Frequently Asked Questions

An Accountant will guide you through your financial compliance and legal filing requirements, taking the strain away from you so that you can concentrate on other important things in your life. As your Accountant we will advise you and guide you through all steps, ensuring that you are made aware of your financial reporting requirements. We listen to you, answer your questions clearly, make you fully aware of your obligations and help and guide you all the way.

All Chartered Accountants have to pass rigorous examination to prove their competence and understanding of accountancy, taxation and legislation relating to financial matters for individuals and businesses.

There are three key professional Chartered Accountants qualifications, each globally recognised:

ACA  - Associate Chartered Accountants - this is the professional qualification from the Institute of Chartered Accountants in England & Wales. It is globally recognised as the premier professional qualification, with 153,000 members in 148 countries.

The entry level for training is normally graduate level, training with a registered firm of accountants on practice with full time employments working on client accounts during the training contract, completing the examinations normally over a 3 to 5 years period

The Principal of Bagborough Accountancy, Michael January, trained qualified and gained a wide variety of experience particularly in accountancy, taxation and auditing with a major firm of accountants in London, which is now called BDO.

Michael has the accreditation of the highest level of within the Institute, being a Fellow of the Institute of Chartered Accountants in England & Wales (FCA)

ACCA - Associate Chartered Certified Accountants- this is the professional qualification from the Institute of Certified Accountant, which has  208,000 members in 178 countries.

CIMA - Chartered Institute of Management Accountants, is a UK based professional body focused on accounting for business. It has 106,000 members.

The answer is – not necessarily so. With Chartered Accountants, your reassurance is that they are regulated and audited by their respective Institutes, maintaining their high standards and professionalism.

Bagborough Accountancy  is a firm of accountants that is a member of the Institute of Chartered Accountants in England & Wales and its high standards and professionalism are regulated and audited by the Institute.

Bagborough Accountancy  provides the accounting service that is tailored to your requirements, ensuring a quality service at competitive prices, with transparency of fees and excellent value for money – see our Pricing policy and guidelines.

The answer is – not necessarily so. With Chartered Accountants, your reassurance is that they are regulated and audited by their respective Institutes, maintaining their high standards and professionalism.

Bagborough Accountancy  is a firm of accountants that is a member of the Institute of Chartered Accountants in England & Wales and its high standards and professionalism are regulated and audited by the Institute.

Bagborough Accountancy  provides the accounting service that is tailored to your requirements, ensuring a quality service at competitive prices, with transparency of fees and excellent value for money – see our Pricing policy and guidelines.

Bagborough Accountancy - Financial Director Solutions service provides the following benefits:

• High level accountancy and taxation advice
• High level business strategic planning
• A wealth of experience and technical skills
• An extra resource to compliment the Board of Directors and senior management.
• Flexible hours per month, dependent on your business needs
• Cost effective, value for money and very competitive pricing, with no agent fees

A Forensic Accountant is an accountant who undertakes detailed financial investigation projects e.g. in cases of misappropriation of assets, theft, fraud and identifying hidden assets not declared by an individual or correctly disclosed by a business.

Bagborough Accountancy - Forensic Accountancy Solutions service provides the following benefits:

• In depth focussed investigations, with clearly summarised results and conclusions.
• Total discretion and confidentiality.
• A wealth of investigation experience and technical skills
• A pro- active focussed approach
• Expedient and timely reports
• Recommendations of internal controls and safeguard improvements.
• Working professionally with other professionals e.g. solicitors as required.
• Cost effective, value for money and very competitive pricing

HMRC and Companies House require you to keep detailed records of all transactions and supporting documentation that form the basis of your Annual Tax Returns and Year end Company Accounts.

These records can be kept in electronic and/or manual forms – however, electronic format are increasing the norm for ease of retrieving l and minimising storage space.

HMRC and CompanIes House expect individuals and businesses to keep detailed accurate and complete accounting records for at least six years. These records can be kept in electronic and/or manual forms – however, electronic formats are increasing the norm for ease of retrieving l and minimising storage space.

HMRC tax Returns and Company House government has a vision to modernise the UK tax system with digital accounting eventually replacing tax returns for over 15 million individuals and small businesses.

VAT accounting and reporting digitally is now well established and it is the intention of HMRC to broaden this to areas such as Income Tax in the near future. We will keep you up to date. We will advise and plan with you to ensure that the transition is as smooth as possible for you.