Financial accounting produces statutory reports, such as annual accounts and tax returns, that are filed with Companies House and HMRC. Management accounting produces internal reports, such as cash flow forecasts, budgets, and profit analysis, used by business owners to make informed decisions.

Yes, Xact+ accountants hold qualifications from the Institute of Chartered Accountants in England and Wales (ICAEW) and the Association of Chartered Certified Accountants (ACCA). Both bodies require members to meet ongoing professional development standards and operate under a strict code of ethics, giving clients confidence.

Xact+ accountants manage bookkeeping by recording all income and expenditure, reconciling bank statements, categorising transactions, and preparing monthly accounts. All bookkeeping is carried out using Xero or QuickBooks, and clients receive regular financial reports.

Corporation Tax is the tax a UK limited company pays on its annual taxable profits. The current main rate is 25% for profits above £250,000, with a small profits rate of 19% for profits up to £50,000. Companies must file a Corporation Tax return with HMRC within 12 months of the accounting period end and pay any tax owed within 9 months and 1 day. Xact+ accountants prepare and submit Corporation Tax returns on behalf of clients.

Xact+ accountants use Xero and QuickBooks, two of the most widely used cloud accounting platforms in the UK. Both platforms allow clients to view their financial data in real time, track income and expenses, and access reports from anywhere. Xact+ manages the setup, ongoing bookkeeping, and reconciliation within the chosen platform.

Yes, Non-UK residents can hire a UK chartered accountant to manage all accounting and tax obligations for a UK-registered company. Xact+ works with overseas clients to handle Corporation Tax and annual filings with Companies House and HMRC. Without the client needing to be physically present in the UK.

The cost of a chartered accountant for a small UK business varies based on the services required. A basic bookkeeping and annual accounts package typically starts from a few hundred pounds per year. A full-service package covering VAT, PAYE, Corporation Tax, and management accounting is priced higher. Xact+ offers fixed, transparent pricing with no hidden fees. Contact the team for a tailored quote.

PAYE (Pay As You Earn) is the HMRC system through which employers deduct Income Tax and National Insurance from employee salaries before payment. A business must register for PAYE before the first payday. Xact+ sets up PAYE registration with HMRC and manages monthly payroll submissions to keep your business fully compliant.

Yes, you must register for VAT with HMRC if your taxable turnover exceeds £90,000 within any 12 months. You can register voluntarily before reaching that threshold. This can be beneficial for reclaiming VAT on business expenses. Xact+ handles VAT registration and ongoing VAT returns on your behalf.

A professional chartered accountant manages financial functions for a small UK business include tax compliance, financial accounting, payroll (PAYE), and management reporting. Xact chartered accountants also handle VAT registration, Corporation Tax filing with HMRC, and year-end accounts. That business owners can focus on running the company rather than meeting deadlines.