Frequently Asked Questions
What is the ACCA qualification?
The ACCA (Association of Chartered Certified Accountants) qualification is a globally recognized for accountants. It provides individuals with the necessary knowledge and skills to excel in the field of accounting and finance. The ACCA program covers essential topics such as financial management, taxation, and audit, preparing graduates for a successful career in various sectors. Achieving this qualification demonstrates commitment to professional excellence and opens up numerous career opportunities worldwide.
Can you help me comply with HMRC's Making Tax Digital (MTD) Requirements?
Absolutely. JW Accountancy uses FreeAgent, a cloud accounting tool to keep you MTD-compliant. We'll help set up your software, connect to HMRC, automate VAT submissions and/or Income Tax submissions, and ensure your records are digitally compliant and up-to-date.
What is the difference between book keeping and accounting?
Book keeping involves the day-to-day recording of financial transactions - like sales, purchases, receipts and payments. Accounting builds on those records to prepare periodic statements (e.g., profit & loss, balance sheets), tax filings, and strategic analyses to support business growth and compliance.
How do I know which business structure is right for me - sole trader or ltd company?
Choosing between operating as a sole trader, parternship, or limited company affects how much tax you pay, your personal liability, and how your business can grow. We'll help you weigh up the pros and cons based on your income, goals, and risk profile.
Thinking of starting or switching? Speak to us first - making the wrong decision could be costly. We'll guide you to the most tax-efficient, future-ready option for your situation.​
How do I switch my accountant to JW Accountancy Services?
Switching is easy. Simply authorise a client transfer letter to us, and we'll request everything from your previous accountant, typically with just one letter. We'll handle the transition seamlessly, ensuring no disruption to our filings or deadlines.
How long should I keep tax records?
The HMRC recommends that you keep your accounting records for at least six years from the end of the tax year they relate to. This includes records of income, expenses, and any supporting documents. Keeping these records ensures that you can evidence if needed for tax assessments or inquiries. It's always best to stay organized and compliant for peace of mind.