Question 1

Do I need an audit?

Accepted Answer

An audit may be required if your business exceeds certain thresholds or operates in a regulated industry. Audits are also valuable for ensuring transparency, building investor confidence, and improving financial processes. Contact us to find out if your business needs an audit.

Question 2

What is the tax rate for dividends in the UK?

Accepted Answer

The tax rate on dividends depends on your income tax band. Basic rate taxpayers pay 8.75%, higher rate taxpayers pay 33.75%, and additional rate taxpayers pay 39.35%. Contact us for tailored tax planning advice.

Question 3

How do I pay a dividend?

Accepted Answer

To pay a dividend, you need sufficient profits after tax, a meeting to declare the dividend, and a dividend voucher for shareholders. Lewis Brownlee can assist with the process.

Question 4

What is the dividend allowance?

Accepted Answer

The dividend allowance is £1,000 for the 2023/24 tax year. This means you can receive up to £1,000 in dividends tax-free. We can help you optimise your tax strategy.

Question 5

What are allowable expenses for a small business?

Accepted Answer

Allowable expenses include office costs, travel, staff salaries, utilities, marketing, and equipment. Lewis Brownlee can help you identify all eligible expenses to reduce your tax bill.

Question 6

Do I need to register for VAT?

Accepted Answer

You must register for VAT if your business's taxable turnover exceeds £85,000 in a 12-month period. Lewis Brownlee can guide you through VAT registration and compliance.

Question 7

What is the VAT threshold in the UK?

Accepted Answer

The VAT threshold in the UK is £85,000. If your taxable turnover exceeds this amount, you must register for VAT. Contact us for help with VAT registration.

Question 8

How do I register a new company in the UK?

Accepted Answer

To register a new company, you'll need to choose a company name, appoint directors, register with Companies House, and set up a bank account. Lewis Brownlee can help you with the process.

Question 9

What is corporation tax?

Accepted Answer

Corporation tax is a tax on company profits. The main rate for 2023/24 is 25% for companies with profits over £250,000. We can help you with compliance and planning.

Question 10

How do I reduce my corporation tax bill?

Accepted Answer

You can reduce corporation tax through allowable expenses, capital allowances, R&D tax credits, and other reliefs. Lewis Brownlee offers tailored tax planning to minimise your tax bill.

Question 11

What is a self-assessment tax return?

Accepted Answer

A self-assessment tax return is a way to declare your income and calculate tax owed. It's required for self-employed individuals, landlords, and company directors. We can handle your return for you.

Question 12

What is the difference between a balance sheet and a profit & loss statement?

Accepted Answer

A balance sheet shows a company's financial position (assets, liabilities, equity), while a profit & loss statement shows its performance (revenue, expenses, profit) over a period.

Question 13

What is a statutory audit?

Accepted Answer

A statutory audit is a legally required review of a company's financial records to ensure accuracy and compliance with regulations. It applies to larger companies and certain industries.

Question 14

What does a corporate audit involve?

Accepted Answer

A corporate audit involves examining financial records, internal controls, and compliance with accounting standards. It ensures accurate reporting and builds stakeholder confidence.

Question 15

How can a Virtual Finance Director help my business?

Accepted Answer

A Virtual Finance Director provides strategic financial guidance, budgeting, forecasting, and cash flow management without the cost of a full-time hire. Lewis Brownlee offers flexible Virtual Finance Director services for growing businesses.

Question 16

What is a Virtual Financial Controller?

Accepted Answer

A Virtual Financial Controller manages day-to-day financial operations, including overseeing bookkeeping, preparing management accounts, and ensuring compliance. We provide tailored Virtual Financial Controller services to support your business.

Question 17

What is cash flow forecasting?

Accepted Answer

Cash flow forecasting involves predicting the inflow and outflow of cash in your business to ensure liquidity and plan for future expenses. It’s an essential tool for financial management.

Question 18

What are management accounts?

Accepted Answer

Management accounts are regular financial reports used for internal decision-making. They include profit & loss statements, balance sheets, and cash flow forecasts. We can provide tailored management accounts for your business.

Question 19

What is payroll outsourcing?

Accepted Answer

Payroll outsourcing involves delegating payroll processing, tax calculations, and compliance to a third-party provider. Lewis Brownlee offers reliable payroll services to save you time and reduce errors.

Question 20

What is the annual investment allowance?

Accepted Answer

The Annual Investment Allowance (AIA) allows businesses to deduct the full value of qualifying equipment from profits, up to £1 million. We can advise on using the AIA effectively.

Question 21

What is the flat rate VAT scheme?

Accepted Answer

The flat rate VAT scheme simplifies VAT calculations for small businesses with turnover up to £150,000. Contact us to see if this scheme is right for you.

Question 22

What is R&D tax relief?

Accepted Answer

R&D tax relief allows companies to claim back costs for innovation and development activities. It can reduce corporation tax or result in a cash payment. We can help with claims.

Question 23

How do I prepare year-end accounts?

Accepted Answer

Year-end accounts preparation involves collecting all financial records, reconciling accounts, calculating tax, and preparing financial statements. Lewis Brownlee can handle this process for you.

Question 24

How do I prepare for a tax investigation?

Accepted Answer

To prepare for a tax investigation, ensure your records are accurate, respond promptly to HMRC, and seek professional advice. Lewis Brownlee can provide expert support.

Question 25

What is the tax rate for capital gains?

Accepted Answer

The capital gains tax rate is 10% for basic rate taxpayers and 20% for higher/additional rate taxpayers on most assets. Contact us for advice on reducing capital gains tax.

Question 26

How do I set up a payroll system?

Accepted Answer

Setting up a payroll system involves registering as an employer with HMRC, choosing payroll software, and submitting RTI (Real-Time Information) reports. Lewis Brownlee can manage this for you.

Chartered Accountants, Tax Planning & Business Advisers

Chichester | London | Midhurst | Whiteley

Audits & Assurance

Tax Returns

Virtual Finance Director

Year-End Accounts

Tax Planning

Virtual Financial Controller

Bookkeeping

Share Restructures

Xero Consultancy

Payroll

Probate

Forecasting & Business Advice

Solicitors Accounts Rule Audits

Charities Independent Review & Audit

Agricultural & Horticultural Accounts

Accountants
Chichester

Accountants
London

Accountants
Midhurst

Accountants
Whiteley

Welcome to Lewis Brownlee Chartered Accountants

– Your Expert Accountants in Chichester, Midhurst, and Whiteley –

Why choose Lewis Brownlee?

Digital cloud based software

We save you time & money!

Management Information

Is yours a tea, coffee or hot chocolate?

Book a Meeting

Phone

Email

Open

Find Us