FAQs

Frequently Asked Questions

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Our team provides a full range of accounting services, including payroll, VAT returns, managed bookkeeping, accounts management, tax returns, and invoicing.

No. There’s no minimum contract or tie-in. You pay a fixed monthly fee with complete flexibility, no obligation to commit to a set term for our business accounting service.

Failing to accurately declare your income can result in fines from HM Revenue. That’s why we recommend partnering with a professional accounting firm, like Oakstone Accountants, to manage your finances especially if you’re a new business or freelancer.

No. If you leave Oakstone Accountants partway through the year, we cannot refund payments for months during which we’ve already provided advice and services on your behalf. Any work that has been completed and delivered will not be eligible for a refund.

If you join us partway through the financial year, our accountants will first need to catch up on your bookkeeping and accounts to get everything up to date.
For instance, if your financial year starts in April and you sign up with Oakstone Accountants in July, your initial payment will cover four months, April, May, June, and July. Don’t worry, you can choose to spread this catch-up payment over the first three months of your contract.
Once your accounts are up to date, you’ll only pay a fixed monthly fee for ongoing support. To enable us to complete your year-end accounts and tax returns, we simply ask that you’ve been a client for one year or have made the equivalent of 12 monthly payments.

Absolutely! When you use our business accountancy services, you’ll be assigned a dedicated accountancy and tax advisory team. They’ll handle your accounts and tax matters and be on hand to answer any questions you may have along the way.

Everything! We handle all communications with HMRC on your behalf and submit all your digital returns. Any important updates or information will be passed directly to you, so you’re always in the loop.

es. Your fixed monthly fee covers all year-end statutory requirements and tax returns, along with monthly bookkeeping, management accounts, payroll, VAT, and any additional services selected in your quote. Full details will be provided in the terms and conditions when your company signs up with Oakstone Accountants.

When you partner with us, our chartered accountants will require the following details from you:

  • Your full name and ID (either driver’s license or passport)
  • Your date of birth (D.O.B)
  • Your current address and proof of residence
  • Your mobile and/or home phone number
  • Your National Insurance (NI) number
  • Your company name and registration number
  • Your Unique Tax Reference (UTR) number
  • Your VAT registration number
  • Documentation of your previous tax return

Some of these details may not apply to you, and that’s fine. We will let you know what we need when we contact you.

Not at all. If you’re moving from a previous accountant, we’ll manage the entire process. Typically, this involves contacting your former accountants to transfer your documents to us securely. Once everything is in place, we’ll send you an engagement letter, which you’ll need to confirm to authorise us to act on your behalf in the agreed areas.

If you’re ready to let us take care of your accounting, just fill in your details to receive an instant online quote. Once you’re happy to proceed, we can schedule a free consultation with one of our expert accountants to discuss your needs and provide all the information you need before getting started.

Self-employed individuals and sole traders can greatly benefit from Oakstone Accountants' self-assessment tax return service. We also support limited companies and partnerships by completing tax returns and calculating tax liabilities.

Our service is available for those receiving:
-> Personal investment income
-> Employment income
-> Rental or property income
-> Armed forces income

Late filing penalties are more common than you might expect. If you incur one, the best approach is to submit your tax return as soon as possible and, where applicable, appeal the penalty. If you have a valid reason for the delay, HMRC may cancel the penalty. Our chartered accountants can handle penalty appeals on your behalf and ensure that any unnecessary tax returns are properly cancelled.

Our service isn’t suitable for individuals who are not UK residents or those with complex tax situations, including (but not limited to) capital gains, trust or estate income, foreign income, EIS scheme subscriptions, or venture capital trust subscriptions. If you’re unsure, please contact us before purchasing, as refunds cannot be provided.

No. Our tax return packages cover only the completion and submission of your tax return and do not include year-round support. If you want an accountant to manage your accounts and finances on an ongoing basis, consider our monthly management accounts service. Please check with us if you’re unsure before purchasing.

Oakstone Accountants offers bookkeeping solutions for a wide range of clients, from Limited Companies to self-employed professionals and start-ups, so our services are likely a good fit for your business. We pride ourselves on providing a flexible approach that adapts to different business needs. If you’re unsure, feel free to call us and speak with a team member about your requirements, we’ll be happy to assist.

