Faqs

An accountant is a professional who manages financial records, ensures tax compliance, and provides advice on financial matters. Whether you're a business or an individual, an accountant helps you optimise your financial situation, ensure accurate tax reporting, and identify opportunities for growth and savings.

We offer a full range of accounting services, including bookkeeping, tax planning and compliance, audit services, business advisory, management accounting, payroll processing, and financial planning. Our services are tailored to the needs of individuals, small businesses, and multinational enterprises.

If you find managing finances time-consuming, confusing, or overwhelming, or if you're not confident in your ability to maintain accurate records and comply with tax regulations, an accountant can provide invaluable support. They ensure you're compliant, save on taxes, and help your business grow strategically.

An accountant is a professional who provides higher-level financial analysis, advice, tax services, and ensures compliance with accounting standards and regulations. A bookkeeper primarily handles the day-to-day tasks of recording financial transactions and maintaining financial records.

Look for an accountant with experience in your specific industry, a proven track record of helping businesses similar to yours, and someone who understands your long-term goals. At RKN Accountancy, we focus on delivering tailored solutions and building long-term relationships based on trust and integrity.

An accountant can help you develop tax-efficient strategies, identify potential deductions, and ensure you comply with tax regulations. They will ensure you're not overpaying on taxes while also keeping you on the right side of the law, providing peace of mind.

While you can file taxes on your own, an accountant ensures that everything is done accurately, maximises your deductions, and ensures compliance with ever-changing tax laws. They can also provide expert advice to minimise your tax liability, saving you money in the long run.

The frequency of meetings depends on your business's needs and goals. Typically, businesses meet quarterly to review financial performance and tax planning, while others may require monthly check-ins. We are flexible and provide ongoing support to ensure you're always on track.

To make the most of your meeting, ensure you bring your financial records, tax documents, bank statements, and any questions you have regarding financial decisions. A prepared meeting allows us to offer more precise advice and better tailor our services to your needs.

Outsourcing accounting helps reduce overhead costs, improves efficiency, and ensures compliance. You gain access to expert advice without the need for in-house accountants, which is especially beneficial for small businesses that cannot justify a full-time hire.

Our fees are tailored to the complexity and scope of the services you need. We offer flexible pricing and provide transparent, upfront estimates so you can budget effectively. Our goal is to provide excellent value for the expertise and time saved.

Our team consists of qualified accountants with extensive training and experience in various industries. We hold certifications from recognised professional bodies such as ACCA and are authorised by AAT, ensuring that our advice and services meet the highest standards.

If you receive an audit letter, it’s important to stay calm and contact your accountant immediately. We can guide you through the audit process, assist with the necessary documentation, and represent your interests, ensuring a smooth resolution.

We work with you to understand your business goals and develop a comprehensive financial plan that supports growth and sustainability. This includes forecasting, budgeting, financial analysis, and advising on business structure and tax planning.

Financial accounting involves preparing financial statements that comply with accounting standards, while management accounting focuses on internal reporting and analysis to assist business managers in decision-making, budgeting, and strategy.

Yes! We help businesses create detailed financial forecasts and budgets that align with their goals, track financial performance, and manage cash flow effectively. Our advice enables you to make informed decisions and plan for the future with confidence.

Filing corporate taxes involves gathering financial statements, identifying tax deductions, calculating taxable income, and ensuring compliance with all relevant laws. We handle every step of the process to ensure your filings are accurate and submitted on time.

There are various ways to reduce tax liability, such as taking advantage of available tax credits, using tax-efficient structures, and leveraging allowable deductions. An accountant will evaluate your financial situation and implement strategies to legally minimise your tax burden.

If you miss a filing deadline, it’s crucial to contact your accountant as soon as possible. We can help you file late, mitigate penalties, and create a plan to ensure you meet future deadlines and avoid penalties.

Yes, we provide full payroll services, including calculating salaries, tax withholdings, national insurance, and ensuring compliance with payroll regulations. Our team manages your payroll accurately and on time, freeing you up to focus on other business priorities.

Absolutely! We assist with selecting the right business structure, whether it’s a sole proprietorship, partnership, limited company, or corporation. The right structure is crucial for tax efficiency, liability protection, and long-term growth.

VAT (Value Added Tax) is a consumption tax levied on goods and services. If your business reaches the VAT registration threshold or if you choose to voluntarily register, you’ll need to manage VAT reporting and payments. We can assist with VAT registration, compliance, and filing.

Yes! We provide personal finance services, including retirement planning, investment advisory, estate planning, and tax-efficient investment strategies. Our goal is to help you build a secure financial future while navigating complex tax regulations.

We take confidentiality seriously. All client data is securely stored and accessed only by authorised personnel. We employ industry-leading encryption and security protocols to protect your sensitive information and maintain the highest standards of privacy.

