Your accountancy questions, answered
Straight answers to the things Nottingham business owners ask us most. Can't see yours? Just get in touch - we're happy to help.
Working with TaxMag
How much does an accountant cost?
We charge fixed fees agreed up front - usually a simple monthly amount - so you always know exactly what you'll pay. The fee depends on your business size and the services you need (bookkeeping, VAT, payroll, year-end accounts and so on). There's never a charge for a quick phone call, and we'll give you a clear quote before you commit to anything.
How do I switch to TaxMag from my current accountant?
It's easy and we do the heavy lifting. Once you appoint us, we write to your existing accountant for your records (a standard professional courtesy) and arrange the HMRC and Companies House authorisations. You usually just need to confirm a couple of details. There's no awkward conversation for you to have - and no gap in your service.
Do you work with businesses outside Nottingham?
Yes. We're based in Colwick, Nottingham and love supporting local businesses, but through BookEnu (free for every client) and email, phone or video call, we work with clients right across Nottinghamshire and the UK.
Do you speak Polish?
Yes - we support clients in both English and Polish. For Nottingham's Polish business community that means tax, HMRC letters and your options can be explained clearly in your own language.
What software do I need to use?
We use BookEnu, which is free for every client. You upload documents and receipts, create invoices and get reminders about every deadline, all in one place - and it keeps you ready for Making Tax Digital. There's nothing to buy or install, and we set you up and help you along the way.
Tax & compliance
Should I be a sole trader or a limited company?
It depends on your profit level, plans and how much admin you want. A limited company can be more tax-efficient and protects you with limited liability, but it has more filing obligations. We'll look at your numbers and give you an honest recommendation - the one that suits you, not the one that bills us the most.
When do I need to register for VAT?
You must register once your VAT-taxable turnover passes £90,000 in any rolling 12-month period (2025/26 threshold), or if you expect to cross it within 30 days. Some businesses also gain from registering voluntarily. We'll monitor your turnover and advise on the best timing.
What is Making Tax Digital and does it affect me?
Making Tax Digital (MTD) requires digital record-keeping and filing through compatible software. It already applies to VAT-registered businesses, and MTD for Income Tax is being phased in for self-employed people and landlords over certain income thresholds. We keep you compliant automatically.
When is my Self Assessment tax return due?
Online returns and any tax owed are due by 31 January following the end of the tax year (which ends 5 April). We aim to prepare yours well ahead so you can budget for the bill rather than face a January scramble.
What happens if I file late?
HMRC and Companies House both charge automatic penalties for late filing - £100 immediately for a late tax return, £150+ for late company accounts, plus interest and further charges over time. Because we track your deadlines and file early, our clients simply don't get these.
Ask us directly - no obligation
If your question isn't here, we'd love to answer it. Call, email or send an enquiry and we'll get straight back to you.