Yes. When you start with us, we’ll assign a dedicated bookkeeping team to your account. Our bookkeepers work with the same clients from start to finish, allowing them to provide a highly tailored and consistent service.

We can handle everything you need that’s related to bookkeeping and accountancy. From managing taxes and VAT to organising transactions and communicating with HMRC on your behalf, we’ve got it covered. We ensure you stay compliant with legal requirements and keep you updated with relevant information. If we need anything further from you, we’ll contact you promptly.

Your monthly payment covers our bookkeeping and accounting services, including year-end statutory requirements, tax returns, payroll, VAT, and any other services included in your quote. Once you agree to a fixed monthly cost, there are no hidden or unexpected fees.

When you partner with us, our accountants will require the following details from you:

Your full name and ID (either drivers’ license or passport)

Your date of birth

Your current address and proof that you live there

Your mobile and/or home phone number

Your NI (National Insurance) number

Your company name and number

Your UTR (Unique Tax Reference) number

Your VAT registration number

Documentation of your previous tax return

Ensure the information you provide is accurate, as it will make the sign-up process smoother. Some details may not be required, depending on the specific accountancy services you choose. We’ll provide more guidance on what’s needed when we contact you.

No, there’s no minimum commitment. You simply pay your fixed monthly fee, and our accountants will provide services for as long as you need whether that’s months or years.

If you’re ready for Oakstone Accountants to handle your bookkeeping and accountancy, simply fill in your details to receive a free instant quote online, no call needed. If you decide to proceed, a team member will contact you to discuss your requirements. You’ll receive all the necessary information, including a full cost breakdown, before getting started.

Stop spending time processing each transaction yourself. Simplify your finances and let us manage your bookkeeping for you.

Statutory accounts consist of a balance sheet, a profit and loss account, and a directors’ report.

A balance sheet provides a snapshot of your business’s financial position, detailing your assets, liabilities, and equity.

There isn’t a fixed date for filing your limited company tax return. Instead, Companies House determines your year-end based on your company’s incorporation date. Your accounts will be due exactly one year from the last day of the month your company was incorporated, so make sure to check your records.

We strive to complete all work within six weeks of receiving your paperwork, though it’s often finished much sooner!

Possibly. If you need your annual accounts completed urgently, we may be able to offer a “fast track” service for an additional fee. Please get in touch for details.

Yes. If you’ve used a previous accountant, we’ll need any relevant paperwork from them. The most common delays are waiting for documents from your previous accountant or missing information from you.

To avoid delays, please send us all necessary paperwork and ensure any outstanding bills with your previous accountant are settled.

The paperwork you’ll usually need for a limited company tax return is:

-> Sales invoices or records of sales
-> income received
-> Purchase invoices
-> Receipts for expenses
-> Mileage logs or fuel receipts
-> Mobile phone bills
-> Business bank statements
-> Lease or HP agreements in the company name
-> VAT returns if your business is VAT registered
-> Anything else you think is relevant!

Our annual accounts service does not cover limited company accounts or corporation tax returns that require additional forms or supplementary pages. The only form included in the corporation tax submission is the CT600.

This service also excludes preparation of supplementary pages for: loans to participators by close companies, controlled foreign companies (including Bank Levy), group and consortium, insurance, charities and community amateur sports clubs, tonnage tax, corporate venturing schemes, cross-border royalties, supplementary charges for ring-fenced trades, or disclosure of tax avoidance schemes.

The cost depends on the type of service you need and how you provide your paperwork and bank statements. Our services start from just £100 for filing a corporation tax return only.

You can choose to pay your employees weekly, fortnightly, or monthly. Income tax and National Insurance must be paid either monthly or quarterly, with quarterly payments limited to a maximum of £1,500.

To complete their payroll, there is some information you’ll need to make sure you have on your employees, including:
Title
Full name
Address
NI number
Date of birth
Start date
Payroll frequency
Tax code
Job title
Annual salary or hourly rate

If you choose to pay income tax and national insurance monthly, then the money is always due on the 19th of the following month. For a quarterly payroll, it always runs per tax year, and there are four set quarters in each tax year, which are:

1st quarter: April, May, and June - pay by 19th July.

