An accountant provides essential support for small businesses, from handling financial records, bookkeeping, and payroll, to preparing tax returns and financial statements. At Swift Accountants, we tailor our services to meet the needs of small businesses, ensuring compliance and helping you focus on growth.

For most small and medium businesses in the UK, cloud-based software like Xero, QuickBooks, or Sage offers efficient solutions for managing finances and staying compliant. Swift Accountants provides software recommendations tailored to your business needs and offers setup and training to ensure smooth integration.

Making Tax Digital (MTD) is a UK government initiative requiring businesses to manage VAT records digitally and submit VAT returns using compatible software. This affects all VAT-registered businesses, and MTD for Income Tax and Corporation Tax will follow. Swift Accountants ensures your business remains compliant with MTD requirements, helping you transition to digital processes seamlessly.

While it’s not mandatory, hiring an accountant can help self-employed individuals navigate complex tax rules, claim allowable expenses, and optimise tax payments. Swift Accountants supports self-employed professionals by handling financial administration, so you can focus on growing your business.

Allowable expenses include business-related costs that can be deducted from your income to reduce your tax bill. This typically includes travel, office supplies, utilities, and marketing. Swift Accountants can help you identify and claim all allowable expenses, ensuring you maximise your tax efficiency.

Accountants use various tax-saving strategies, such as claiming all eligible deductions, tax reliefs, and allowances, and offering advice on business structures that may reduce tax liability. At Swift Accountants, we review your accounts proactively to find ways to minimise your tax burden legally and effectively.

Bookkeeping involves recording daily transactions, while accounting encompasses a broader scope, including financial analysis, tax planning, and preparing reports. Swift Accountants offers both services, ensuring accuracy in your records and comprehensive insights into your financial health.

In the UK, you must register for VAT if your business’s VAT-taxable turnover exceeds £85,000 in a 12-month period. Swift Accountants can guide you through VAT registration and compliance, helping you manage returns and avoid penalties.

Accountants help manage cash flow by tracking income and expenses, setting up budgets, and advising on spending to ensure your business stays financially healthy. At Swift Accountants, we offer cash flow forecasting to provide a clear picture of your financial future and keep your business on track.

Corporation Tax is a tax on limited companies’ profits in the UK. If you run a limited company, you must calculate and pay Corporation Tax on your profits. Swift Accountants offers expert Corporation Tax services, ensuring you meet all obligations and file accurate returns.

You need to file a Self-Assessment tax return if you are self-employed, have income from property, or earn over £150,000, among other conditions. Swift Accountants simplifies the Self-Assessment process, ensuring your return is filed accurately and on time.

In the UK, missing a tax deadline incurs an initial £100 penalty, with further penalties if your return remains unfiled. Swift Accountants helps you meet all filing deadlines, avoiding costly penalties and ensuring your finances are in good standing.

Limited companies in the UK are required to file accounts annually with both HMRC and Companies House. Swift Accountants manages all your statutory filing needs, ensuring your accounts are submitted accurately and on time.

Accountants provide valuable insights into your business’s financial health, identify cost-saving opportunities, and help with strategic planning to support growth. At Swift Accountants, we offer tailored advisory services, from budgeting and forecasting to expansion planning, helping you achieve long-term success.

The CIS requires contractors to deduct money from subcontractor payments and pass it to HMRC. This scheme applies to those in the UK construction industry. Swift Accountants provides CIS compliance support, ensuring accurate deductions and timely payments to HMRC.

Accountancy fees vary based on the services required, the complexity of your finances, and the accountant’s experience. At Swift Accountants, we offer competitive, transparent pricing tailored to your business’s specific needs.

Yes, accountants can help identify funding opportunities, prepare financial documentation, and provide advice on securing finance. Swift Accountants offers business advisory services, including support for financing and funding, to help you make the best financial decisions for growth.

Accountants manage payroll by ensuring accurate calculation of wages, deductions, and taxes, while also handling HMRC submissions. Swift Accountants provides a full suite of payroll services, so your employees are paid correctly and on time, and all tax obligations are met.

Swift Accountants offers a client-focused approach, with tailored accounting, tax, and advisory services that adapt as your business grows. We combine industry knowledge with proactive financial management to help your business succeed and navigate any challenges.

A Personal Tax Account (PTA) is an online service provided by HMRC, allowing individuals in the UK to manage their tax affairs digitally. Through a PTA, you can view your income tax history, check tax codes, update personal details, manage child benefits, and more. Setting up a Personal Tax Account is straightforward, and it helps ensure your information is up to date, especially if your circumstances change. Swift Accountants can guide you through managing your PTA to help you stay organised and compliant with HMRC.

A P60 is an annual document provided by an employer, detailing an employee’s total pay and deductions (such as income tax and National Insurance) over the tax year (6th April to 5th April). It’s essential for tax records, verifying income, and claiming tax rebates. If you need help understanding or managing your tax records, Swift Accountants offers comprehensive tax assistance, ensuring you have everything in order.

A P11D is a form that UK employers submit to HMRC to report benefits in kind provided to employees, such as company cars, health insurance, and other perks. These benefits may incur additional tax obligations for the employee. Swift Accountants can assist you with P11D submissions, ensuring accurate reporting and helping you understand any potential tax impacts.

PAYE is the UK’s system for collecting income tax and National Insurance from wages. Under PAYE, employers deduct taxes from employees’ pay each month and submit them to HMRC. This system helps ensure tax obligations are met throughout the year. Swift Accountants offers payroll management services to streamline PAYE compliance, ensuring accurate deductions and timely submissions.

BR Tax (Basic Rate) refers to the tax code used when all earnings from a particular employment are taxed at the basic rate (20%). The BR tax code usually applies when you have more than one source of income, such as a second job or pension. This code means you won’t receive a tax-free personal allowance on that income source. Swift Accountants can review your tax codes to ensure you’re not overpaying and advise on managing multiple income streams effectively.

A UTR (Unique Taxpayer Reference) number is a 10-digit identifier assigned by HMRC to individuals and businesses for tax purposes in the UK. It's essential for tasks like filing a Self Assessment tax return or managing Corporation Tax. Your UTR number helps HMRC link all tax information to your account. Swift Accountants can help you obtain and use your UTR number correctly, ensuring smooth and accurate tax submissions.