is possible if it benefits your business.

Paper tax returns must be filed by 31 October, while online returns are due by 31 January following the tax year. Late submissions incur penalties.

Self-assessment applies to self-employed individuals, landlords, company directors, and those with additional income streams beyond PAYE employment.