2nd quarter: July, August, and September - pay by 19th October.

3rd quarter: October, November, and December - pay by 19th January.

4th quarter: January, February, and March - pay by the 19th April.

One of the biggest advantages of hiring expert accountants for your VAT return is the confidence that all figures are accurate and error free.

The deadline for filing your VAT return online and making payment to HMRC is typically one calendar month and 7 days after the end of your VAT period.

Monthly management accounts usually include a profit and loss statement, balance sheet, and detailed ledger listings showing exactly where your income and expenses go. While you could prepare these yourself, having an accountant do it ensures accuracy.

Cloud accounting tools like Xero or QuickBooks generate reports, but they don’t replace the expertise of a qualified accountant. Proper management accounts require applying accounting rules and treatments, giving you a true picture of your business performance. To really understand how your business is doing, it’s best to have a professional accounting firm handle them for you.

To grow your business, you need clear KPIs and regular tracking of your cash position and performance—not just the occasional glance at your bank balance.

Cash in the bank doesn’t always mean profit, as it doesn’t reflect upcoming expenses or tax bills. Management accounts give you an accurate picture of your assets, liabilities, profit, and overall performance, helping you make informed decisions.

Having an expert prepare these accounts ensures they’re accurate and reliable, giving you confidence in your financial outlook.

Unlike statutory financial accounts or HMRC tax returns, management accounts aren’t legally required. However, having monthly management accounts prepared by your bookkeeper gives you valuable insight into your business.

A profit and loss summary can highlight overspending on areas like advertising or warn you of a looming VAT bill, helping you make smarter decisions and avoid unpleasant surprises. With this information, you’ll be better prepared to set KPIs and plan for growth.

Plus, with Making Tax Digital on the way, getting used to regular management accounts will make the transition much smoother.

Our management accounts service covers key financial reports like cash flow, balance sheets, income statements, and sales records. You can also fully customise your package with add-ons, including:

  • VAT returns
  • Monthly payroll
  • Statutory year-end accounts
  • Corporation or partnership tax return
  • Self-assessment tax return
Simply choose the services you need when requesting a quote, and we’ll get started once you’re signed up.

Plans start from just £40/month + VAT.

You’ll need to submit an annual tax return online if you are:

Director of a Limited Company

Self-employed

Employed and earning more than £100,000

Earning more than £50,000 and receiving child benefit

Receiving property income

Earning untaxed income

 You can contact HMRC if you’re still not sure whether you need to submit a self-assessment. Alternatively, you could chat with us. We’re always happy to help!

You can register for self-assessment directly on the GOV website. If you’re earning untaxed income but aren’t yet registered, it’s important to do so as soon as possible. HMRC will take you through a short set of questions and help you set up an account. Once registered, you’ll receive a Unique Tax Reference (UTR) number within about 10 days. If you’re unsure where to begin, our team is here to guide you through the process.

You must submit your self-assessment return online. If online filing isn’t possible, HMRC may permit a paper submission. Our team can handle the process for you, ensuring everything is filed correctly and on time to avoid penalties.

Once you’ve filed your tax return online, you have until 31 January of the following year to pay your taxes. For instance, a return filed in April 2021 must be paid by 31 January 2022. You may also need to make advance “payments on account.” We’ll guide you on what to pay and when.

If you run a small business, limited company, or partnership, you’re required to submit a tax return to HMRC to report your business income and claim any eligible tax allowances. This is known as a corporation tax return or company tax return. Completing it can be complex, so professional assistance is recommended to ensure it’s filed accurately and to avoid costly errors. If HMRC issues a company tax return, it must be completed.

Yes you need to complete a company tax return if you are a small business, limited company or partnership.

Yes, it’s entirely free and usually straightforward to complete. However, errors can be costly. Would you cut your own hair just because it’s free? Probably not! For just £75, a qualified accountant can prepare and submit your tax return, giving you peace of mind that it’s done correctly. It also reduces stress and frees up your time to focus on what really matters.

Any late submissions will be fined a minimum of £100 by HMRC.

