Below are answers to some of the questions we hear most often from clients across Southampton and beyond. If you cannot find what you are looking for in our accountant FAQs, please get in touch and we will be happy to help.
Getting Started
How do I switch accountants?
Switching accountants is much simpler than most people expect. Once you appoint us, we contact your previous accountant directly to request professional clearance and any information we need. There is no need for you to gather paperwork or have an awkward conversation, we handle the whole handover for you.
What documents do I need to become a client?
This depends on your circumstances, but typically we will ask for identification, details of your current accountant if you have one, recent accounts or tax returns, and access to your bookkeeping records. We will give you a clear checklist during your onboarding so nothing is missed.
Do you offer fixed fees?
Yes. We offer fixed-fee packages so you know exactly what you will pay each month or year, with no surprise bills. Your fee is based on your business size, the services you need, and how much support you would like from us.
Tax and Compliance
When is my Self Assessment tax return due?
The deadline for filing an online Self Assessment tax return, and paying any tax owed, is 31 January following the end of the tax year. We recommend getting your records to us well before then, ideally in the autumn, so there is plenty of time to review everything and avoid a last minute rush.
What is Making Tax Digital and does it affect me?
Making Tax Digital (MTD) is HMRC’s initiative requiring digital record keeping and regular digital submissions instead of a single annual tax return. It already applies to most VAT-registered businesses, and is being phased in for Self Assessment taxpayers based on income level. We keep clients informed well ahead of when MTD rules apply to them, and help get compatible software in place in good time.
Can you help if I have missed a tax deadline?
Yes. If you have missed a deadline or fallen behind with your filings, the best step is to act quickly to limit any penalties and interest. We regularly help clients get back on track with HMRC, including negotiating on your behalf where appropriate.
Working With Us
Do I need to meet you in person?
Not necessarily. Many of our clients are supported entirely remotely, by phone, video call and email, while others prefer to visit us in Southampton. We are happy to work in whichever way suits you best, and can meet in person for your initial consultation if that would put you at ease.
What accounting software do you recommend?
We work with all the major cloud accounting platforms and will recommend the one that best fits your business size, budget and industry. If you are already using software you like, we can usually work with it rather than asking you to switch.
How quickly will you respond if I have a question?
We pride ourselves on being approachable and responsive. You will have a named contact at Power Accountax who knows your business, and we aim to respond to routine queries within one working day.
Still Have Questions?
These accountant FAQs cover the questions we are asked most often, but every business is different. If you have a question that is not covered here, get in touch with the Power Accountax team today and we will be happy to give you a straight answer. We look forward to hearing from you soon.