Frequently asked questions
What does an accountant actually do for a small business?
An accountant helps you stay financially organised, compliant, and profitable. That includes preparing financial statements, filing tax returns, managing payroll, advising on cash flow, and helping you make smart financial decisions.
Do I need an accountant if I use accounting software like QuickBooks or Xero?
Yes, software handles data entry and reports, but an accountant interprets the numbers, ensures compliance, helps plan ahead, and spots problems before they snowball. It’s like having a GPS and a co-pilot.
What’s the difference between a bookkeeper and an accountant?
Bookkeepers handle daily transactions—recording income and expenses, reconciling accounts. Accountants review the big picture: strategy, tax planning, forecasting, and compliance. Here at Brooks Campbell, we can do both!
How often should I catch up with my accountant?
At minimum, once a year for tax filing. Ideally, quarterly or monthly if you want help managing cash flow, setting goals, or growing your business.
Can you help me set up my accounting system?
Absolutely. We can recommend the right software, customise your chart of accounts, set up workflows, and train you or your team so everything runs smoothly from day one.
When are my tax deadlines?
It depends on your business structure and country. For example, in the UK, sole traders file by 31 January, companies file 9 months after year-end, and VAT returns are monthly, quarterly or annually. We’ll make sure you know exactly what’s due and when.
What expenses can I deduct to reduce my taxes?
Generally, anything “wholly and exclusively” for business use: rent, utilities, mileage, software, professional fees, marketing. We’ll help you understand what’s allowed and avoid the grey areas.
Will you handle my payroll and VAT filings?
Yes, we can manage everything from payroll processing and pension contributions to VAT registration, MTD submissions, Construction Industry filings and compliance reports.
Can you help me avoid penalties and stay compliant with HMRC?
That’s one of our core missions. We keep you informed, file everything on time, and maintain clean records to keep fines at bay.
How can I reduce my tax bill legally?
Through smart planning: choosing the right business structure, maximising deductions, using available allowances, and timing income and expenses strategically. We’ll show you how.
Do you handle day-to-day bookkeeping or just year-end?
We offer both! Some clients prefer full-service bookkeeping; others do their own and come to us at year-end. We’re flexible and happy to work with your setup.
What records do I need to keep, and for how long?
You’ll need to keep invoices, receipts, bank statements, payroll records, and tax filings. In the UK, the requirement is typically 6 years.
Can you help me go paperless or move to cloud accounting?
Yes! We love helping clients digitise. Cloud systems like Xero simplify your life and give us real-time access to help you faster.
How do I track cash flow properly?
We’ll help you set up reports and forecasts so you always know what’s coming in, what’s going out, and whether you’ll have enough to cover expenses or invest in growth.
Can you help with financial forecasting or budgeting?
Yes. We can build custom budgets and cash flow forecasts so you can plan for seasonal dips, product launches, or expansion without guesswork.
Do you offer advice on business growth or strategy?
We sure do. We can help you analyse margins, pricing, and growth strategies—plus plan for staffing, funding, or even selling the business someday.
Can you help me decide whether to be a sole trader, partnership, or limited company?
Definitely. We’ll explain the pros and cons of each structure based on your goals, income, risk level, and tax efficiency.
What’s the best way to pay myself as a business owner?
It depends on your business type. Sole traders take drawings, while company directors usually take a mix of salary and dividends. We’ll help you do it tax-efficiently and legally.
Can you manage payroll for my employees?
Yes, we’ll handle payslips, RTI submissions, tax and NI deductions, pension contributions, and end-of-year filings.
What are my pension obligations as an employer?
In the UK, you must auto-enrol eligible staff in a workplace pension and make minimum contributions. We’ll make sure you’re compliant and on time.
How do I properly classify contractors vs. employees?
Misclassification can lead to serious penalties. We’ll review contracts and working relationships to help you stay on the right side of the law—especially under IR35 rules.
Can you help me register my business?
Yes! Whether you’re starting as a sole trader or forming a limited company, we’ll handle the paperwork and get you registered correctly with HMRC, Companies House, or relevant authorities.
What licenses or registrations do I need for my business type?
We’ll guide you based on your industry—retail, food, trades, services, etc.—and location. We can’t issue the licenses, but we’ll point you in the right direction.
What happens during an hmrc visit, and will you help me if I’m investigated?
If you’re inspected, we’ll be your point of contact, provide documentation, explain transactions, and support you through the process. Our goal is to make it as smooth and stress-free as possible.
What accounting software do you recommend?
We love Xero for small businesses—they’re HMRC compliant, user-friendly, and integrate with loads of tools.
Can you train me or my team to use the software?
Absolutely. We offer 1-on-1 training, tutorials, or guided support so you feel confident using your system daily.
Is my financial data secure with cloud accounting platforms?
Yes—if you use reputable software, it’s encrypted, backed up, and regularly updated to protect your data. Always enable 2-factor authentication for extra security.
How do you charge—hourly, monthly retainer, fixed fee?
We offer flexible pricing: fixed monthly packages, pay-as-you-go, or tailored quotes based on your needs. No surprise invoices, ever.
Can I contact you throughout the year or only at tax time?
Please contact us anytime! We’re here year-round for advice, planning, and support—not just during tax season.
Do you work with businesses in my industry?
Most likely! We work with a range of sectors—from creatives and consultants to retailers and trades. Let’s have a chat and see if we’re a good fit.