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Accounting Advice

The deadline for submitting the return online and paying HMRC is usually the same. It’s one calendar month and 7 days after the end of your VAT period.

A huge bonus of hiring a team of expert accountants to take care of your VAT return is that you can be confident all the figures are correct. 

Accounting Services

The number of transactions is the approximate number of receipts and invoices you have over the year, or in other words, the number of bookkeeping entries we will have to make.  Our average client has between 1000 and 2000 transactions a year (or under 166 per month).

The quote is based upon the type of business you operate (sole trader/ limited company etc…), any extra work required outside of your basic package such as VAT returns or additional payslips, and the what we would consider to be an average number of bookkeeping transactions

When you sign up with Mazuma you’ll be given details of how to contact your Accountant.  Our prices are fixed fee so you can be assured that no extra bills will appear as long as you use the service fairly.  You can get in touch with your Accountant in a variety of ways including email and phone.  All that we ask is for you to be aware that when you call you may be asked for a time that your Accountant can call you back.  We’re sure that you’d want your Accountant to give your accounts their full attention, so if they are working on a few tricky tax calculations they will call you back when they have finished.

People often ask us how our accounting service can be so cheap, querying how we it’s possible to be a cheap accountant who is also reliable and knowledgeable. Mazuma’s structure means that you have the right person doing the right job so we can keep our fees as low as possible.  We make sure that our Chartered Accountants spend their time doing accounts and tax, not scanning and filing!  This means that they can work more efficiently, keeping your fees down.

We do understand that we’re not a traditional accountancy firm and that our multi award-winning re-vamped way of working might not be everyone’s cup of tea.  We think that most small businesses could benefit from a bit of Mazuma magic, but take a look at the reasons why we may not be right for you before you make a final decision! To make it easy we also explain how you can switch to us.

No.  There is no minimum contract period  or ‘tie-in’ .Please note that if you leave Mazuma part way through the year and have not come to your company year end we cannot refund you what you have paid each month as we will have advised you and acted on your behalf during that time, and the monthly work will have already been done and returned to you.  In order for us to complete your year end accounts and tax returns we simply ask that you have been a client of Mazuma for one year or have made the equivalent of 12 monthly payments.

Yes.  The fixed monthly price includes all of your year end statutory requirements and tax returns as well as your monthly bookkeeping, management accounts, payroll, VAT and other services you have selected in your quote – this will all be outlined in our terms and conditions we send you when you start with Mazuma.

Of course!  You will be allocated your own Accountant, who will always deal with your accounts and tax as well as any ongoing questions you may have.

If you sign up with us part way through your financial year it is very likely that there will a catch-up of bookkeeping and accounts work to be done to get you up to date.   For example, if your financial year commences in April and you sign up with Mazuma in July, your first payment to us will be 4 x £monthly price to cover April, May, June and July.  Don’t worry though. you can split your catch-up payment over the first three months of your contract if you like!  Once you’re all up to date you will just pay your fixed monthly price.  In order for us to complete your year end accounts and tax returns we simply ask that you have been a client of Mazuma for one year or have made the equivalent of 12 monthly payments.

Making Tax Digital

Yes – we use software that is compliant with Making Tax Digital. If you don’t want the stress or worry or setting up a new digital system, contact us today to see how we can ensure that your accounts are compliant with MTD.

Keeping digital records is a core aspect of Making Tax Digital. From now on you will need to keep your records in a digital format, stored on a computer or in the cloud. If you use handwritten invoices or receipts then you’ll have to transfer that accounting information into MTD compliant software before you submit your returns (or get your accountant to do it for you!).

Keeping digital records doesn’t mean you don’t have to keep original paperwork. Quite the opposite, in fact. Original paperwork still needs to be stored as it could be required by HMRC in the event of a tax or VAT investigation. For most businesses, it means keeping paperwork for at least six years, though for many (VAT MOSS) it is a minimum of 10 years. HMRC will accept digital copies of receipts and invoices, so you could scan documents and store them to save on storage space in the office. But who has time for that?

Something we pride ourselves on at Mazuma is digitising records for our clients who don’t want to use our app or their own MTD compliant software. If you prefer more traditional methods or are perhaps a little sceptical of a more digital future, you can send us all of your paperwork. We’ll scan and digitise it for you, saving you a lot of admin hassle and keeping you completely compliant with current and future MTD rules.

Yes, if you are VAT registered and your turnover is above £85,000, then the rules apply – it doesn’t matter if you’re a sole trader or a limited company! And eventually it is likely to apply to all businesses with a turnover over £10,000 as well as most individuals who submit tax returns – such as the self employed and landlords.

If you’re not VAT registered, we would still recommend that you use HMRC compliant digital accountancy software – especially if your business is close to the VAT threshold! It’s better to be prepared for when your business does cross the threshold.

It’s also worth noting that for non-VAT registered entities, you’ll soon most likely be required to submit some sort of return up to four times a year instead of once. If it’s going to take up too much of your time, or if it’ll cost you too much money, you can use a reliable accountant – like Mazuma – for just £28 per month plus VAT to sort everything for you. No stress – we’ve got you covered.

At the moment, no. Making Tax Digital won’t change how often you need to submit your vat return and you still have to send the same information. MTD will simply change how you record your finances as well as how you submit your quarterly VAT return to the powers at be, HMRC.

To become compliant with MTD, you need to use government approved software to record your accounts and submit your finances to HMRC. You can refer to HMRC’s software search tool to find out more, or you can use a reliable accountant who already uses MTD compliant software – like Mazuma – to sort it all for you. We know what we’d rather do!

Tax Help

If you’re a small business, limited company, or partnership, then you’ll need to complete a tax return to declare your business income to HMRC and claim any tax allowances. This is called a corporation tax return or company tax return.

Completing a company tax return can be a complicated procedure, so you’ll need a helping hand to make sure it’s filed correctly and avoid costly mistakes.

If HMRC issue you a company tax return, you must fill it in.

Yes it’s completely free and in most cases easy to complete.  However, mistakes can be made which could prove costly.  

Would you cut your own hair because it’s free?  I thought not!  For only £75 a qualified accountant will complete and submit your tax return leaving you with peace of mind that your tax return has been completed properly.  It will reduce your stress levels and free up some of your time to concentrate on the important things in life.

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.

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

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