October 31st for paper tax returns and January 31st for online tax returns.

Limited company accounting involves key financial duties, such as preparing year-end accounts and submitting your business’s income and expenses to Companies House for tax assessment.

Day-to-day responsibilities include:
  • Recording payments made and received
  • Collecting receipts
  • Tracking invoice payments

To ensure all this information is logged accurately before the end of the tax year, using accounting software is essential.

All of the above, and more! Expect limited company accountants to:
  • Manage your limited company finances
  • Offer expert financial advice
  • Keep track of your business expenses
  • Help you apply for a business bank account
  • Ensure you pay tax on time
  • Support you in getting VAT registered
  • Organise your bank statements

Yes, most accountants can set up a Limited Company for you. Our limited company accountants can register your business with Companies House at no extra cost when you sign up for our monthly service.

If you want the ease of having an accountant at your fingertips, Oakstone Accountants is perfect for you. We assign you a dedicated accountancy team to handle your bookkeeping behind the scenes, giving you more time to focus on running your business.

We understand that sole traders have busy lives, which is why we offer a flexible, low-hassle alternative to traditional accountancy firms. With a range of tailored solutions to suit every budget, you only pay for the services you need and there’s no requirement to learn accounting software, as our team takes care of it for you.

Yes, you will need to pay a Limited Company accountant to manage your business accounts. You’ll also need to pay an accountant to set up your company, either as a one-time fee or as part of a monthly accountancy package.

The deadline for submitting your return online and paying HMRC is usually the same: one calendar month and seven days after the end of your VAT period.

A major advantage of hiring expert accountants to handle your VAT return is the confidence that all your figures are accurate. This means you don’t need to worry about unexpected VAT inspections.

At a minimum, you should choose an accounting solution that handles your monthly bookkeeping, ensuring your income and expenses are accurately recorded. It’s also highly recommended to work with an accounting firm that can file your tax returns directly with HMRC and/or Companies House.

For a growing small business, every penny matters, so it’s important to get real value from your accounting service. While exact costs vary since every business has different needs and goals our chartered accountants can create a tailored monthly plan based on the services that fit you best.

Whether you’re newly self-employed, running a start-up, managing a limited company, or part of an LLP, our online accountancy services are tailored to your needs. We take care of the time-consuming admin, so you can focus on growing and running your business.

Our chartered accountants provide a full range of services tailored for small businesses. From managed bookkeeping and invoicing software to tax returns, management accounts, payroll, VAT, and statutory year-end accounts, you can select the services that suit your needs. Not sure which ones are right for you? We’ll happily review your situation and recommend the most suitable options to help your business grow and succeed.

There’s no minimum contract term when you join our accountancy firm. You’ll only need to cover the fixed monthly fee we’ve agreed on, without being tied down to a set timeframe.

Quality accounting doesn’t have to cost hundreds each month. At Oakstone Accountants, our expert accountants for freelancers and small businesses work on a fixed monthly fee with no hidden charges. Your exact cost depends on the services you choose, and if you’ve been with us for a full year, your annual accounts come at no extra charge.

The level of support depends on the services you choose. At Oakstone Accountants, your dedicated accountant will manage your monthly income and expenses using our online accounting software and submit your annual accounts when tax season arrives.

We also provide tailored advice, including tax efficiency guidance, and deliver monthly reports to keep you informed about your business finances. If you need help registering with HMRC or setting up a business bank account, we’re here to assist with that too.

No, sole traders and freelancers in the UK aren’t legally required to have an accountant. However, many choose one for the convenience avoiding the hassle of learning accounting software and staying on top of tax payments.

If managing your finances is taking time away from running your business, from project management to customer service, investing in an online accounting service is a smart choice.

The simplest way to find accountants for freelancers is online. This lets you read customer reviews and make sure the service is worth your investment before committing.

If you want the convenience of an accountant at your fingertips, Oakstone Accountants is the solution. Your dedicated accountancy team uses our award-winning software to manage your finances, letting you focus on the projects you love.

We know sole traders already juggle countless responsibilities, often acting as their own accountants. That’s why our services are flexible and designed to suit every freelancer and every budget.