Yes, we have extensive experience working with international clients. Whether you have global operations or require tax services in multiple jurisdictions, our team can help navigate cross-border tax issues and international compliance requirements.

R&D tax credits are government incentives for businesses investing in research and development. We can help identify qualifying activities, calculate eligible claims, and submit the necessary documentation to maximise your claim and receive valuable tax relief.

Whether you’re selling your business, transferring ownership, or planning for retirement, we assist with developing an exit strategy that maximises the value of your business while minimising tax liabilities. We offer guidance on valuations, structuring the sale, and preparing for the transition.

Outsourcing accounting services allows businesses to access expert advice, reduce overhead costs, and ensure compliance, all while focusing on core operations. Our outsourcing services help you save time, improve accuracy, and avoid costly mistakes.

At RKN Accountancy, we pride ourselves on our personalised approach, extensive industry expertise, and dedication to our clients’ long-term success. We don’t just manage finances; we partner with you to achieve your goals, providing proactive advice, tailored strategies, and unwavering support.

Getting started is easy! Simply contact us for a consultation. We’ll discuss your specific needs, evaluate how we can assist, and offer a customised proposal. We aim to build a strong partnership from day one and are ready to help you achieve your financial goals.

We can assist by reviewing your financial processes, identifying inefficiencies, and recommending cost-saving strategies. From tax planning to streamlining your accounting procedures, our goal is to ensure your business operates as efficiently as possible.

Yes, we can assist with debt management strategies, helping you restructure existing debt, manage cash flow, and explore financing options. Our goal is to help you regain financial stability and plan for a sustainable future.

A financial audit provides an independent verification of your financial statements, ensuring compliance with regulations and building trust with stakeholders. It also helps identify areas for operational improvements and risk management.

During an audit, an accountant will review your financial records, transactions, internal controls, and processes to ensure accuracy and compliance. We work closely with you to address any discrepancies and provide recommendations for improving financial systems.

Transfer pricing refers to the pricing of transactions between related entities in different countries. We provide expert advice to ensure that transfer pricing complies with local regulations and avoids tax issues such as double taxation.

We assist in mergers and acquisitions by offering services like business valuations, due diligence, financial modelling, and structuring. Our goal is to ensure the transaction benefits your business and aligns with your long-term financial goals.

We help set up a retirement plan by evaluating your financial situation, determining your future needs, and advising on pension schemes and tax-efficient retirement saving strategies. Our goal is to secure a comfortable retirement for you.

Yes! We help businesses select, implement, and integrate the right accounting software based on your needs. Whether you're looking for a simple solution or a more complex system for managing multiple business functions, we guide you through the process.

We guide businesses through the VAT registration process, ensuring that your company meets the VAT threshold, registers on time, and complies with all VAT-related reporting and payments. We also help with VAT refunds, cross-border VAT issues, and compliance audits.

We help you develop strategies for improving cash flow, such as effective invoicing, managing receivables, controlling expenses, and optimising working capital. We ensure that your business has enough liquidity to meet its financial obligations and continue growing.

We use key financial metrics, including liquidity ratios, profitability, and return on equity, to assess your business’s financial health. We provide in-depth reports to help you understand your financial standing and identify areas for improvement.

Yes, we help businesses create comprehensive business plans that include financial projections, funding strategies, and detailed market analysis. A solid business plan is essential for securing financing and guiding your business toward success.

We offer strategies to reduce your personal tax burden through tax-efficient investments, managing tax credits, and optimising deductions. Our goal is to help you retain more of your earnings while staying compliant with tax laws.

We provide tailored services for start-ups and small businesses, including accounting, financial planning, tax advice, and growth strategies. We help you navigate the complexities of setting up and scaling your business while focusing on long-term financial success.

An audit trail is a record of all financial transactions within a business, allowing you to track and verify all actions taken with regard to financial records. It is crucial for ensuring accountability, transparency, and compliance with legal and tax regulations.

We ensure tax compliance by regularly reviewing your financial records, staying updated on tax laws, and ensuring timely filing of all tax returns. We also help you identify tax deductions and credits to minimise your liability while staying fully compliant.

An audit may be required if your business exceeds certain size thresholds, if you're seeking external financing, or if your stakeholders require an independent assessment of your financial health. We can help you determine if an audit is necessary and guide you through the process.

Hiring employees has several financial implications, including payroll taxes, employee benefits, and compliance with employment laws. We can help you understand the costs involved and develop a strategy that aligns with your business’s financial capacity.

We offer strategies to improve profitability, such as cost reduction, increasing operational efficiency, optimising pricing strategies, and improving sales performance. By analysing your financial data, we provide actionable insights that can lead to higher margins.

Failing to file taxes on time can result in penalties, interest charges, and potential legal consequences. We help you stay on top of filing deadlines and work with you to resolve any outstanding tax issues if you’ve missed a deadline.