FREQUENTLY ASKED QUESTIONS
Is our company regulated by a UK Chartered Accountancy body?
Yes, our principal accountant, Jonathon Gray qualified with the Institute of Chartered Management Accountants (CIMA) here in the UK in 2002. He holds a current Member in Practice from the Institute and as such our firm is regulated by CIMA http://www.cimaglobal.com/.
CIMA’s code of ethics can be found here
As with all accountancy practices, our staff hold a range of professional qualifications. Please refer to the ‘About Us’ section on our website to see detailed profiles of our team members.
Is my data kept confidential?
The Data Protection Act 2018 (“DPA 2018”) and the General Data Protection Regulations (“GDPR”) impose certain legal obligations in connection with the processing of personal data. We comply with these and those laid down by the Institute of Chartered Management Accountants. We are also registered with the Information Commissioner's Office under registration reference: ZA061826.
What sized businesses are we licensed to act for?
We specialise in small owner managed businesses. We can act for companies that satisfy two out of these three conditions:
An annual turnover of not more than £10.2 million
A balance sheet total of not more than £5.1 million
That the company qualifies as a small company in relation to a particular financial year (50 employees or less).
Business accounts are subject to either an audit or an accountant’s report. The CIMA qualification does not include audit, but if a business meets the criteria for exemption from audit, a CIMA member may act as a reporting accountant (also known as independent accountant or independent examiner).
These criteria enable a company to make a commercial decision about whether or not to have a statutory audit. Individual company
requirements will be set by its board, and some sectors have their own guidance on audit requirements (for example estate agencies and solicitors)
What information do I need to provide when I sign up?
In order to comply with Anti Money Laundering regulations, we are required to obtain the following proof of identity, current address and business details from you:
A utility or council tax bill dated within the last three months
Passport or driving licence of all named directors/partners/ principles.
Certificate of Incorporation (if a Ltd company)
We also have a standard ‘Terms of Engagement’ which sets out our obligations to you and your obligations to us.
What are the payment terms?
Fixed fee packages are generally payable one month in advance. For adhoc services or annual services only, we may offer the option of fees being due on completion.
How do I change from my existing accountant?
We can take care of all this for you. We simply contact your existing accountant and advise them of your wish to transfer to us. They will then confirm this with you. Once this is done, your prior accountant will issue a professional clearance letter to us and a then they can forward your relevant client data and files to us.
How long am I committed for?
You or we may terminate our engagement by giving one month’s written notice. All documents and information provided by you will be returned to you within 10 working days of receipt of the notice, provided that all outstanding fees have been paid.
Do you provide bookkeeping services?
Bookkeeping (entering and processing the day-to-day transactions of the business) are not included in our standard package prices. Our added value is in analysis and advisory work. We oversee the process, answering any queries you may have, posting accounting journals, making corrections etc. The frequency and level of this service depends on the package you select.
If you do require a full bookkeeping service, we can provide this at an hourly rate charge - please contact us for a quote.
How do we change our bookkeeping software to Xero?
Working with online real time data enables us to provide timely advice and keep your business accounting records on track. We can take your existing accounting information and import it into Xero, providing training and support to you and your staff along the way.
I have not used Xero before, how do I get started?
We are here to help you, so we will guide and assist you through this process. Xero also have comprehensive online training webinars, telephone and email support in place to help you build your knowledge.
Do you provide bespoke packages?
Yes, absolutely. We can create a customised fixed price package price to fit your needs, so you do not end up paying for services that your business does not require.