If you want the convenience of an accountant at your fingertips, Oakstone Accountants is the solution. Your dedicated accountancy team uses our award-winning software to manage your finances, letting you focus on the projects you love.

We know sole traders already juggle countless responsibilities, often acting as their own accountants. That’s why our services are flexible and designed to suit every freelancer and every budget.

We provide sole trader accounting solutions to a wide range of clients, and assigning each customer a dedicated accountancy team allows us to deliver a truly personalised service. Over time, your team gets to know your business something that rarely happens with traditional firms, where you’re often passed from one accountant to another.

Yes. In addition to our tax services, we’ll handle your VAT returns using our accounting software if your earnings exceed the £80,000 threshold. We can also assist with VAT registration if you’re not familiar with the process.

Yes. If you’re switching from another accountant, we’ll handle the transition for you. We’ll contact your previous accountant to obtain your accounting history, update our software with your details, and get started on your bookkeeping immediately.

Your quote is based on the work your sole trader business requires. We use your details to estimate the average number of bookkeeping transactions per week, which helps us calculate the monthly effort and determine your price.

No. In the UK, self-employed business owners are not legally required to have an accountant. However, many find that rather than struggling with free bookkeeping software or handling taxes themselves, it’s far more efficient to rely on a professional who can manage bookkeeping and submit taxes accurately.

If managing finances is taking time away from growing your business, using an online accounting service can be a smart investment.

The short answer is: it depends. Traditional accounting firms charging for fixed services can cost hundreds of pounds per month. With Oaks Accountants, however, you pay a fixed monthly fee that stays the same, even if your business transactions increase. We offer flexible accountancy packages to suit every budget and you’ll never face a surprise fee at the end of the financial year.

As a sole trader, you’re not required to file your accounts with a public body like a limited company registered at Companies House. Your business finances remain private. However, it’s important to prepare a balance sheet and a profit and loss account each year.

Sole traders are personally responsible for their financial obligations, including any debts. Keeping accurate records not only helps you avoid penalties from HM Revenue & Customs but also gives you a clear view of your spending, reducing the risk of falling into debt.

If you want the ease of having an accountant at your fingertips, Oakstone Accountants is perfect for you. We assign you a dedicated accountancy team to handle your bookkeeping behind the scenes, giving you more time to focus on running your business.

We understand that sole traders have busy lives, which is why we offer a flexible, low-hassle alternative to traditional accountancy firms. With a range of tailored solutions to suit every budget, you only pay for the services you need and there’s no requirement to learn accounting software, as our team takes care of it for you.

Sole traders and small business owners choose Oakstone Accountants for one simple reason: our service is friendly, reliable, and professional. Our clients consistently praise our team of chartered certified accountants. We aim to demonstrate to as many small business owners as possible that our modern, online approach to accounting is the way forward.

No matter how simple or complex your accounting needs, you can trust that Oaks Accountants provides an excellent service for every sole trader we work with.

Absolutely. We’re fully approved and ready for Making Tax Digital (MTD). Our processes and software mean you won’t need to buy extra software or worry about compliance, we handle it al

Our packages scale with you. Whether you take on staff, register for VAT, or move from sole trader to limited company, we adjust your plan so you only pay for what you need.

High-street accountants often:

--> Charge extra for bookkeeping.
--> Rush everything at year-end.
--> Leave you waiting if they’re away.

Oakstone Accountants' offers:

--> Bookkeeping included.
--> Year-round up-to-date accounts.
--> Flexible support tiers, so you only pay for the advice you actually use.
--> Faster, more consistent, and usually more cost-effective.

Yes, as an optional add-on through our partner Vantage.

--> HMRC investigations can happen to anyone.
--> They can take months and cost thousands in professional fees.
--> With cover, those fees are paid for.

It’s inexpensive, but provides huge peace of mind.

--> We do all your bookkeeping, unique among online firms.
--> We accept both digital uploads and paper envelopes.
--> We let you choose your support tier: you only pay for the level of advice and interaction you actually need.

Most accountants make you do your own bookkeeping, then charge extra for advice.
At Oakstone Accountants, you don’t lift a finger, and you pick the support level that’s right for your business and budget.